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Small Business / Entrepreneurship News

Finding Your ‘Unique Selling Point’
2013-02-12

unique selling point, competitiveness, competition, small businesses, economy, marketing, advertising, product characteristics, price structure, placement strategy, promotional strategy, buying behaviour, purchasing behaviour, customer feedback

 

With markets getting more crowded it is very difficult to find a company that is unique. As a result companies need to increase their competitiveness to ensure that consumers will choose their company over a similar one. Therefore, before you start marketing and selling your product to your customers, it is important that you are able to sell it to yourself. Would you buy your product over other similar products? What makes your product unique?

 

It is essential to find your ‘unique selling point’ (USP) as it can be used to market your product and bring in customers. Without a USP your company will fade into the background.  A company’s USP can help them select their ‘four P’s’; product characteristics, price structure, placement strategy and promotional strategy; allowing them to position themselves in the market and make themselves stand out. Further to this is it essential to find out your competitor’s USP, which can be done through analysing their advertising material.

 

Entrepreneur.com suggests how a business can discover their USP;

 

 

Imagine being the customer
It is important to understand the problem that you are solving to your customer, and not get carried away with what the product solves for you. Your customers will find you and your product as it will solve a problem for them, however, it is important to understand what will keep them coming back; what really matters to them?

 

Despite a difficult economic climate, it is not just price that will get a customer to choose your product over a competitor. If your product is able to satisfy all of their needs, as well as giving them extra benefits they were not aware they could have; this will make your brand stand out from the rest.

 

Understand customer buying behaviour
Understanding why one customer selects one product over another, whereas another will do the opposite is difficult. Firstly you need to know why, and in what situation, a customer would choose to buy your product. Once you understand what motivates a customer you are able to market your product accordingly.

 

Understand the specific reasons why a customer chooses you over competitors
Once you have obtained a sale, it is essential to understand why they have chosen you over a competitor, and the best way to do that is ask. Customer feedback is the most effective way to improve your products or services to increase sales.

 

 
Now these steps have been taken, it can allow you to see your product or service in an honest way. What features stand out and which ones fall into the background? How to position your business to highlight your USP? What features will make your customers return?

 

How do you make your product or service stand out? How did you go about finding your USP? Why not leave a comment below or post on our Facebook or Twitter pages.

 

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