5 Proven Ways To Find USP In Your Products?
Did you know that more than 30,000 new products are launched yearly?
That's huge, isn't it? It's enough to fill a grocery shop.
So how do you make your product stand out? This blog has the question of your every doubt regarding your product's uniqueness.
Hands down, the most asked question for newbie entrepreneurs is, “how do I make my business or website unique?”
In marketing speak, this is known as the unique selling proposition or USP.
And it’s a great question because deciding on a USP is possibly the most critical decision you can make about your business.
Everything you do will be more accessible if you make your business stand apart from the crowd. Customers will be easier to come by. Adoring fans will gladly spread the word about what you do because they love it.
On the other hand, building an audience or getting any customers to pay attention to you will be a constant struggle if you don't develop a compelling USP.
Your USP can mean the difference between success and failure.
First of all, let's look into the term "USP".
The unique selling proposition (USP) is the factor or benefit that makes your product different—stand out—from other equivalent products on the market.
For instance, one product may use small-batch processing while its competitors do not. If you offer a service rather than a product, you may determine your USP is that you will go to the client rather than them coming to your office.
You may also see USP referred to as a unique selling point or unique selling position statement. Identifying your USP takes time and research, but you are selling just another commodity without the research.
One of the best examples can be Dominos Pizza. Domino’s Pizza's
"You get fresh, hot pizza delivered to your door in 30 minutes or less—or it's free." Years ago, Domino’s developed this famous USP that made them known to many people. Typically, pizza deliveries take long, but Domino’s made a bold promise of free pizza if the delivery exceeds 30 minutes. And guess what? It still works.
So, you’ve bought into the idea that a unique selling proposition is important, but how do you define yours?
There are a lot of different approaches you can take. Your USP might end up being a combination of things. There’s no one correct answer. And depending on what business you’re in, even a small amount of differentiation could lead to a much greater shot at success.
Here are a few simple ways to differentiate your business. These aren’t the only ways, but it’s a starting point to get you thinking.
USP Based on Industry Competitors
Before you discover what makes your product unique, you’ll need to know what else is available for your prospective customers. That means doing an in-depth analysis of each one of your competitors.
What products exist that can fill the exact needs of your product? What selling points do these competitors promote?
Review their marketing materials, especially websites. Look at independent review organizations for your industry to see what these analysts say. And try out as many competing products as possible to get a feel for how they work.
Prospect-Based Unique Selling Position
What do people who already own a product from your industry have to say? Quite a lot, usually. If you’re selling B2C products and services, the customer reviews online can be a goldmine of feedback.
These comments don’t just talk about the product’s good and bad points but also about service issues like delivery costs, lousy tech support experiences, and billing complications.
You can also search for reviews of your competitors’ products as your own. Write it down if you see a feature or problem frequently mentioned for a given product. It will give you an excellent feel for what the marketplace thinks to pattern these products.
USP From the Customer
Existing customers are a terrific source of information. Start by getting in touch with your "best" customers and ask them if they can spend a few minutes giving you feedback on the products they own. Use this information to pull together a brief survey and mail or email it to the rest of your customers.
If you can, offer an incentive for them to fill out and return the survey, anything from a $5 gift card to a coupon for their next purchase.
A Review of Your Product Compared to Others
By now, you should have a pretty good feel for the competition. You know what products are out there and how well they stack up. It’s time to look more closely at your product.
In what areas are your customers most satisfied with your products? What are your product’s most glaring weaknesses?
If you haven’t used your product recently, try it now, and see how your own experience matches with what you’ve heard from your customers.
You’ve pulled together quite a lot of information by now. It’s time to review the facts and come up with some conclusions. Compare your list of product strengths and weaknesses to your information on your competitor's products.
Are there areas where your product is more potent than most or all of the competing products? How about areas where your products are significantly weaker than comparable products?
The truth comes when you settle on one area of strength and turn that into a USP. It must be a quality that is important to your customers. If you’re proud of offering your product in 50 subtly different shades of green, but your customers can’t tell the difference, that’s not a good choice for your USP.
Ideally, your choice should also be a feature or quality that will be memorable and difficult for someone else to copy.
Herald Your USP to Everyone
Once you’ve picked your USP, it’s time to share it with your prospects. If you use Powerpoint slides in your presentation, add a tagline about your USP and include it on at least the first and last slides.
Add the same tagline to your email signature and social media marketing accounts (if you use them). And work your USP prominently into your cold call pattern and main sales pitch.
Did you like the suggestions made above? Incorporate the knowledge you just gained in your marketing strategy and see the difference!
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