If you are teetering on the edge of starting your own business, you’ve probably heard all the buzzwords. From cash flow to credit, some terms will always be prominent, regardless of the business guide you read.
One of the terms that probably falls into this category is USP. Short for ‘unique selling point’, this is a crucial attribute that most businesses struggle with.
Unfortunately, getting to the bottom of your company’s USP is easier said than done. While there are umpteen different ones that you can probably turn to, for today’s purposes, we’re going to take a look at several categories that you can be guided by.
Location, location, location
What better way to start than with the age-old real estate mantra? It may have been around for a while, but that doesn’t make it less accurate. If you’re lucky enough to start your business in a great location, you’re already ahead of the game.
Think about it – would you rather be in the heart of a busy city or out in the sticks? If you’re in a major metropolitan area, your customers are right there at your fingertips. However, if you’re located in a more rural area, you’ll need to do extra work to get your business in front of people. There will be financial points at stake here, but that’s where deciding whether your business’ location as your main USP is worthwhile or not.
A business with a strong reputation for reliability will always have the edge over the competition. This is something that customers are always on the lookout for, especially in the current economic climate.
If you can find a way to set yourself apart from the rest by being the most reliable option, you’ll be in good shape. This is something that can cover several areas of business as well. The obvious one is a perfect customer service process. However, it can go so much further. For example, it might be about advertising your ‘legal reliability’; in other words, how you take all the insurance precautions to guarantee your customers always have that extra layer of protection.
While it’s not always the case, many businesses can benefit from offering lower price points than their competitors. This can be a great way to attract budget-minded consumers and set you apart from the rest of the pack.
However, you’ll need to be careful that you don’t compromise on your product or service quality. If you do, you’ll risk alienating your target market and losing business in the long run.
While being known as the company that undercut everyone can attract customers initially, it’s also a dangerous path. After all, if this is all your company is known for, it will be tough to reverse this USP and potentially charge higher prices in the future. Think very carefully before opting for this route.
Another great way to set your business apart from the competition is to specialise in a particular area. This can be a great way to attract customers looking for something specific and can hone in your target market.
However, you’ll need to be careful not to become too niche. While competition will decrease as you narrow down your target market, so do the potential customers. It can be a delicate balance to judge this correctly.