What makes your business unique?

In some way, shape or form, every business will have competitors in their space, They can be first to market, think Uber and Apple. However, the first to market or first mover advantage only lasts for a short time.

It doesn't take long for competitors to imitate and innovate their way to the top. So for a business to stand out from its competitors, it needs to have a unique selling proposition and it must also continue to innovate to grow. 

The moment a business stops innovating it starts moving into the decline stage of the business lifecycle. They must continue to innovate to keep a competitive advantage.

What is a Unique Selling Proposition?

It is what makes your business different or unique from your competitors. Generally speaking, there should be one main USP for your business. Consider four key components of a successful USP.

Different 

It must be truly different from your competitors in the market. 

Relevant 

It must be a difference that your target audience cares about. There's no point in carving out a unique difference that won't attract your audience. 

Sustainable 

It must be sustainable over a long period of time. 

Defendable 

It also must be defendable and clear to your audience. How easy is it to copy? 

How to create a USP after the fact?

We actually see this a lot. Many businesses grow to a certain point without really spelling out what makes them unique. Or they may have these unique characteristics, but fail to market them and use them to their advantage. It’s important to examine the business and determine what USP a business has or can create. 

The process of creating a USP is similar if you are starting out or if you are an established business. 

Step 1: Evaluate your strengths

Ask yourself what you are good at, what you are passionate about, and what resources you have to create a unique selling point.

Step 2: Examine the competitive landscape

Take a look at your competitors in the market and see what unique selling points are present and not present. 

Step 3: Select your unique selling point 

Ensure your USP comprises the four key components of a successful USP. Is it different, relevant, sustainable, and defendable? 

So in order to grow, you need to carve out a USP to highlight why someone should buy from you.

Whether it be an innovative sales system, a unique customer experience or truly serving the needs of a specific target market in a way that no other business does. Carving your unique position in the market is essential if you want to scale and grow your business.