What is Your Unique Selling Point, and Who Cares Really
June 15, 2011
Knowing your competitive advantage has two important benefits:
- In a cluttered and aggressive market your point of difference allows you to position yourself uniquely in the market, to be seen as more appealing to your target market than your competitors.
- Developing a compelling message based on your point of difference is a powerful communication tool to be included in your marketing strategy. Talk to your market about how your competitive advantage will directly solve their problems.
Maybe you don’t have a unique selling point yet?
- Cost Leadership: Is there an opportunity through purchasing, warehousing or distribution to create a price advantage.
- Focus: Particularly useful for smaller businesses trying to compete with the ‘big players’, by focusing on a niche or smaller market you may be able to create a better, more tailored product or service than your competition.
- Differentiation: Your product or service may be the same as your competitors but part of your process or delivery may result in a superior outcome. A classic example of this is McDonald’s who took the humble hamburger and created an added value to promote the burger to a world stage. There are better burgers available, but McDonald’s stands alone.
How do you identify your unique selling point?
Consider the following when thinking about your products or services:
- Customer Service
- The company itself (how, why or where you do business)
Still having trouble? Dig a little further:
- Draw 2 columns on a piece of paper.
- Head up the paper with the name of a competitor.
- In the 1st column, note how similarities between your products/services.
- In the 2nd column, note how your products/services are different.
- Social media profiles and backgrounds
- Business cards
- Bio (Company Profile)
- Email signature
- Promotional giveaways
When you define your points of difference and market them well, getting your business noticed is easy.