Dear Entrepreneur,
Whatever your business is, someone else is doing it as well, and how well you stand out from the crowd determines your company’s success. This requires figuring out what your Unique selling point (USP) is and perfecting it.
A USP, is the essence of what sets your product or service apart from the competition. Your USP is a vital aspect of your marketing plan for gaining new consumers because it is your major differentiator and the reason your customers will buy from you.
Why is it necessary to have a USP?
As a business owner, you must examine and articulate who your company serves, what motivates you to provide the services you do, and how you wish to make a distinctive difference. There are several reason need to identify your USP.
Your potential buyers won’t know which product is right for them if they all look the same. Knowing what your unique selling offer is, can assist customers distinguish between the many options available to them. Identifying your USP is an important aspect of successful selling, especially in this day and age when consumers have so many choices.
A USP identifies your company’s distinct position in the marketplace, focusing on the value you provide and the problem you solve. A good USP articulates a specific benefit – one that other competitors don’t provide – that distinguishes you from the competition.
Internally, a USP can be useful since it forces you to rethink your company’s objective and reason for existence. A successful company frequently determines which of its major competitive differentiators are obvious.
USP examples in action
These are a few instances of USPs in action.
MTN Nigeria is a Nigerian mobile network operator. They weren’t the first to offer the service, but they have a larger subscriber base than the competition. “Everywhere you go” is their slogan, which basically implies they have the most coverage across the country. Many people joined the network because they felt there would always be service, no matter where they were.
Nike is known for selling shoes, and selling shoes online is nothing out of the ordinary. However, they have a distinct selling point in that they specialise in athletic shoes and have notable sponsorships with professional players. Their USP is that they deliver the highest quality athletic and fitness shoes available.
How can I figure out what my USP is?
USPs are by their very nature unique to each company, although they can be divided into two categories:
- Quality: Excellent materials or ingredients, superior craftsmanship, proprietary manufacturing methods, and one-of-a-kindness are all examples of quality.
- Price – Guaranteed lowest price, price matching, free shipping, bulk discounts, and special offers are all examples of USP’s based on pricing.
Finding your unique selling proposition necessitates a thorough grasp of your target market, competitors, and industry. To determine your USP you should focus on the following factors:
Identify your target audience.
What do you know about your target market and why they buy products in the market you’re in? What needs do the products fulfil for them? In other words, do they want to save time, gain experience, find a reliable source etc You should be able to compile a list of all the reasons someone would choose to buy your product or service by consulting clients, colleagues, and friends.
What distinguishes you from the competition?
You should be able to identify one or two areas where you believe your company excels. Make a list of your rivals and determine which needs they address. Next, assess how effectively they meet those requirements. If you can perform better, you have a great foundation for entering the market.
Follow market trends.
Look into the future. What would people be buying in the next two years? What are the consumption patters? What are the trends? Position your business to meet these needs. Use this information to create a USP that is not yet visible to your competitors
Parting Thoughts
As an SME, you will most likely have limited resources whether in terms of capital or talent. Doing too many activities at once is not likely to yield good results and this is why its important to identify your USP and push it hard in the market space.
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