If we stop to ask you right now “What exactly differentiates you from your competitors?” or “What makes your customer buy your product or service instead of others?”, would you be able to tell us?
If you have an idea but the answer is not as clear, please let us introduce you to Unique Selling Proposition (USP), a strategy that is being used by marketers and business owners to boost sales while building a more effective and assertive communication.
USP is what differentiates you from your competitors. It can be the price, the characteristics of your product, the advantages of delivery, the value you offer, etc. In other words, it is playing on your biggest strengths and highlighting to your customers something appealing that you have and your competitors don’t.
The exclusive aspect that you want to highlight about your business should be in line with the demands of your audience; so the first thing to do is to look at your customers needs. To understand exactly what your clientele is looking for, you will have to study them.
Let’s say you sell activewear and you already know that your target market are females, between 16-40 years old, who are willing to pay $35-$55 and have an active lifestyle. You already know the basics of your audience; however, the majority of your competitors are probably targeting the same people. Your job in this scenario, is to put yourself in your customers shoes and have a clear understanding of what encourages and motivates them when purchasing a product like yours. A few important questions to consider in this case are:
- Does my customer prefer patterns or plain colours?
- What is more important for them: a soft and comfortable material or a thick fabric that will tighten all areas of the body?
- Is the price their main priority when buying?
- How much value do they give to sustainable brands? If my product is wrapped in plastic, is that going to affect their buying decision?
- When it comes to online orders, what do they value the most: free shipping or same day delivery?
- Is the fact that I donate a small percentage of my profits to a charity going to influence their purchase?
We could write a much larger list, but this is a quick overview of what questions you should be asking yourself when analysing your customers needs. Get curious and try to be very specific about what drives and influence their purchase decision.
Once you already have a very clear understanding of your customers desires, it is time to analyse your competitors. If you have previously done a SWOT analysis (strengths, weaknesses, opportunity and threats), now is the time to review it. What is the exact difference between your product and your competitors? What about price, general communication, delivery options, location, promotions, mission and so on?
After assessing your competitors, it’s time to look at your own business and ask the same questions. An overall analysis will help you have a clear understanding of what sets you apart from others and most importantly, what is the unique part of your business that you should focus on to increase your sales.
Analyzing your market and finding your USP can and will be a game changer for your business. It might take you some time; however, we guarantee that it will bring great insights into how you can differentiate your brand in the market and communicate it to those customers who value your USP.
Do you have any questions or are looking for professional guidance? Contact Fresco on email@example.com or (02) 8116 9033 and let us help you grow your business.