When venturing into an already saturated market, it can be quite hard to be a cut above the rest. As a business owner, it’s your goal to make your product stand out, that’s why you’ll need something that will tell your consumers how special your product is.
A unique selling proposition (USP) will scream what makes your product different. It’s what nobody else can offer – whether a higher quality, a lower price or better customer experience.
Creating your USP means having a good understanding of your industry, who your target market is and who your competitors are. Follow these steps on how you can create your own compelling USP.
Understand your target audience
Put yourself in your customers’ shoes. You must remember that it is your customers’ needs, not yours, that you need to satisfy.
It pays to go beyond the basic demographics like age, income and geographic location. You must know what drives and motivates your customers to buy. If you’re running a pizza joint, for example, you’ll need to identify your customers’ motives for buying pizza: taste, peer pressure, convenience, etc.
Determine why your customers prefer your product instead of your competitor’s. Ask your patrons what sets your product apart – could it be the size, taste, ingredients or the service? Alternatively, talking to your customers gives you the chance to know what needs to be improved.
Explain the problem you solve
Ask this question to yourself: Is my product something people will need? Unless your business’s purpose is to purely entertain, your product should solve a problem. It should improve the buyer’s experience or quality of life.
If your product is something that will save time, tell your customers other things they could do with the amount of time they’ll be saving with your product. This is a more effective approach than telling them how amazing your product is. Make sure to show, don’t tell.
Here are other things to note:
- Avoid empty words
- Use quantifiable examples
- Let facts drive your story
What’s your competitive advantage
Determine the strengths and weaknesses of your product. Come up with a list of your competitors. List down their strengths and weaknesses. From this, identify what your competitive advantages are.
Once a potential advantage is identified, find how rare it is, and take advantage of it. Sometimes, the advantage is only accessible through a certain market, with a specific product. In this case, it might be best to focus your business strategy on this market to maximize your advantages.
Another good tip is signing up for Google Alerts to deliver the latest news on your competitors by email.
Be unique aesthetically
For your brand to stand out in the market, it has to strike the audience with something they’ve never seen before. Try to look at how your competitors package and market their products. This 2015 study concluded that packaging is an important factor that consumers consider when buying.
Make sure to stand out in the following:
- Package design: Compelling designs represent your brand to the world.
- Website design: Your website is the digital window to reach your customers.
- Video production: Businesses are increasingly expressing themselves through creative videos that drive their messages to the people who matter.
Red Rider Creative, an advertising company based in Salt Lake City, said design strategies should be based on the marketing goals of a business. Likewise, ideas should be original to execute an effective identity of a brand.
By following these guidelines, you can develop a formidable USP for your product. Just get a grasp of who your audience and competition are, and maximize your product’s strengths. After you’ve done these, you are now ready to dominate the market