Why should your customers choose you over your competitors? Establishing your unique selling point (USP) is about uncovering and communicating the real benefit you offer customers. #marketing #businessadvice #SME
Making your business stand out in a crowded market can be challenging, but differentiating your business is vital for attracting your “Class A” customers and giving them a reason to choose you over a competitor.
That’s why it’s crucial to identify your unique selling point (USP) and communicate this across your marketing and sales activities.
Finding your business’ actual point of difference
Not all companies are created equal. Every business will have its own slant on how it develops and delivers a similar product or service. Your USP focuses on what you do better, bolder, faster, more effectively, or otherwise differently than your competitors – giving you an edge over the other businesses clamouring for your customers’ attention.
For example, Apple’s USP was always that it “provides a lifestyle with our products” by making cutting-edge technology that’s as simple to use and integrate as possible.
Define your USP using your products/services
Think about your products or services and consider where you add value that’s specific and exclusive to your business alone. You might be more ecologically sustainable, more budget-friendly, or easier to use than your competition. Own this difference; feed it into your development and think about the end benefit for customers.
Tip: People don’t buy products; they buy solutions. Put yourself in your ideal customer’s shoes to understand their needs and how you meet them.
Market the company around this USP
Recognise where you add value and condense this down to one selling point. While you may be able to list many benefits, boiling it down to one thing will be more compelling and memorable. Keep it short, simple and straightforward, so you and your customers can grasp it quickly.
For example, the USP of M&Ms is “the milk chocolate melts in your mouth, not in your hand”. ABUS Locks dominate security solutions with “security built on quality”, and this position has enabled the company to broaden its product range beyond padlocks.
A USP doesn’t have to be a tagline. However, when it captures your point of difference, it can become one, such as with Bunnings Warehouse’s: “Our policy – lowest prices are just the beginning”.
Ensure your competitors aren’t catching up
The business world moves fast, and exclusivity can be hard to maintain. If your competitors now offer the same customer benefits as you, it’s important to review, reassess and adapt your USP. Keep innovating and developing your products or services, so you offer a real point of difference – and keep the competitors from nipping at your heels.
What do many companies overlook when considering their USP?
Are you unsure what makes you stand out in your market or industry sector? Then talk to your customers!
Find out why they love you. Why do they choose to conduct repeat business with you? What keeps them coming back, and why do they recommend you to their friends and colleagues?
Communicating with some of your loyal clients could reveal invaluable insights – and not just to discover your true point of difference. Their comments could help you uncover a genuinely powerful USP, motivate your team, and inspire you to pursue avenues you hadn’t even considered.
We’d welcome the chance to chat about how Pathfinder Solutions can work with you to define your USP. Please get in touch, this is something we can help you with.
About Pathfinder Solutions
Pathfinder Solutions advisory team members have either owned or managed businesses, or are investors themselves, so we know first-hand the challenges you face in your world.
Sure we’re Accountants, but the best solutions in business come from focusing on more than just the numbers. Our real-world business experience delivers just that.
