If you’ve done any reading on launching your own business, then the chances are that you’ll have heard the phrase “unique selling point” a time or two. It’s good business sense to have something about your business that stands out from the competition, but you don’t necessarily need to be all that different to make a success of it. Below, we’ve rounded up some ways to find your USP.
1. Identify a gap in the market
The most common unique selling points are found by identifying gaps in the market. If you work for a clothing company, for example, and you’ve realised that plus-size customers can’t find the right clothing for their nights out, you could consider launching a plus-sized clothing line. Knowing your audience and having an understanding of their needs is the best way to find your USP.
2. Speak to your customers
It’s pointless creating a business if you don’t know who your customers are or what they want. Speak to them as regularly as you can; hold focus groups, conduct market research and get to grips with the people you’ll be marketing to. You’ll quickly discover their pain points and find a gap in the market that you can exploit, and having a database of potential customers will help you when it comes to marketing and launching your business officially.
3. Buy a niche business
Niche businesses and websites are often sold because the owner or creator can’t promote their business or turn it into a profitable one. If you’ve spotted a business that’s for sale, consider buying it; you’ll get your hands on a company with a USP and an established brand, and you’ll be able to put your growth and marketing skills to the test without starting from scratch.
4. Don’t bother
Like we already said, some of the world’s most famous businesses have got by without exploiting a unique selling point. Having something original to differentiate yourself from the competition is incredibly powerful, but if the products and services you offer are of a high standard and you know how to market your business, you should be able to get by just fine.
There you have it – four ways to find, or not find, a unique selling point for your business. Good luck with your new venture, let us know your thoughts in the comments section below and be sure to check back soon for more interesting content from the Startup Heart team.