I was thinking about creating my own video on USPs so I went to YouTube and the other video sharing websites and found an overwhelming number of existing videos to choose from.
I thought that you might appreciate some feedback on these videos about unique selling propositions.
USP Unique Selling Proposition, Value Proposition Definition by Dr Lisa Lang
This is an 8 minute long video by the main promoter of the Theory of Constraints version of the USP, the Mafia Offer.
Irritatingly it has a short advertisement at the start but you can skip it.
The purpose of this video is to explain the importance of having a USP and then the limitations of the “traditional approach”b to convince you that you really need a Mafia Offer based on the Theory of Constraints.
What is a USP (per video) – A marketing concept and short statement to differentiate your company or products or to explain your positioning in the marketplace.
Examples used – Domino’s, Fedex, M&Ms and Wonder Bread.
A customer value proposition is the sum total of benefits a customer will receive in return for payment. It explains why a customer should buy this product in preference to all the other possible products.
What’s missing?
- Many USPs sound like cliches
- They don’t pass the gee whizz or so what tests
- They don’t provide a consequence for a seller if the seller fails to deliver
- They can be easily copied by competitors
- The value propositions are general rather than specific
Dr Lisa Lang then goes on to say that you need more – you need a Mafia Offer.
There are two components:
- Your customer’s can’t refuse it
- Your competitors can’t or won’t match it.
If you’ve read my article on Mafia Offers, you will know that I believe the ideas bring something new to the concept of USPs and positioning statements. It properly promotes a competitive advantage, in this case implemented through the Theory of Constraints (TOC) processes.
The results are compelling but the process is expensive. You might not need to go this far to carve out your unique market space and differentiate your business away from competitors so that some customers will choose you. I should also say that TOC has its origins in manufacturing and most of the examples best relate to this sector where deliver speed and certainty of supply are important customer buying criteria.
USP Video Rating – **** (4 stars)
Creating a Unique Selling Proposition by Jessica Swanson of Shoestring Marketing
This 4 minute video gives a 5 step process to help you to create your own USP:
- Define your target market
- Pinpoint your customers problems
- Research your competitors
- Offer a unique solution
- Create your USP
I can’t argue with the steps included here although I do believe there are some steps missing.
In particular, there is the issue of identifying your unique strengths and capabilities – what some people call your competitive advantage. What can you do better than competitors and what can you do more cost effectively than your competitors? Sometimes you already have this internal advantage but sometimes you need to create it or improve what you’ve got.
The other factor missing in my view is a view of the future market. Your USP is created to help you to succeed in the next 2 to 5 years and the world may be predictably different or at least you may need to recognise possibilities of some kind of fundamental change.
Unfortunately creating an effective differentiation and positioning statement is not a linear process where you can go smoothly from step 1 to step 2 to step 3… Sometimes you might want to start with step 2 (the problem) and then go to step 1 (the market).
For example, suppose you sold some kind of time management solution – the basic problem is that people don’t get everything they want done in a day or week. The “who” can be extremely varied – the CEO of a large corporation, the small business owner, the busy mum with 4 kids.
USP Video Rating – **** (4 stars)
Unique Selling Proposition (USP) by B2Bwhiteboard
This again starts with an advertisement but it can be skipped after a few seconds.
This is a one minute cartoon video.
USP refers to features of a product that offer unique benefits not found in its competition.
I’m not entirely convinced by that definition. I also have a problem with the inclusion of the Charles Revlon statement that he sells hope or Hugo Boss sells luxury. Others sell both and I believe Revlon customers are buying more than hope, they are looking for belief that they look more attractive.
This video is a too simplistic to be particularly helpful although my weakness for cartoons probably earns it a star more than it really deserves.
USP Video Rating – *** (3 stars)
Unique Selling Proposition, Using video to convey your USP. 2 Minute Marketing #101 by Video Mojo
This is a video about promoting your USP with video.
I must admit that it does look slick but it is little more than an advertisement for the company.
I was disappointed because I was expecting genuine tips about how to communicate your USP effectively in a short video.
USP Video Rating – ** (2 stars)
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Commonwealth Bank Small Business Webinar: Unique Selling Proposition
A 3 minute video.
The USP is the benefit that a product or service can deliver to customers that is not offered by any competitors.
Ask:
- Does it solve customers needs?
- Do you really know your customers?
- Do you know your rivals offerings?
- Do you have one sense that explains why customers should buy from you? It it unique? Is it simple to get?
- Does it say what you do and what you are?
The speaker says his USP is “guidance you can trust” – it’s a financial services business.
My problem here is that the statement is more of an advertising slogan than a fundamental USP that effectively differentiates the business from its competitors. After all, are competitors going out with a contradictory statement e.g. “guidance you can’t trust”?
No. It’s an assumed promise, even if, as consumers were are growing increasingly uncertain of financial services, their exaggerated claims and high charges for the ultimate benefits delivered.
One thing I do agree is that it is a promise that represents a commitment for you to deliver through all parts of your business.
USP Video Rating – *** (3 stars)
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