It can be hard to define your unique selling proposition and what sets you apart from the competition as a young startup. However, limiting your unique selling proposition will help to keep you on track during the early stages of your launch.
So let’s take a look at the best ways to define a unique selling proposition to ensure you attract an audience that will trust you with their money and time.
Zero to One
by Peter Thiel
⏱ 15 minutes reading time
🎧 Audio version available
Consider Your Ideal Customer
Every element of your brand should appeal to your ideal customer. Figuring out who your ideal customer is can take quite a lot of work, but once you get there, you’ll be able to tailor your future marketing efforts and products to their needs.
However, you’ll want to make sure you don’t alienate a wider potential audience by only appealing to a particular niche audience. Think about how you can make your product universally appealing while still keeping your target audience in mind. Work with your team to list the key attributes of your target customer, and you’ll find that this will guide you in future business decisions.
Find Out What Your Customers Want
Head online to research the common issues your target audience faces. Twitter and Facebook are excellent starting places; you can view discussions and complaints about current products and services in your industry.
Even in the most saturated markets, you’ll find that there aren’t offerings available for everyone. Instead, find the areas that most frustrate your potential customers, and then work to overcome these issues with the products and services you create moving forward.
Research Your Market
After learning more about your customers, you’ll need to research your market. Find a small group of businesses that offer something similar to your startup, and find out what their current customers say about what they have to offer.
Look at their customers’ most common complaints and concerns, and make sure you keep these in mind. Next, look at the things these companies aren’t doing currently, which you could provide in the future to keep you ahead of your competition. Your unique selling proposition will help differentiate you in even the most saturated markets.
The more you know about your competition, the more likely you’ll be able to offer something different and more appealing.
What Are Your Differentiators?
There’s no point in launching a business or product that is exactly like what your competitors offer. After researching what they have to provide customers with, it’s time to list your differentiators. Aim to write down at least three things that you could offer to help you stand out in your industry.
They don’t have to be life-changing products or services. Even small changes will help you to stand out. Just focus on doing something that makes you better than the other companies. This could even include the customer service you offer, which will give your new customers a better experience during every interaction they have with you.
Think About Your Startup’s Values
As a young startup, it’s essential to keep your values and morals in mind when writing your unique selling proposition (USP). Think about what your brand stands for, and keep this in mind when making any decisions in the future.
This could include creating ethical clothing or using only recycled materials in your products. These values will help to set you apart from the hundreds of companies offering similar products and services, and you’ll attract a loyal audience who share the same opinions and concerns as you do.
Write Your Customer Promise
After all that research, it’s time to think about writing your unique selling proposition. You’ll want to make this a simple promise that can be just a few words or sentences in total. An excellent unique selling proposition will be clear and specific and easy to understand.
You can use a basic template, which you can find online, to write your unique selling proposition, but make sure that it’s easy to remember and say in the future. You need to share this with your potential customers and investors, so you don’t want to overcomplicate it. Look at examples of great USPs from some of the world’s top companies if you are looking for inspiration.
Remember to Make Your USP Unique to Your Startup
Your USP shouldn’t be a copy. Instead, it would be best if you took the time to go through the steps listed above so that your USP is truly representative of your brand. Don’t rush this process, as your USP should stay with your brand for many years to come. This is an integral part of launching any new business, and you’ll find that it guides you through every future decision you make in the upcoming months and years.
Defining a unique selling proposition for a young startup can be challenging. However, by following the steps listed above, you can create a USP that truly represents your brand and what you have to offer. Don’t rush this process; take the time to research your competition and your target audience thoroughly.
The more you can learn about your target market at this time in your company’s life, the better decisions you’ll be able to make moving forward. We recommend taking on this challenge as soon as possible after forming your company so that you can share what you have to offer when speaking to investors and customers in the future.
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