Entrepreneurs launching a new business need to make sure their start-up has a unique selling point (USP), but how do you determine what this should be and how can it help your company stand out from the market?
What is different about you?
Everyone has something unique to offer a business, so make a list of what you can provide compared with the competitors already out there.
American Express recommends doing a Google search with other similar brands and comparing their features with yours.
It also suggests thinking about what specific needs your business can provide for your customer, as this might not be met by other firms.
“Think about this from your customer’s perspective and add it to your list,” the financial services provider added.
Who is your target market?
To fully understand how to benefit your target market, you need to first determine who they are, what their needs are and what they are currently missing.
“By consulting customers, colleagues and friends, you should be able to make a list of all the reasons someone might choose to buy your product or service,” Marketing Donut suggests.
What makes you weak?
It might seem counter-intuitive to recognise your weaknesses when you are trying to determine what makes you special, but Business.com says “this is a crucial step and shouldn’t be skipped”.
This is because by knowing your weaknesses, you can work out how to overcome them and make improvements to ensure your business is faultless.
For more help establishing your USP, consider one of our startup coaching programs.