What makes you different from your competition? What makes your business stand out from others?
Unique Selling Proposition
Can you identify your Unique Selling Proposition (USP)? USP is what makes your business different and better than your other competitors. This is the reason why people should make business with you and not from your competition.
Uncover your USP
There can be a lot of opportunities in developing your USP. You just have to look at what the market needs, try to meet that gap and develop it as your USP.
Creating a USP that Works
List positive features of your business such as the quality service or product, and competitive price. Write down also the soft benefits that your customers could derive from your business such as free delivery or shipping, family-friendly environment, after-hours service, promotional discounts, quick turnaround time, central location, and locally produced products. You should ensure though that these are all realistic, achievable and reasonable.
In your list, cross off those which are already offered by a competitor. Narrow it down to the biggest benefits a client gets from choosing to work with you that they could not get from someone else.
It is difficult to come up with a new concept that would make you stand out so take the time to really think about your business and what it can potentially offer to customers. Take careful consideration of the following:
- Your target audience
- Your desired business’ distinctive benefit
- Your reason for wanting people to come to your business
- Your way to deliver the benefit that your customers can get from your business
CASE IN POINT
In an inner city suburb, Daisy is planning to open a hair salon. Competition is great as there are already well-established salons in the area. How can she create her unique selling proposition that can make her stand out from the others?
Based on Daisy’s list, her business’ strengths are being customer friendly and reasonably priced, and offering excellent service from her stylists with years of experience. However, all her competitors already offer these benefits to the customers and have even had beauty services as well. She knows she has to have a unique edge to compete with her competition.
Daisy has done some research and finds out that ‘going organic’ is not yet available in that market. Thus, she opts to source organic hair products and colour treatments, and even decides to sell organic tea, coffee, and chocolates!
Daisy has to focus her marketing activities to customers who do not like harsh chemicals since her business’ USP is that being totally organic. She may promote her business on health food shops or pharmacies where she may find potential customers.
Create and develop your own USP.
In your promotional and marketing activities, remember and emphasize your USP.
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James HuyVuong is a CPA and the owner of Your Accounting Partners. Partnering with businesses from start to scale thru to sale.