Are you thinking of launching a new business? Do you wish you had an extra stream of income before Coronavirus struck, placing most of us in lockdown?
It’s not too late. This is the first of a three-part short series to help you get started.
One consideration that many working mums who want to start a business may grapple with is how to price products or services, to help determine a unique selling position in the market.
Do you know that if you want to get the best price for your products, you’re going to need to find your unique selling position (USP)?
While selling online has become easier than ever before, it has greatly increased the amount of competition you’ll be up against in most markets. Thanks to the very affordable cost of building a website these days, and the easy routes to market, there is usually someone or a brand selling a product or service you may have thought of launching. But don’t let that put you off! A unique selling position helps you stand out from your competitors, giving your business a real edge.
The question is, how can you find your unique selling position? Read on to find out more.
Research Your Competitors
A good way to find your unique selling position is to research your competitors. Find out what they are offering and how much they are offering it for. Ideally, you’ll want to look for gaps in their product offering too. Could your business offer something that your competitors don’t?
Researching your competitors gives you the opportunity to see what they’re doing well and determine how you can do it better. Competition research is one of the best ways to find your unique selling position while outdoing your competitors at the same time.
Use Your Personality
It isn’t always a particular product or service that creates a unique selling position. Did you know that your personality could be used as a USP instead?
Good customer service plays a key role in how successful a business becomes. However, even some of the biggest companies get it wrong. If you can use your personality to connect with your customers, you’ll automatically have a unique selling position over your competitors. Ensure you go above and beyond in your customer service too. If you give customers more than what they’re expecting, they are going to keep coming back.
Figure Out Your Target Audience
To find your USP, it’s important to know your audience. You’ll want to establish who your target audience is and what influences their buying decisions.
As well as looking into the obvious factors of age, demographics and gender, try to figure out what drives their buying decisions. Working out what drives buying decisions will ultimately help you to determine how to add a unique selling position that will lead these customers to your store.
Research What Your Customers Want
You can also look into what it is your customers want. This is different from what drives their buying decisions. Instead, you’ll be looking into any potential gaps in the market.
For example, you could look at what customers are saying about your competitors in online reviews. Pay particular attention to any negative comments or feedback on things their customers want but haven’t received. You could also send out marketing surveys to establish whether there are any products or services consumers want right now that they can’t find anywhere. This would enable you to develop a solution that you know your customers want.
Finding your unique selling position is key to your success. It’s what is going to set you apart from your competitors and keep your customers happy. These examples are just some of the ways that you can find your USP today.