Do You Know What The Unique Selling Point Of Your Business Is?
Every business needs a unique selling point (USP) to succeed. It’s the thing that sets you apart from your competitors and shows your customers why your product is the best. If you don’t have a unique selling point, you’re just offering a product that is the same as others on the market, and that is not the foundation for a good business.
Unfortunately, a lot of companies don’t know what their USP is, even after they have already started the business. They are getting customers and their product is popular, but they don’t know exactly what it is that people are excited about. This is a big problem because you need to understand your USP if you are going to be able to repeat your success in the future. So, how can you determine what your USP is?
Research The Competition
The first thing you need to do is look at your competition. How are they promoting themselves? What features are they emphasizing in their advertisements, on their website and in reviews? What words are they using to describe their products in reviews? If customers weren’t excited about it, the business wouldn’t exist in the first place. You will want to have a list of what sets each product apart from the competition. Study this list to find out if there are any similarities or patterns that come up, especially in your competitors’ USPs.
Hopefully, by looking at what your rivals are doing, you can start to work out what you are doing differently from them.
Ask Your Customers
This is just an extension of the research you did into your competition. Once you have a list of how they are different, you will want to find out if this is just what the company thinks makes them unique or if it’s something that customers agree with. The best way to do this is by asking customers why they buy from your business and what they like about it. You can do this online or you might want to set up a focus group and talk with them in person. If you send out surveys, make sure that the questions don’t give away what makes your business unique so that the answers you get are honest and accurate. Ranking surveys are particularly good for this because you can ask people to rank their favorite features on your product, for example. Use this simple ranking survey template to give you a clear picture of exactly why people chose your product over others. Customers always have the best insights, so use them.
Consider What Problem Your Product Solves
You can also use this opportunity to determine what problem your product (or service) solves. Once you’ve figured out your USPs, you need to consider why people would buy something like that. What’s the main reason they would do it? Most businesses will be solving two or three different problems at once, but you should know which one is the most important. Ideally, you should do this before you launch your business because it will help direct your marketing.
Working out your USP is crucial if you are going to be successful, so get started right away!