Create A Unique Selling Proposition (USP)

Out of India's total perimeter of 15,200 km, almost half is bordered by the sea, and our country has a number of beautiful beaches and landscapes, yet Goa is the boss, when it comes to beachside New Year's celebration. Ever wondered why? It is because of the unique feel good factor it extends to the visitors, which none does. Goa's culture encompasses it's clubs, clean beaches, the latest fashion, great seafood, water sports, the sunburn festival, and collectively it draws tourists from not just India but from the world into 'the Goan spirit'. This feel good factor or the Goan spirit is the Unique Selling Proposition of Goa.

Simply put, your USP is a set of your unique characteristics which places you one step up from your peers.

When you meet a prospective client for the first time, how do you introduce yourself?

Hi, I am ABC, I am a financial advisor
Or
Hi, I am ABC, I am a Wealth creator. I advise and help people achieve their financial goals

The latter creates an impact and an impression that you are someone who is different from the rest and can help the audience achieve their financial goals.

There are people and companies who create a USP, by offering their products and services at cheaper prices; for them price is a factor which creates their USP. Amazon and Flipkart can compete by selling cheaper products in the Big Billion Days or the Great Indian Festival, but an advisor cannot sell his services at cheaper prices, you have to think out of the box and create a USP, which will help you stand out of the crowd.

Why should you create a USP?
The answer to this is a question: Why should someone do business with you?

This means that there should be something irresistible in you, so that your clients are drawn towards you and not your competitors. You must dispense an aura which makes your client call you for his financial planning and not the advisor who lives in his society. For creating such a situation, you must must identify, develop and propagate yourself as a package that makes you different from others.

How to create a USP?
Now, since you are ready with creating your USP, you must keep in mind the following two tips:

• The Unique proposition is not for you, it is meant to appeal to the clients, so whatever you come up with should eventually be for client's benefit.
• In our business, since everyone is selling the same product, you might not have something unique but can definitely differentiate the ordinary to make it extraordinary.

To build your USP, you may proceed as follows:

Identify your strengths and best qualities: Every individual is unique, you have to explore and bring out that exclusivity from within. It is observed that this unique factor is guided by your special qualities, interests and passion. List down the facts that describe you. It can be your education, certifications, background, hobbies, experience, interests, personality traits, etc.

Club your qualities to arrive at your USP: Clubbing together your qualities will give you that simple dominant factor that makes your clients wanting to be your clients. It may be a result 10 other attributes, but it is this one special combination which makes you distinct from the others. If you are someone who likes to socialise, one who is inquisitive and likes to gain knowledge from various sources and share his knowledge on random subjects with random people and the icing on the cake in you have a diploma in wealth management, then these attributes of yours can bring out your USP as you are the one who has deep subject knowledge and is good at explaining the technicalities of financial products to people.

Reality Check: After coming up with a USP, check if you will be able to live with it? It should not be old and it should not be changed. You cannot cannot come up with a new USP with every change in the financial industry. Having said that, your USP must fit in with every new aspect of your profession. If you are banking on technology, then continuously updating technology should be the constant factor. You must analyse if the USP that you have selected is the best for you. Before finalizing the USP, you may do a self check, or consult your friends and acquaintances, or check with your clients, to gauge its sustainability.

Communicating your USP: Although you might not directly narrate to your clients that this is my USP, yet it should be communicated to them, through your actions. Your marketing techniques should always revolve around your USP, your banners, your logo, your tagline, your introduction, your expressions, should always revolve around your USP. You must have seen the Ad of Chings, their tag line is Desi Chinese, and their commercials are based on the same theme. The Ad makes it crystal clear that they offer Chinese food items, yet the spices and flavours are Indian.

So, once are set with your Unique Selling Proposition, go ahead and make the world follow you.

"In order to be irreplaceable, one must always be different" - Coco Chanel

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