What’s your USP? 5 Steps to find your Uniqueness
Are you different enough from your competitors? What makes you stand out from other companies with similar offerings? Have you set up your USP, your Unique Selling Point yet? Well if not, it is the right time to start thinking about and creating one because a USP demonstrates the added value you give to your customers. So read further and make yourself familiar with the 5 steps to find your Uniqueness!
Before we are getting started let’s jump back and first define what a Unique Selling Point actually means. A USP is your unique selling proposition. It is what sets you apart from any other competitor and makes your customers wanting to come back to you and buy your product or service over and over again. Thus, you have to deliver a clear added value which is the determining factor that makes you the first choice in the market.
5 Steps to find your USP:
- Collect Ideas
A good start is to gather with all of your team members and try to think of your product or service and its benefits. Ask yourself the question why customers should choose you over other companies in the market. Write down your answers and make them visual so that everyone can see it. If you feel like you are stuck then why don’t you take a step back and remember why you wanted to found this business in the first place. What was the pain point you wanted to solve? Your solution is your added value and separates you from your competitors.
- Create a Buyer Persona
The creation of a Buyer Persona should be among the first things you do when Starting a Business. It is essential to have a Business Idea for sure, but you won’t get anywhere unless you have a clear picture of your target customers and their characteristics in mind. Because these are the ones who will desirably buy your product or service in the end. So you have to make sure you are responding to their needs and wishes.
- Check out Competitors
Do you know what the competition is offering? Do some research and find out about the business model of your competitors. What is it that makes them special or distinctive? This is also a good way to discover gaps or potential areas of improvement. It is crucial to know and understand all of your competitors so that you clearly set yourself apart from the rest and offer something that no one else does. Otherwise you are just one out of many.
- Identify Strengths
Identifying your strengths goes hand in hand with analyzing your competitors. Your strength has to be someone elses weakness. Thus, your strengths will make the difference and attract customers. So cleary state what the competition lacks and what you are good in, what you can give to your target audience that others can’t. Make sure to show potential users your key features e.g. your special customer service or the option for customization or whatever it might be in your case.
- Work on Weaknesses
As there might be strengths that your competitors cannot cope with there also might be things where you are weaker than other businesses like product options or simply the price. Be aware of your weaknesses and find ways to counteract them so that you won’t loose potential customers.
With all the information gathered in the above mentioned steps you should be well prepared to identify your USP. You should be able to see the gap in the market that you can fill with your product or service and the unique and inimitable added value that your company provides. Now it is your turn to bring that into a clear, measurable, comprehensible and tangible statement. Our advice: don’t overdo it. Keep it short but powerful.
To give you an example of a good USP look at The Economist. They say: “You’ve seen the news, why not discover the story?”
Here customers can cleary understand that The Economist delivers more than just the news. People can get more for their money so why not spending the extra penny to deep dive into real stories?!
Are you a founder yourself and need help bringing your startup forward? Then find out more about our Accelerator Program here!
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