It’s a new year so there are bound to be new goals. Are you planning to launch a new product or service this year? That’s awesome! But before you dive in, have you thought about what makes your offering unique? What sets it apart from the competition? Identifying a unique selling point or proposition (USP) is a crucial step that sets you apart from the competition and attracts customers to your business.
Without a strong USP, it is easy to get lost in the noise and miss out on potential sales. So, if you have not already identified one, let us take a few minutes to help you think about what makes your offering truly unique and worth investing in.
In simple terms, the unique selling point (proposition) is the reason a consumer will buy from you other than from your competitor.
There are three things to consider in defining your USP: What do you do well, what do your competitor(s) do well, and what your customer needs?
Begin by looking inward. What do you do well? Do not stop there. More importantly, think about what you do better than your competitors.
Next, look at your competitor or competitors and ask what they do well. Finally, as what your customer needs.
The overlap between what your customer needs and how you can meet that need is your winning zone, that is, your unique selling point. It should be your area of focus. Your goal should be to sustain your leadership position and amplify it.
The losing zone is where your competitor’s strengths lie, and so, a no-go area. In the intersection labelled, who cares, customers are indifferent to what you or your competitor may be offering in that area, so to keep investing there would be an absolute waste of time.
The risk zone can be a goldmine of opportunities, but it is important to keep in mind that your competitors are likely looking in the same direction. Therefore, it’s essential to be innovative, leverage emotional appeals in your communication, and prioritize superior service to succeed in this zone. Remember, these factors are crucial for thriving in a competitive landscape.
