As a business it’s important to stand out so customers notice you and select you over the immediate competition. One way to do this is by ensuring potential customers understand your USP what makes your product or service different and better.
To help develop your USP, list all the things you offer customers in these four key categories:
1. Business USPs
These USPs are based on how you run your business; the processes, products and services you offer, such as:
- Outstanding customer service
- Extended warranties or guarantees
- Ability to transact online (order, track, pay)
- Delivery speed
- Being an authorized supplier
It’s also possible that social and environmental aspects of your business will become critical USPs. This could mean using organic or recycled materials, having clear policies on waste reduction, sponsoring local charities, or focusing on helping to build a more sustainable world.
2. Product and service USPs
If you’re lucky enough to have invented something totally new, then you should automatically have some form of USP. But chances are your business is similar to or a variation of an existing offering. To help develop product USPs try:
- Accessing exclusive agreements with suppliers
- Offering products or services competitors don’t
- Providing a longer guarantee
- Offering longer after-sales service
- Amending, adding, altering, improving what already exists
- Developing products that create social or environmental benefits, or that solve a problem for people or the planet
The ultimate product or service USP is something that only your business can deliver. This doesn’t need to be global in scope andi t doesn’t need to be new or innovative. If you’re the only bakery in town, you’re the only bakery in town.
3. Business collaboration USPs
Small businesses often work together to find customers and share resources. A good example is a builder who uses a close personal network of other trades (plumbers, electricians, tilers etc.) to refer work to each other. The USP is the relationship.
As a business, can you:
- Joint venture with other businesses to win work
- Identify referral channels and make direct contact
- Join industry groups to identify decision makers
- Partner with buying or marketing groups
- Partner with local social enterprises
- Collaborate with businesses committed to community development
Collaboration can also include suppliers. If you market to them and get to understand their business, they may offer you better terms, promotional material, training for staff, faster delivery, better returns policies and early notification of specials or discounts that are offered to competitors.
4. Marketing USPs
Some businesses manage to bubble to the top of mind in an industry initially by being unique and then by becoming the dominant brand (think Amazon, Google, Facebook, Airbnb) . But you don’t need to be a global player with a massive advertising budget to be top of mind for your customers in your street, suburb, town, city or province.
Marketing USPs can be:
- A recognizable logo and brand
- Better qualifications and experience
- A valued customer loyalty program
- Online ranking and traffic to your website
- Customer word of mouth
- Your lead generation process
- Demonstrating measurable social impact
- Highlighting community engagement efforts
Anything that drives new customers to your business and keeps them there can be considered a marketing USP, including being active in your local community and using social media to promote your expertise in your industry.
For example, a professional photographer might join their local camera club and offer workshops, judge competitions or host exhibitions and events, or a jeweller or art gallery owner might write a regular blog about local artists and run classes in the evenings.
How many USPs should you have?
It’s useful to have as many as possible, but rather than a long list, customers will probably only remember two or three. To help decide which USP you should promote the most, ask prospective customers what they value and what would make them switch to your business.
Finally, protect your USPs
If you have developed a USP then it’s worth protecting any intellectual property (IP) with copyright, patents, designs, trademarks, or trade secrets. The Government of Canada website has information on Intellectual property and is a good place to get an overview of what you can and can’t protect. Seek professional advice if you do intend to go down the IP path.
You can also create barriers to entry to make it harder for a business to copy your USP such as owning your location, a long lease (to prevent others moving you on), a license or contract of supply, having talented and loyal employees, or even by leveraging social purpose innovations.
Developing your USP can take time but once you have one (or many) that work, integrate the messaging into all your marketing efforts to remind customers why you’re best at what you do.
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This content is for general information purposes only. It is not to be relied upon as financial, tax, or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. You should consult your own professional advisor for specific financial, investment, and/or tax advice tailored to your needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
