Find a unique selling proposition
The most effective way to stand out among a field of competitors is to have a unique selling proposition (USP).
Undertaking market research is an important first step to creating a USP. Once you have carried out your market research, analyse it closely to see if you can spot a gap or opportunity in the market that none of your competitors are currently exploiting. This could be:
- a product or service not currently offered by your competitors
- a group of customers not currently catered for by your competitors
- an aspect of your business that makes it stand out from the competition.
Consider what your customers are looking for. What 'need' or 'want' are they really trying to satisfy?
Once you have a USP, and verified that your market research backs it up, you will need to find the most effective way of communicating it to your customers. Businesses often communicate by creating:
- a new or unique marketing campaign
- an engaging and memorable advertisement
- a slogan that customers will remember.
It's important to make your USP memorable so that potential customers will think of your product or service before a competitor's.
Learn more about creating and communicating your USP.
A fast-track to creating a USP is through innovation. By creating new products and services, or producing better designs for existing ones, you can ensure customers retain an interest in your business. This can also give you a boost in profits when new products are brought to market.