You can’t deny the fact that deciding your business USP (unique selling proposition) is perhaps the most vital decision that you can make about your business. In case you want your business to stand apart from the crowd, every step that you take will become easier as you will gain maximum visibility from your clients. Clients and customers will be easily accessible and your fans will spread the word about your business and tell people why they love you.
In short, USP can often mean the difference between success and failure. If the word ‘selling’ turns you off, you can think of the full-form as unique market proposition because it’s not just about selling but all about finding that stark difference.
Why does your business need a USP?
Consumers can never keep re-evaluating their services and products whenever they require making a purchase. This is why they organise services and products into groups and then they set their priority accordingly. For example, the most expensive vehicle, the safest vehicle and the best valued vehicle. When you have a strong USP, you can communicate well about what your business offers and how they’re ahead of the competition. In case you’re entering your potential exit strategy, you should still have a vital and strong USP so that the companies who are planning to M&A with you can depend on you. You may choose BCMS M&A Advisors who can inform the shareholders about such privately owned companies who are looking forward to sell off a part of their business.
How about finding your business USP?
Unless you have a clear understanding of your competition, your target audience and your industry, it is tough for you to find out your USP.
- Knowing your target audience
As long as developing your USP is concerned, you have to first understand your target audience. What are the things that you should know about your target audience? What are the items that you’re operating for? What sorts of needs do those products meet? Are they looking for some expertise and reliable supplier? Make a list of every single reason behind choosing your service or product.
- How are you ahead of your competitors?
You should have the ability of pulling out at least 1 or 2 things which your business is good at. Jot down a list of the competitors and check the needs and requirements which they are all set to meet. The next step would be to check how well the needs are met.
- Take a look at the industry trends
While taking a look at the above mentioned needs, you would also require looking at those needs which are not met by anyone else. Which are the main trends within the industry? Take into account the trends and issues which will be vital within 5 years time and then see whether you can extend your benefit to those areas.
Your business’ USP should be accurately driving the company’s development and also your marketing strategy. Experts recommend businesses to not change their USP often but to keep it as fresh as possible.