How To Figure Out The USP Of Your Startup

usp of your startup product

The Unique selling point of your brand can be a deciding factor when it comes to brand positioning. Today, even though numerous brands are working in same product category yet, they seem to differ from each other regarding USP. USP of your brand is a point or rather feature that segregates you out of the crowd creating a new identity for your brand.

So how are you going to figure out the USP of your brand? Here is a step by step guide to your solution.

List down your strengths and weaknesses

The first and foremost step is to list down what are points where do you stand strong and the points that need to be improved. You can even list down something as simple as trustworthy to as accurate as 30 minutes delivery. The aim of this step is to know your brand better and shape it in the way you see it.

Also read: The Curious case of Jobs versus Startup

Choose between practicality and emotions

Whether you are into healthcare, banking or food joint approach plays an important role. You are supposed to choose whether your USP has to be practical or something that connects with emotions or a blend of both.
For instance – Giving 6% interest rate instead of 4%, presenting the 1/4th amount of moisturising milk in the soap is a practical USP while, Spreading happiness, trustworthiness all are considered as emotional USPs.

Also read: 7 Useful Startup Advice from Experienced Entrepreneurs

Study your competitors

Once you successfully list down your strengths and weaknesses and decide upon the kind of USP that you are willing to promote you move to the third step. The third step is to study your competitors closely enough. Research about them and study their USPs as well. Studying your competitors clears your understanding towards the features that are covered and not covered by the. This also gives you room to develop and strategies your own USPs.

Talk to your target audience

If you underestimate the power of research then probably you are screwing up yourself. Research the wants and demands of the consumers. You can talk to them, or ask them to fill up a form, which will collect information about their requirements. Based on the feedback you can easily chalk out the places of USPs that are unexploited and make it your USP in the market.

Also read: Signs Of A Healthy StartUp

Ask Questions

You need to ask yourself some basic questions keeping yourself in the shoes of your consumers

What is there to offer?
What value does this brand add to the product/service?
Why buy?

Study your brand carefully, and you will be able to come up with the answer. Once you get a crispier answer to the above questions – You get your USP!

 

If you have, some other ideas which can help our young entrepreneurs to figure out their USPs then shoot it below in the comment box. We would love to hear it from you.

Shweta Suvarna

A media student and aspiring writer. Loves to talk, observe and know people. Not entirely an extrovert, neither a hardcore introvert. Self driven and self motivated individual who seeks for nothing more than growth. "Be you own flame, even if it burns a little"

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