The internet has brought the global market into our livingrooms. Whatever you need there is a business somewhere ready to deliver it. Such businesses operate via a high street store, website or on platforms such as ebay or Amazon. This makes bringing a product or service to market less complicated than it might have been in the past. But when you add to this the availability of tools designed to identify demand, by measuring and analysing search engine terms, you end up with a satuated market.
In such a satuated market, uniqueness is crucial, whether you are a bookkeeper or large construction company. Whether your marketing budget is small or large its your unique propostion or selling point (USP) that will help you stand out from the competiton.
What makes a business unique?
Your uniqueness or USP is how you pursuade the customer to buy from you instead of the competitition. Its what turns a ‘me too’ business in to something new.
Whether you’re defined by your product or brand or both, your uniqueness is the message on which the customer will base their buying decision. The most common USPs are detailed below, but what works for your business could be a combination of these or something completely different.
Highest quality
This can be achieved by using the best materials and construction methods or delivering a quality experience through a genuine interest in the customer with attention to detail.
M&S Food focused the development of their brand around quality and they are now rated as one of the highest quality food outlets in the UK.
Lowest cost
This is the pile them high, sell them cheap business model which defines a brand as an affordable option for those with limited funds. The message of the brand is its affordability. Sticking with the example of food outlets, Aldi and Lidl are examples of this business model.
Experience
The experience is a USP that works well for small, local businesses. Often businesses that can offer a bespoke and attentive experience benefit from word of mouth marketing which drives much of their sales. Outstanding and a genuinely interested level of customer service also falls in to this USP. Examples of this kind of business include small local businesses. In this scenario those running and delivering the business are able to build friendly and professional relationships with customers.
Credibility
If your business has built up credibility through expertise and reliability this may form part of your USP. Association with other credible bodies such as professional trade and industry bodies help here. As do qualifications and industry experience.
Values
Whether its environmental, social or political, values are a USP that will appeal to a certain demographic. If your business is based on or addresses the values that matter to you customer then this may make a very good USP.
Identifying your uniqueness
Deciding on the USP for your business will depending on your market, product or service and the competion. Good market research should help you identify all these factors so lets start there.
Customer feedback
Listen to your customer feedback or if you’re a new business gather feedback via surveys, focus groups and social media.
Analyse your competition
Understanding the competition is vital if you want to stamp out your uniqueness within the industry. Without an understanding of what the competition is delivering and doing well or otherwise you will be at a disadvantage when deciding how you will fit in. To gather this information you will need to do a competitive analysis.
Conduct a competitive analysis.
- Identify your top competitors.
- Analyse their product or service. Look at customer reviews for any aspect of delivery or product they might not be delivering and which you could provide instead.
- Evaluate their pricing strategies. Reviews might also enable you to understand if they are fully addressing need.
- Examine their marketing tactics.
- Assess their strengths and weaknesses.
Brand storytelling
Once you feel you understand your market, their needs and preferences, then you can focus on brand storytelling. Brand storytelling is one of the most effective ways to relate your USP to your market.
- Be genuine and transparent in your storytelling. Authenticity builds trust and loyalty.
- Share stories that your audience can relate to. This helps in creating an emotional connection.
- Highlight your brand’s values and mission. Customers are more likely to support brands that align with their own values.
And finally…
When you set up a business in a crowded market achieving the first sale can sometimes feel like an impossible task. Finding what makes you special and communicating that to your potential customers can make all the difference to your business in the early days. Uniqueness helps grab attention, build brand loyalty and may allow for premium pricing.