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A Unique Selling Point (USP) is a marketing statement that differentiates a product or brand from its rivals. Generally, a USP would advertise the least expensive price, the finest quality, the most experience, the first in its category, or another attribute that separates the proposal from its competitors. In short, a USP can be defined as ‘what you have that competitors don’t.’
Discovering your unique selling point is a critical step in establishing your brand and marketing it effectively. Your USP helps you stand out from competitors by highlighting a specific feature of your product or service that no one else provides. Uncovering your USP involves identifying what sets you apart from other similar businesses, what value you offer to customers, and what makes people want to buy from you rather than someone else.
If your business is new or you’re launching a new product line, it can be challenging to identify your USP. It’s not always obvious—but there has to be something that makes people want to buy from you. So, here are some ways to find your business’ USP.
Define Your Target Customer
If you could travel back in time and meet your customers in their youth, who would they be? This question is designed to help you understand your ideal customer and the type of person who will be most interested in your product or service. The more you know about this person, the easier it will be to identify your USP.
One of the best ways to define your target customer is to create a persona based on research and facts, not your wishful thinking. The persona should include information such as age, gender, location, income, employment type, education level, and family situation. This information can help you identify the problems your customers face, what they value, and how they prefer to be communicated with. Once you know your target customer, it becomes a lot easier to identify your business’s unique selling point.
Question Your Assumptions
Nothing starts out as a success. Every company had to start somewhere. So, where did you start? What assumptions have you made about your business? What do you think your strengths are?
When you first started, you were probably passionate and excited about your idea. But now, your day-to-day activities have probably dulled that excitement. Take a moment to look at your business with a fresh pair of eyes.
Question the things you take for granted in your business. This could include your product, your marketing strategy, or the way you operate. Now is the best time to challenge these assumptions and question whether they are still valid.
Check the Market and Competitors
Take a few minutes to think – are there other industries or products that are closely related to yours? What is their USP?
You don’t want your business to be exactly the same as another company, so you need to find a way to set yourself apart. The easiest way to find your USP is to look at the current market and competitors.
What are your competitors doing well? What do you do better than the competition? How do you stand out from the crowd? What sets you apart from other similar businesses?
This can be a challenge if you are in a very niche market, but it’s important to understand how your product or service is different from other similar offerings. Understanding the USPs of your competitors can help you identify what makes you unique. It may be as simple as using a different distribution channel, offering a different price point, or using a different marketing strategy.
Run a Survey
A survey is another excellent way to find out what sets you apart from the competition. Surveys are a quick and easy way to collect data and insights from your target customers. You can use a survey tool like SurveyMonkey to create and host a survey.
There are many different types of questions you can ask your customers, but a few good starting points include: What problem are you trying to solve? How do you currently solve this problem? What is your preferred solution?
Once you have the results from the survey, you can use that data to identify the strengths and weaknesses of your current product or service, as well as what customers value most. This can help you identify your USP and brainstorm ways to improve your product or service.
Ask Yourself Why People Buy From You
If you did one of the things mentioned above that means you’ve looked at the market and your competitors. So, by now, you should have a better idea of what sets you apart from the crowd. Now is the time to put on your critical thinking cap and ask yourself some questions.
Why do people buy from you? What value do your products or services provide? What is the biggest difference between your offerings and other products or services? What makes customers want to buy from you instead of your competitors?
Want to take this a step further? Well, you can also ask friends, family, and customers why they prefer to buy from you. Listening to what people have to say can help you identify your USP and make it easier to communicate that value to other people.
Final Words on Unique Selling Point
Finding your unique selling point isn’t an easy task, but it’s an important one. Your USP is the core of your marketing strategy, and it’s what will set you apart from the competition. This can be challenging if you’re starting from scratch, but it’s important to identify what makes your business different from the start.
The best way to do this is to look at your current competition and the market as a whole. Once you have an idea of what makes your business different, it’s easier to communicate that value to your customers and find new customers.
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