March 7, 2024
Pierre Bourdeau—Director P&C Insurance Marketing, CAA Insurance
Have you ever thought about what makes your brokerage different from those you’re competing with? You may not know it, but what you’re trying to define is your Unique Selling Proposition, or what marketing-speak calls your USP.
Your USP is that thing that makes your brokerage (and the brokers in it) stand out and entices your prospect to want to do business with you. Taking the time to figure out a USP that resonates with your target customer by addressing a need can help you soar above your competitors.
To start figuring out your USP, take an honest look at your business and figure out your owned and ownable traits.
Owned vs ownable qualities.
Owned qualities are those things you can already say about your brokerage and brokers. You can create your USP from these, but before you do, ask yourself if you’re happy with what you currently stand for. Are you offering the same thing everyone else is? Uncovering something unique about yourself is where you’ll find the real opportunity to grow.
Ownable qualities are those things your brand aspires to be. Do you want to be known as the brokerage that makes insurance simple? Or as the friendliest brokers in town? Maybe you want to be known as the brokerage that offers the most innovative online service. Whatever you pick, ensure your brokerage and brokers can deliver that quality consistently. It may require operational changes to ensure success.
Define what you are and what you are not.
It may take some soul-searching to figure out your owned and ownable qualities. Think about involving key team members for different perspectives. Gather around the whiteboard and decide “what you are” and “what you are not”. Here are some starters to get the conversation started—add in descriptive words as you go.
Do you see your brokerage as traditional or innovative?
Would you describe yourselves as sophisticated and formal or neighbourly and casual?
Do you see your brand personality as serious or fun, bold or subtle?
Are your products and services mass market or niche?
Are you a big or small player in the industry?
How ownable are the traits on your “what you are not” list?
Which traits on this list do you want to own? Circle those. Next, start whittling down your list by what’s achievable.
Impossible to own traits: If all your competitors do something a certain way, you won’t be able to own it. If all brokerages in your territory offer online quotes, you’ll need to provide them, too. But you can’t claim this as a unique trait.
Unownable traits with an ownable approach: You may be able to own a common trait if you give it a unique twist. Consider a guaranteed 5-minute online quote to stand out.
Temporarily ownable traits: This is where you can truly differentiate yourself by being what others are not. Be aware, though, that if it’s something truly unique and desirable to your target market, your competitors will likely be hot on your heels to own it too. So continuously work on improving it.
Sustainably ownable: If this is something your brand can own in a way only you can, there’s a good chance you can own this for the long run. Brand your 5-minute online quote as your own, market it like mad, and you’ll be able to claim that territory first and own that positioning for a while.
Once you’ve landed on your USP—or what makes your brokerage/brokers different—reinforce it in everything you do. Then you can really bring those USPs to life.