In part 1 of this series on USPs (which could have been titled: “how to stand out in a crowded market”) we looked at one company and how they’ve changed their USP over the course of a hundred years.
So today it’s time to look at what’s happening now – starting with the idea of making your name your USP.
Here’s one that came up on my email feed this week. It’s a pet insurance company named: “Bought By Many”. My only question is: who in their right mind would name their company that?
Well, the founders did obviously, and they now claim to be the “Most trusted pet insurance provider in the UK” (their claim is backed up with a whole bunch of industry awards including Which? Magazine recognition, the 2019 Moneywise Customer Service Award and a Feefo Platinum rating).
So would you rename your copywriting business “Used By The Best” or “Beat This”. Why not? I haven’t seen this used before in the copywriting industry. Maybe we’re all missing something.
Bought By Many run PPC campaigns as part of their lead generation strategy (including appearances in Google’s abundance of Gmail accounts). They have around 170 staff.
Are they successful? Founded in 2011, they only moved into pet insurance in 2017, but they did it with 100% focus. The goal was market domination.
They got a large injection of cash from a venture fund in the Summer of 2020 – which is amazing considering they lost £8m in 2018/19 and £15m in 2019/20 (thus proving that success has very little to do with profit).
Instead, success is about market control (which they have). So how much of this success is down to their name? We don’t know. They simply chose to be different, but they had a clear plan, went for it, and won (read their investor information and you’ll see what I mean).
So how about you? Would you choose a random name, or go traditional? Let me know in the comments.
I've spent my working life starting and running a whole variety of businesses, from my first QPL Express Couriers where I travelled over 100,000 miles every year delivering packages on a motorcycle (along with a whole bunch of colleagues) to Accountz.com which made a major in-road in the UK, to ProofMEDIA my current business that focuses on Copywriting and the International Copywriters Association, which helps copywriters learn more about copywriting and the copywriting industry around the world.
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