Crafting the Message: Defining Unique Value Proposition (USP) and Slogan

1. Defining the Unique Selling Proposition (usp❓): Theory and Application

The USP is the feature or combination of features that distinguishes a product or service from competitors and makes it attractive to target customers. It’s a promise of specific value a customer receives.

The theory of USP is based on:

1. Uniqueness: The proposed feature or value should be unique and distinctive.
2. Persuasion: It should be able to convince customers that it offers a solution to a problem or fulfills a desire.
3. Impact: It should be able to influence customer purchasing behavior.

The USP is the core of a sustainable competitive advantage, which is the ability to provide unique value to customers in the long term, making it difficult for competitors to imitate.

The process of defining a USP relies on in-depth analysis:

1. SWOT Analysis: Analysis of internal strengths and weaknesses, and external opportunities and threats.
   • Example: A strong network in the community (Strength) can be used to offer “off-market property search” as a USP.
2. Competitor Analysis:
   • Identifying competitor strengths and weaknesses.
   • Identifying exploitable gaps in the market.
   • Example: If competitors focus on luxury properties, one can focus on medium-priced properties as a USP.
3. Understanding Customer Needs:
   • Conducting surveys and market studies to understand customer needs and expectations.
   • Analyzing demographic and psychological data of target customers.
   • Example: If customers seek time and effort savings, offer “complete management of the buying or selling process” as a USP.

Indicators to measure the effectiveness of a USP:

• Conversion Rate: The percentage of potential customers who become actual customers. Conversion Rate = (Number of Customers / Number of Leads) * 100%
• Customer Satisfaction: Measuring customer satisfaction with the service or product. Achieved via surveys or Likert scales.
• Repeat Purchase Rate: The percentage of customers who return to buy more. Repeat Purchase Rate = (Number of Repeat Customers / Total Number of Customers) * 100%
• Net Promoter Score (NPS): Measuring the likelihood of customers recommending the product or service to others.

Examples of defining a USP in real estate:

• Example 1:
  • Talent: Strong negotiation.
  • Benefit: Getting the best possible price for the property.
  • USP: “I get you the best real estate deal because I am a strong negotiator and defend your interests.”
• Example 2:
  • Talent: Deep knowledge of the local market.
  • Benefit: Finding the right property in the right location at the right price.
  • USP: “I am an expert in the local real estate market, and I help you find your ideal home in the neighborhood you dream of.”
• Example 3:
  • Talent: Excellent customer service.
  • Benefit: A smooth and hassle-free experience in the buying or selling process.
  • USP: “I offer you personal and excellent customer service, and make you feel comfortable and confident throughout the buying or selling process.”

2. Slogan Formulation: Art and Science

A slogan is a short, catchy phrase summarizing the USP and helps to establish it in the minds of customers.

Principles of formulating an effective slogan:

1. Brevity: Short and easy to remember.
2. Attractiveness: Engaging and eye-catching.
3. Relevance: Linked to the USP and core values.
4. Credibility: Honest and reflects reality.
5. Uniqueness: Distinctive from competitors’ slogans.

Techniques for formulating a slogan:

1. Repetition: Using repeated words or phrases for impact. Example: “Location, location, location.” (in real estate).
2. Analogy: Using analogies to associate the brand with something positive. Example: “Your home is your castle.”
3. Questions: Asking questions to attract attention. Example: “Looking for your dream home?”
4. Promises: Offering clear and specific promises. Example: “We guarantee you the best price.”
5. Powerful Words: Using powerful and impactful words. Example: “Excellence starts here.”

The slogan is part of the Integrated Marketing Communication. It should be consistent with all other marketing elements.

Examples of successful slogans in real estate:

• “Success Starts With…” Completion with a word describing the value offered, such as “Trust” or “Planning.”
• “The [Your Name] Advantage”: Focuses on the value the real estate agent offers personally.
• "Your partner❓ In…"❓: Focuses on the relationship between the agent and the client.
• “The [Positive Adjective] Experts”: Focuses on expertise and skill in real estate.

Testing the effectiveness of the slogan:

1. Surveys: Asking potential customers for their opinion.
2. Focus Groups: Gathering a group of potential customers and discussing the slogan.
3. Pilot Tests: Using the slogan in limited-scope campaigns and measuring results.

3. Linking USP Definition and Slogan Formulation

The USP is the core message, and the slogan is the concise way to express it.

Example:

• USP: “I help you find the best investment properties in the market.”
• Slogan: “Invest wisely, start with us.”