You run your own business and all is well, but there is one problem, too much competition. Standing out from the crowd can be hard, you need something which differentiates you from other competitors, something that makes customers seek your business instead of rivals. The only way to do this is to have a unique selling point (USP).
Definition of a USP
- Something that distinctly separates your business from competition
- A benefit or feature which you can offer to customers which they can’t find elsewhere
- For a retailer, it could be opening your store on a Sunday or selling clothes for a specific demographic
- For a restaurant, it could be selling a specific cuisine
- For a hairdresser, it could be having a store which is open 24 hours a day to accommodate clients who have busy schedules
There are many ways to lure customers away from competitors and attract them to your business. Lowering your prices is one of the most common ways to do this. However, lowering your prices can exacerbate your profits, so instead of lowering your prices ensure that you take time to think about your USP.
A good USP will attract customers to your business efficiently, without having to reduce prices. In fact, if your USP is really good, you may even be able to increase your prices because customers may pay more to have something which they can’t get elsewhere.