Your unique selling point (USP) is one of the most important things you need to have nailed down when it comes to creating your own business. It is this selling point that helps you stand out from your competitors and grab the attention of your target audience.
Without one, you’ll find it very difficult to develop a strong and effective marketing message. The USP of your business should be at the core of everything you do, from creating your business model to building your marketing strategy.
If you don’t yet have one, or you’re a bit fuzzy on what your USP is, we’ll take a look at how you can start to craft your unique selling point and use it to give your startup business a huge boost!
What is a unique selling point?
A unique selling point is the main purpose and function of your business, it is what you can offer your audience or customer that nobody else can.
Let’s use Uber as an example. Uber’s unique selling point is that their customers can pay for their taxi service through an app rather than the traditional cash in hand. They can track where their taxi is and how long they will have to wait and they can even split the fare with a friend!
Uber’s USP is all about ease of use and making taxi rides easier and more accessible. They recognised a pain point in the industry and they created a business model to address it.
Another example would be Netflix. Their USP is that it is a library of TV and films that are easily accessible from any device, with a cheap monthly fee. They were one of the very first businesses to offer online, membership-driven streaming.
Your USP needs to be something that sets you apart and helps your customers distinguish you from your competitors.
Related resource: How to research & brainstorm a business idea
How do you create a unique selling point for your business?
You should have a unique selling point all good to go before you even start to trade as your business. You should know exactly what you are offering, why you are offering it and why it is different from other products on the market.
If you are still a little unsure of yours, here are a few tips on fully establishing your USP:
- Write down what pressure point your product caters for and how it solves those issues
- Write down how it delivers this service
- What are your competitors doing? How is your product any different from what they offer?
Once you have all of these points in place, you can start to bring everything together.
Related Resource: How to find your niche in business
Your USP doesn’t have to be a huge, life-changing point, it could be something as simple as the way you deliver a service, like Netflix. There were companies before Netflix that allowed you to rent TV box sets and films, but Netflix was one of the first to offer this service as an easily accessible app.
The same can be said for Uber, they didn’t invent taxis, they just changed the way people used these services.
How do you use a USP within your business model?
When it comes to using your USP, you need to keep it in mind whenever you’re promoting or marketing your product.
If you have a big pitch for an important investor, your USP needs to be one of the first things you talk about. When creating a marketing strategy, your USP will be the way you sell your products or services, it will be the way you grab the attention of your potential audience.
Make sure you know exactly what your unique selling point right from the get-go and you’ll find growing your business 10x easier than if you were making it up as you go along.