You probably know your business niche but have you ever considered what your USP is. The answer is perhaps, no. Hence, learn how to determine your USP to increase your sales.
Unless you’re lucky enough to be the only existing player in your niche industry, chances are that you have to site the winning difference with the other competitors. The fact holds for all stature of business, be it small or big. Hence, you’ll need to distinguish from the others with the help of USP, a unique selling proposition. But until you know what your USP is and how you make the most of it, your business will just be like any other random brand hammering to be heard.
If the owners or the employees of a company fail to explain why a company is in the field of business, it shouldn’t come as a surprise if the customers are unaware of the prospects. And, with time they would stop doing business with the company. So, it’s vital to get it right.
What is USP?
The USP is simply a definition of why your company is different from others in the industry. Is it the quality, the service, the customer experience, the technological innovation, or the cost? The USP is what makes your company unique.
Once you have your USP figured, it would become considerably easy for your company to convince the customers to buy from you instead of your business rivals. Even if it sounds cliché, the USP is what steers your business operations on the right track.
A well-framed USP would help you to answer the following questions:
1. What is your service and why and how is it different from whatever is currently trending on the market?
2. Who is your target customer and what is the point that your company is hoping to address with your product?
3. What’s your brand vision and how do you intend to present yourself in the competitive market?
Modern consumers are overwhelmed with the over-flooding list of marketing messages that clutter their inboxes. If your company fails to tell them quickly and efficiently what makes you unique, then there’s a high chance that you’ll lose their interest.
Therefore, stop getting lost in the crowd of millions. Here are the most valid steps on how to determine your USP. By the time you finish your read, you will have a clear understanding of defining and identifying your USP. Let’s get started!
1. Excellent Ideas:
Well, creating the USP of a company is not a task to be handled by a single individual, but rather a team. The team should include people from various fields including marketing, customer support, sales, finance, product development, IT, HR, and more. Start collecting ideas from all of them. Get collective inputs on what they think differentiates your business from the competitors. Even if you receive plenty of vague answers initially, but don’t be judgmental. Remember, that it’s a team effort, and keep a track of all the brainstorming ideas.
2. Know your Customer:
One of the most prevalent mistakes that businesses make while promoting their services and products is not identifying their target audience. Any company must know its customer base based on their location, age, gender, earning level, and other such criteria. You can also categorize them into different consumer personas. By following a cohesive approach, you’ll be able to define your target customer group in a much better way.
3. Study your Competitors:
The very foundation of USP is based on market research. Before you find out what makes your business unique, you have to study the market and find out what is available to your target audience. Start by listing your competitors and then conduct an in-depth analysis of each of them. It’s important to discover the similar products being offered by your rivals and how they promote their services. Evaluate their social media handles, websites, and other marketing platforms to get a thorough idea. This way you get a direct idea of their strengths and weaknesses.
4. Note your strengths
This is all about finding out what makes your products superior. Some points you can check on are:
- Pricing
- Product quality
- Delivery Option
- Customer Handling
- Product Options
- Discount range
The motive is to identify your strengths and then you can frame your marketing strategy to attract the target audience.
5. Learn your Weaknesses
Another crucial step is to identify the weakness. It’s only when you discover your weaknesses that you can truly come up with a solid strategy to win over your competitors. For example: if you have quoted a higher price than the competitors because of the additional features, then avoid mentioning your price in the marketing plan.
6. Discover your Unique Value:
Well, this is what you’ve been waiting to figure out, didn’t you? What makes your services unique? By carefully analyzing all the data collected from the above steps, think about the exclusive features that make your business distinct in the crowded market. This could be your strengths, weaknesses, your employees, your brand value, anything. Come up with something that resonates with the need of your niche audience. That one magic element that your competitors lack, and there you have your USP!
7. Use the right words to explain your USP:
Be clear, precise, and cohesive in your approach. Avoid using longer phrases and big words that make it difficult for your customers to connect with your products and services. Remember to keep your USP compelling and short for maximum impact.
