Startup Dox

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How to:Define your Unique Selling Proposition

  1. Why this matters: Knowing the USP of all your products can help you get granular on what you sell. It will also help you figure out how you want to spend your time and goals on the RIGHT idea.
  2. What you need: Your notebook of ideas
  3. Who you need: You and you only
  4. What to explore next: Finish defining your Idea with the CEO MasterCourse Audio: Pick your Profitable Idea.

The Cheap & Nasty definition of the Unique Selling Proposition (USP):

“A unique selling proposition (USP, also seen as a unique selling point) is what differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind. A USP could be thought of as “what you have that competitors don’t.

Why this is important is because:

Identifying a simple Unique Selling Proposition (USP) now, will aid you in defining your Customer, Market and Value….and whether your Product/Service has any initial Profit merit.

Basically, let’s get your idea out of your notebook and into practice. Polishing your USP later, will aid you in obtaining partners (people with similar goals/personalities), funding, and will differentiate your Product or Service from the competition.

Your USP is the first point that your business will be based from …and then be built upon for the rest of the steps.

You will continue to do this exercise for ALL your new products and services. This is a key foundation exercise for any idea to graduate to offer.

You can roughly start each idea by framing it in this simple equation built on 3 keys: MARKET, CONSUMER & VALUE.

My PRODUCT/SERVICE (idea for market) provides value to MY CONSUMER (who will buy, consume or gift this product) by VALUE #1 (Benefit #1) and VALUE #2 (Benefit #2).

Memorize this equation. This is an equation that you will use again and again. It will change as your business grows – even by the end of this week. FEAR NOT – Your Service/Product will evolve as efficiency dictates and market needs change. Keep reviewing your USP.

Ask yourself this now:

Can you sell your PRODUCT/SERVICE? with this version of your Unique Selling Proposition?

Regardless of your answer, keep refining it…and keep it handy.

Let’s do a simple exercise:

What is your product/service? Examples:

(Physical Product – A tangible product that you can manufacture, drop ship or touch);

(Product – An intangible product that has services as part of its offer such as a course, SAAS product)

(Pure Service – An intangible services that has a human offering a level of expertise in hourly or project basis)

What problem is your Product/Service solving? (Market Problem)

Who will benefit from it? (Consumer)

What is the value that will be gained by the consumer from your Product/ Service?

Pull it all together now for your Unique Selling Proposition (USP): My _______________ (product/service idea) provides value to _______________(consumer who will buy, consume or gift) by _______________(Value Benefit #1) and ___________(Value Benefit #2).

1. Create your Cheap and Nasty USP with the simple equation above. Practice it on 2 people this week.

2. What to explore next: Finish defining your Idea with the CEO Master Course Audio: Pick your Profitable Idea.

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