Do you often find yourself wondering how your small business can be special or unique? It’s the best question you can be asking yourself because it is important to identify and understand the USP – unique selling proposition of your small business.
Why is it Important to Find Your Small Business USP?
Here is an example:
Ram is a class X student. He fares averagely on all subjects, except Math. He does exceptionally well at math. So, when time comes to choose a specialization for higher studies, what does he choose?
Obvious answer. MATH
Ram chose math because he is good at it and wants to pursue it. He may go on to become a scientist and invent formulae that can help humans live on other planets.
With our businesses, we are trying to do something similar – create a service or product that our customers can enjoy, because that will help us be profitable.
There are several reasons you should be focusing on finding your USP.
- Find and focus on your strengths
- Compete on a different level
- Provide better customer service
- Improve marketing
- Make bigger profits
Your Unique Selling Proposition (USP)
Your USP is an edge that only you have in the market. It should be the reason customers come returning to you. If you are in a market that is saturated with competitors, you must be confused about your USP. But often, it’s about thinking out of the box.
How To Find Your USP – Step-by-Step Guide:
Your market may be filled with competitors but you can always find a way to do things differently. Here is a step-by-step guide on how to find identify and work on your USP.
1.Who is your customer?
Make a list of your target audience – what you know about them, what they want, what is the average age and what they generally like about a typical product/service that you are offering.
2. What is your product/service?
List down what your product or service offers – its features, advantages and potential attributes (think of what you’d like to add if you expanded).
3. What/Who is your competition?
Write down who or what your competitors are offering. This is a trend analysis that will help you screen the market for what already exists and what is already doing well.
4. Make a Match
Now that you have the data, match every competitor’s USP (step 3) to your USP (step 2).
Take a look at your customer’s needs (step 1) and find a gap that none of your competitors are able to fill. Even if you are not able to fill the gap currently, this step will help you come up with an idea that can be your business USP!
6. Identify & Research
List out the needs and ideas and do some research with your customers. Talk to at least 10 of them to understand their pain point and chalk out an action plan based on the research.
Find out if the USP that you have arrived on is marketable, memorable, solves the pain-point of the customer, and most importantly feasible + profitable.
Start working on your USP and market it to your customers. Use it as a quality standard.
Congratulations, You have now found your USP!
The work doesn’t end there yet. You must keep monitoring how your customers are reacting to your USP and what your competitors are doing to up their game.
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