Before you can begin to sell your product or service to anyone else in the marketplace, you have to do this: Sell it to yourself. This is extremely important if your product or service is similar to those around you. Why?
Only a few businesses are one-of-a-kind. Just look around you: How many hardware stores, software services or clothing retailers are truly unique?
Yes, SMEs need to know their target customer base inside out, but are you aware of who your competitors are? Do you know them well? Are you conscious of who are you fighting against in your market?
You are familiar with what you sell, but, are you aware of how you differentiate from your competitors? No? Then, this article is for you.
Clearly, there is a tremendous increase in the number of Small and Medium-sized Enterprises (SMEs) that are present in the market. Each of them is struggling to meet the growth target.
But, how do you win your potential customers attention?
USP (Unique selling proposition)
Many business studies recommend – owners and managers of SMEs should develop creative ways of differentiating themselves from the competition. This will help them stand out as unique to their clients.
Here comes the USP (Unique selling proposition) in the game.
USP (Unique selling proposition) is a marketing concept that defines your company’s unique position in the marketplace, the value you offer and the problems you solve. It provides your potential consumers with a clearly articulated benefit to them that competitive products don’t have it (either they can’t or don’t offer it).
This should be something that is compelling enough to attract new customers and motivate them to switch brands. Furthermore, it will make you stand out.
Read more about competition analysis in our FREE e-book.
Unless you can pinpoint what makes your solution distinctive in a world of homogeneous competitors, you won’t be able to pick out your sales efforts successfully.
Sounds easy, but is it?
This is a real-life scenario. Many of your potential customers have difficulty when deciding which option in your marketplace is the one that deserves their trust, time and money.
This selection can be a real nightmare for those customers that are not equipped with the experience of knowing what separates one competitor from another.
As a customer, you have very likely been in their shoes too. With all the products appear to be the same, how do you know which one is right for you?
Probably, now you are aware of why it is crucial to assist customers when making that choice by improving your USP to be obvious and memorable enough.
Being clear about your unique selling proposition helps them make a clear difference between the variety of choices available on the market.
Help consumers see what your solution has to offer them that your opponent doesn’t.
Why do you need to know your Unique Selling Proposition?
Thus, let’s review several reasons why you need to know your Unique Selling Proposition.
- To define your unique position on the market;
- Successfully avoid the trap of trying to please everyone on the marketplace;
To help consumers choose between the variety of choices available to them;
- It is a crucial part of effective selling (especially online).
- To create pricing that customers can afford;
- To focus your energy on creating products/services that cater to your desired audience;
Remember that top quality product in combination with outstanding service is the foundation for growing a company that goes the distance. Moreover, make an effort to use differentiation as a competitive advantage to stand out from the crowd of SMEs.
What should you make to convince your customers to buy from you?
Define your USP
Although USPs are unique to each business, primarily, they can be set into these 2 major categories:
- Quality (e.g. superior materials, ingredients, extraordinary craftsmanship, exclusive manufacturing methods, etc.)
- Price (e.g. free shipping, lowest price guaranteed, discounts, special offers, etc.)
Once you have gone through these USPs, you need to take the next (and hardest) step: Clear your mind from any preconceived ideas about your solution.
If you want to jump out, it is the right time to be brutally honest:
- What features of your product/service stand out as something that sets you apart from your competitors?
- What can you promote that will make consumers want to be your client?
- What should you do to position your business in order to highlight your USP?
To Wrap Up
At the end of the day, strong market research will create the difference between helping shape your service or product into one that flies or a business that dies.
Please do not get discouraged. Successful business ownership is not always about having a unique product or service. Moreover, it’s about making your product poke out even if it is a market filled with similar items like yours.
As the business guru, Seth Godin puts it: “Instead of working so hard to prove the skeptics wrong, it makes a lot more sense to delight the true believers. They deserve it, after all, and they are the ones that are going to spread the word for you.”
Until now, you are probably wondering how to create a Unique Selling Proposition that works?
Discovering your USP can require deep searching and creativity. A good place to start is to analyze how other companies (similar to you) use their unique selling points to their advantage.
This requires a methodical analysis of other companies’ advertising and marketing messages. If you analyze their product or service characteristics, you are on a good track to get familiar with how your competitors distinguish themselves on the market.
Or, you can ask for expert help from marketing research services like BizzBee Solutions that can land you a hand to get familiar with the essence of what makes your product or service better than competitors. Then, you can use this as your golden ticket to efficiently communicate your USP and get potential customers to choose you.
Danco is a serial entrepreneur, founder and CEO of BizzBee Solutions, proud father of a 2-year-old and a burger enthusiast. He is inspired by growth and goes above and beyond to make it possible – whether it comes to his 300+ clients or his people. Eager to learn more? Follow Danco on LinkedIn and Facebook.