Your Unique Selling Proposition Is Everything
Every retail business needs a Unique Selling Proposition, and jewelers are no different. In fact, developing a USP for your jewelry store is something you absolutely must do for your business if you want to survive in today’s highly competitive marketing arena.
A USP is the cornerstone of every jewelry business’s core message, and if you haven’t created one yet, now is the time to seriously consider getting it done. In this post, you’ll discover everything you need to know about how to craft a compelling USP. But first, let’s take a look at the definition of a unique selling proposition.
What is a Unique Selling Proposition (USP)?
As the name suggests, a unique selling proposition is something you offer in your business that makes you stand out from the crowd. Also called a unique selling point, this is a way for you to tell your customers exactly what is so special about you.
In other words, you’re answering the question of why they should do business with you, and not the jeweler on the next block:
Do you offer higher quality?
Are your prices lower?
Is your customer service unparalleled?
Do you offer additional services that no other jewelry store does?
What makes you unique, valuable, and noticeable? What do you do better than anyone else in your market? The answer to that is what makes you stand out from all the rest.
Why is it Important for Jewelry Marketers to have a USP?
To put it simply, there are many other jewelry stores that your customers could go to. You need to be able to convince them that yours is better than all the rest so they can buy from you and not your competition – and that’s where your USP comes in.
A Good USP Will Afford You the Following Benefits:
1. Clear Differentiation
In our era of killer competition, it’s important to differentiate your jewelry business from your competitors if you want to succeed. Your USP (whether it’s quality materials, superior style, brand reputation, elite service, etc.) will make it clear to prospects that you’re different and gives them a reason to strongly consider your business.
A well-defined USP highlights specific benefits and conditions your target audience to appreciate your products for the benefit described in your USP. Otherwise, customers will simply go with the offer that has the lowest price, without regard for any other benefits your product has to offer.
2. Improved Revenue
Your revenue typically improves when you offer your prospects a unique selling point that they can clearly see. People often want products that match their needs and offer them the best price/benefit combination.
This is particularly important for jewelry store owners because discerning prospects would pay top dollar for a brand with materials that they view as the highest quality, most durable, innovative design, and so on. This means that the more significant you can make your business’s USP, the higher the potential revenue advantage.
3. Customer Loyalty
As long as you promote a strong USP and deliver an outstanding value proposition, your customers are likely to return in the future. And each time a positive experience is repeated, it contributes to growing favorable sentiment which results in unwavering loyalty from your customers. It also encourages advocacy, which drives referral sales and grows your revenue.
4. Streamlined Selling
When you create a strong, positive product identity through a significant USP, it makes it easier to highlight your product’s strengths during your various marketing activities. Now instead of generic, hit-or-miss sales campaigns, you’ll be able to streamline your strategy so you can communicate the way you want your target market to view specific aspects of your product and brand.
The bottom line is, if you communicate your USP to your customers in a clear, compelling way, it helps them instantly understand what you can offer them, as well as why they should do business with you instead of your competitors.
That’s why it’s vital for you to get this right. If you cannot identify and develop a strong USP for your jewelry store, you will have an extremely hard time convincing prospects to buy from you, and not your (many) competitors.
How to Find Your Own USP
Now that you understand what a USP is, and why it’s important, it’s time to explore how you can go about building one for your jewelry business. Listed below are the steps you can take to achieve this. Take your time to complete the process. This isn’t something you should hurry; getting your business’s unique selling point is a lot more important than you meeting a deadline.
5 steps to identify what makes your jewelry business unique
Step 1: Define your Target Audience Clearly
Prior to developing your USP, you need to clearly describe your ideal audience.
Who are you targeting with your jewelry?
What do you know about them?
What are the reasons they buy your products?
What specific needs does your jewelry meet for them?
Why do they choose your products over your competitors?
What is it they don’t like about your business (and why do they put up with it anyway)?
Once you have the answers to these questions, it’s time to move on to the next step.
Step 2: Explain the Problem Your Product Solves
As far as your prospects are concerned, what does your business do for them? What individual problem, need, or challenge does your product solve? You need to come up with at least something that your business is really good at doing.
Also, you need to take a look at the needs that are being met by your competitors and make a list of them. Now evaluate how well your rivals meet customers’ needs. Even if someone has a good market position, it doesn’t necessarily mean they are delivering on the promises they make. If you’re able to do better, you’ll have a very strong basis in terms of market entry.
Step 3: List Your Most Distinctive Benefits
Make a list of at least three major benefits you offer your customers. It helps if those are things that they cannot get from another jewelry store. This is what will set you apart from all your competitors.
Again, think of this from your prospective customer’s perspective. The benefits you list should explain why your products are important to them, and why they should choose you over another jeweler. This is your competitive edge.
Step 4: Define Your Brand’s Promise
A huge part of success with USPs is to make a promise to your customers. This can be spelled out in your unique selling proposition, or it can be implied. Whatever it is, make sure it’s a promise you can keep. These days, customers are extremely skeptical of claims made by businesses, and to help alleviate their doubts, you can offer proof, if possible. Brainstorm as many ideas as you can for this step.
Step 5: Combine, Rework, and Cut Down
After completing the first 4 steps, you need to take all that information you’ve gathered, combine it, and turn it into one concise paragraph.
Easier said than done, we know!
Merge statements wherever you come across recurring thoughts and ideas, and rewrite everything in a way that makes sense and flows well. Once you have your condensed paragraph, it’s time to shorten it even more and turn it into a single sentence. This will be your final USP, and it needs to be as simple and specific as possible.
You may have to go through several drafts before you finally arrive at a USP that is strong and compelling. To get an idea of what a successful USP looks like, we’ve listed a few good examples below.
Examples of USPs in Various Industries
Toms Shoes: “The One for One Company” For every pair of shoes purchased, Tom's donates a pair to a person in need.
Death Wish Coffee: "World's Strongest Coffee" – While many coffee makers attract drinkers with "smooth" and "rich" coffee, this company appealed to an untouched segment of market with a different approach.
Dominos: "Pizza delivered to your door in 30 minutes or less or it's free" - Domino's may not be using this USP anymore, but when they first started, they stood out by appealing to a desire for fast pizza backed by a great guarantee. And they certainly delivered on that promise .... literally.
You Have your USP, Now What?
It's time to share your USP. The best way to share your USP with everyone is by using it in all aspects of your marketing strategy. From creating your website or logo to all advertising activities you engage in, you should always use your USP to clearly communicate the benefits of your offerings to your audience.
Your USP will propel the development of your jewelry business, guide your marketing efforts, and cement your message to the market. Keep your unique selling proposition fresh, but don’t change it too often. You also need to watch out for shifts in industry trends or any competitors that might undermine your USP.
Your USP is your point of difference, and it should reflect your love and passion for your business! A great USP will frame each and every decision you make in your jewelry store. It will also serve as a guiding light for the people who work for you, as well as the suppliers who conduct business with you.
In essence, your USP needs to communicate to your target market that your jewelry not only has superior value but that the only way for customers to attain that kind of value is by buying from your brand.
Need help with your USP or are you ready to start sharing it with the world? Let our experienced professionals guide you through this exciting journey.
Contact us today to get started. 800-373-4373