Business Mission Statement and USP have the power to focus you, as a business owner as well as to communicate to your target market and anyone else you want to attract, your company’s strongest advantage and direction into the future.
Creating an effective Mission Statement and USP will give your company an edge and make it memorable in the eyes of the people you want to attract to your business.
Here we’ll talk about what mission statement and USP are, what is the difference between them and how to create effective ones for your company.
Business mission statement
Company’s Mission is a short, clear and inspiring statement that describes your business’s long-term ambition and encapsulates the very reason your company exists. Your mission’s purpose is to attract like-minded people. It should make your target market want to know more about how you do what you do.
Some examples –
- Warby Parker: To offer designer eyewear at a revolutionary price, while leading the way for socially-conscious businesses.
- TED: Spreading Ideas.
- New York Public Library: To inspire lifelong learning, advance knowledge, and strengthen our communities.
- Save the Children: To inspire breakthroughs in the way the world treats children and to achieve immediate and lasting change in their lives.
- Virgin Group: Changing business for good
How to create an effective mission statement –
- Focus on the results you want to achieve for your target market, not on how you will do it.
- Go big. Think way outside of your current comfort zone. Remember that your comfort zone is a result of your actions in the past. Don’t let your past dictate your future. Don’t kill your future potential because of your past. You will know it’s big if you feel uncomfortable saying it out loud (that is because it is outside of your current comfort zone)
- As you can see from the examples above, the length can vary, but it still needs to stay relatively short.
- You should be able to memorize it
What is USP?
USP stands for Unique Sale Proposition.
It’s a short statement that clearly differentiates you and your company from others in your industry and implies to a promise of the desired outcome for your target market.
Remember, it is not about you, but about your target market. When writing the USP talk to your target market’s beliefs and worldviews. This will assist in capturing their attention, intriguing them and making them want to know more about what you do while repealing those who are not your target market.
In your company’s USP, you could include who is your target market and the main benefits of your services and products to your target market.
Once you create your USP, keep it close and review it frequently. This will ensure that while your company grows and evolves it is staying true to the core of what your company is to your target market and its direction is aligned with the core message you want your target market to associate your business with.
Your USP will come handy when you create marketing material as it will either be included or, if not, your marketing will need to be aligned with the USP message.
Your USP can also be an important part of your branding and will help make your business memorable.
As a side comment on USP – Besides the company’s USP you could create a USP for every service and product. One of the companies that do it very well is Apple.
Mission statement vs. USP
They have similarities. Indeed, they are both short and talk about what is in the company’s heart, but they are not the same. They are different in their purpose and
Mission statement’s main purpose is to clearly state why the company exists to attract likeminded people both as clients and as partners.
USP’s main purpose is to differentiate the company from competitors and position it as a leader in its niche. It holds a promise to the target market to solve their most pressing challenge effectively.
Some USP examples –
- Vimeo: Make life worth watching
- Unbounce: Build, Publish & A/B Test Landing Pages Without I.T.
- FreshBooks: Small Business Accounting Software Designed for You, the non-accountant
How to create an effective USP
To create a USP for your business, you will need to be clear about the following –
- Your company’s values
- Your core services and products (no more than 3 in total – one main and 2 secondaries)
- Who is your target market
- What is the most pressing pain point or challenge your target market has, and your services and products solve
- What do your target market desire the most and your services and products deliver?
Now is your turn – Take action
- Create your company’s business mission statement
- Create your company’s USP
Businesses mission statement and USP, should consider or are a natural extension of the below personal and business aspects. So, before you start, please remember that you should have already defined the following and it needs to be in front of you as you create your business mission statement and USP-
- Your Niche (who are your customers)
- Your Services and Products
- Your personal values and your business values and philosophy
Do you want more business insights?
This is one of the chapters in Create a solid business foundation system.
A system that offers new entrepreneurs a proven plan and education (offered in a short, right to the matter way) that helps make the leap into the business world faster and with more confidence.