Your unique selling point (USP) includes the competitive factors that set your product or service apart from offerings by other companies. It’s the reason why people will choose to buy from you instead of another business, so it needs to be clearly and precisely defined.
It’s crucial to make your business stand out, as it’s unlikely that you’ll be the only one offering your products or services in the market.
Search for factors that distinguish your products or services from the rest. These may involve:
- first to the market
- most reliable
- exclusive outlet
- highest quality
- cheapest
- most economical
- easiest to use
- locally made (when everyone else doesn’t)
- organic (when everyone else isn’t)
- made from sustainable materials
- healthiest
- environmentally friendly.
Keep in mind that customers can purchase almost anything online from anywhere in the world, making it challenging for New Zealand companies to offer something truly “unique.”
Instead, you can concentrate on what sets your business apart, such as ensuring you’re the most affordable supplier or the brand that consumers trust the most. These distinctive aspects contribute to building your brand and should be incorporated into your marketing and sales strategies.
How to be environmentally sustainable
Having a strong USP is essential for attracting customers to choose your business over the competition.
Identifying a point of difference and refining it into a profitable business requires effort.
Follow these steps as a starting point:
- Note down your understanding of your target customers. Start by identifying their occupations, motivations, and reasons for making purchases. Develop personas, which are fictionalised profiles representing key customer types.
- Write down the aspects of your business that cater to your target customers’ needs. These can become potential USPs. For example, if you aim to sell lunch to office workers, offering online orders and desk delivery could be potential USPs.
- Eliminate USPs that your competitors are already excelling at, as you aim to stand out with something unique.
- Align potential USPs with the strengths of your business.
- Conduct interviews with around 10 to 12 target customers to determine which potential USP best meets their needs.
- Establish a customer feedback system, monitor the feedback received, and evaluate if the USP:
- is unique
- is clear
- fills a gap in the market
- is something you can deliver
The next step is to start planning how to turn your USP into a viable business.
Are you struggling with accounting and business management for your business? We are here to help! Get in touch with us to discuss how our expert services can support your business’s success. Contact us today to schedule a free consultation and see how we can add value to your operations.
