5 Ways to Develop a Unique Selling Proposition For Your Business

The commercial marketplace is a competitive arena with thousands of products vying for the attention of buyers. The only thing that separates one brand from the other is its Unique Selling Proposition (USP), which creates a distinguishing identity for the company. Businesses need a USP to stand out in the crowd and carve a niche that extends a competitive edge.

Thus, before you decide to sell business online, you need to develop its USP to appeal to the buyers while outshining others. It requires both creative and marketing inputs to create a proposition that can be communicated effectively to the target audience and helps in positioning the brand above the rest. So, here is how you can build the USP of your business in five simple ways.

1. Understand Your Target Audience

The journey of creating the USP begins with the identification of the end consumer. The marketer must keep the needs of the buyer in mind while preparing the proposition. The USP must be able to grab the attention of the audience to work and create a distinguished space for the brand in the cluttered marketplace. If the customer is unable to identify with the USP, it will be lost in oblivion along with the brand.

Thus, market research and understanding of the customer demographics and psychographics becomes essential for this task. The USP should promise value addition to the customers so that they are persuaded to purchase. Thus, the marketer needs to determine the gaps in the market and fill them with offerings. If the product can solve a problem, it will get distinguished automatically.

2. Identify Your Strengths and Discerning Qualities

Developing the USP needs a lot of brainstorming and assessment of the capabilities and exclusive characteristics of the business. The marketer needs to find out business attributes that make the brand a name to reckon with in the industry. You need to determine the benefits that your offerings are providing to the customers in comparison to the products available in the market.

For example, you may be selling a product that is like others, but your company uses eco-friendly packaging. Thus, you can market your brand as an eco-conscious venture that is working towards the betterment of the environment. You will be providing an alternative to customers to reduce their plastic waste while getting the same product. Similarly, if you are running an e-commerce business and are offering same-day delivery, highlight the feature as your USP.

3. Strive to Stand Out

While building the USP, the business owners should not focus on positioning the company as the best in the market. They should rather drive home the point that they are not one among the many products already existing in the market. They must work on satisfying the customers by exceeding their expectations. The buyer should feel special after buying your product and feel the difference.

For example, instead of using the obvious words like the best quality, top-rated or fastest service, you must win them over with phrases like ‘delivery within 30 minutes or free’, ‘create your own pizza with customised toppings’, ‘get one item free on your first purchase’. An established USP of the business goes a long way in creating a loyal customer base and getting the business sold at the best price.

4. Test Your USP

Testing your USP with a select few customers is a must before going public with it. The marketing team can help in compiling all the competitor analysis reports and customer profile data to create a compelling statement that sets you apart. Feedback from customers can help you refine your proposition. It can be collected through market surveys, focus group discussions, product demonstrations, etc. You can use different USP variations for testing to find out which one works the best with the target audience.

The data accumulated through all the research, brainstorming and customer feedback must be utilised to identify the single-most prominent feature of the business that makes it different from others. The final statement should be simple, straightforward, easy to remember, and associated with the brand.

5. Communicate it Consistently

Once you have successfully tested and finalised the USP, it is time to promote it through all the customer touchpoints to deliver the message. It should become a part of branding, packaging, advertising, and customer service. The customers should be able to identify the brand from the USP.

For example, the USP of Woolworths is that its supermarkets bring quality products into the homes of working-class Australians. Similarly, Qantas has become an internationally recognised carrier, which is known as the leading Australian flagship carrier serving global destinations.

Also, it is important for the marketer to show the customer what they are propagating instead of making castles in the air. If you promise the lowest price, then provide it upfront or if you are offering the best service, prove it. The customer should be able to trust you to accept your USP and products.

Conclusion

Developing the USP of the business takes time and effort, and it is as essential as the product itself. Thus, if you plan to sell your business online, you must have a distinct USP to make it sellable and enticing.