Your USP is what defines you in the market and sets you apart. Haven't got one? Watch this vid.
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When starting up as a business it’s important to have a solid grasp of what makes you different from everyone else. If you’re unable to differentiate yourself from the competition, the route to success is likely to be seriously difficult.
Innovate UK have put together a list of four key tips to help you develop and communicate your unique selling point (USP).
Find Your Audience
Without an in-depth understanding of your audience, you’re likely to struggle grasping an effective USP. You should study the buying trends, beliefs and views of your target customers.
Once you understand exactly who your business is aiming at, you can appreciate why they would choose you over the competition. When it comes to marketing your USP, a heightened appreciation for your demographic is going to be very helpful.
Solve a Real Problem
Unless your business is focussed on entertainment, your product/service should solve a problem. Whether it’s saving time, improving someone’s lifestyle or even making an everyday process seamless, you should be adding some form of value to your customer base.
Don’t get caught in the trap of focusing on a problem which isn’t actually there. It’s counter-productive and will cost you money.
Demonstrate Unique Benefits
What is it that you’re offering? Why can it help your consumers? Why is your company the only logical choice? The trick to answering these questions lies in the benefits of your product/service. Try to identify what benefits are tailored to your target customers and furthermore what affects them directly. Once you’ve found a grasp on why a customer buys your product, you can begin to appreciate your USP.
Secure Early Adopters
Getting people to actually pay for your product or service validates its concept. There’s nothing more appealing to investors than a business that’s already making money.
Getting validation establishes that there genuinely is a demand in your market. It sounds simple but can’t be overlooked. Achieving a buzz at the early stages offers the potential of a bright business future.