Quiz – Unique Selling Proposition

Knowing your competitors is the first critical step in building your unique selling proposition (USP). Do research to find out who is already doing business in the market you want to enter, and then start digging even deeper to find out everything you can about their company and products.

It’s essential for you to have an intimate knowledge of your competitors’ products in order to establish what makes your products unique. Before writing your USP, find out information such as product cost. What does the packaging look like and how does it work? Who is the target audience and how is it distributed?

The more you know about your competitors, the more successful you will be in positioning your company and product. The type of information you need to know is your competitors’ pricing strategy, cost of sales, market share, growth curve, customer base, employees and innovation record.

If you don’t have information on your competitors’ marketing strategy, it’s time to find out. Knowing their sales pitch and how they spend their marketing dollars will strengthen your USP and help you successfully market your product.

Creating a competition grid is the final step before writing your USP – and it’s simple to complete once you’ve collected intelligence about your competitors. Think of the grid as an at-a-glance resource that will make writing your USP a whole lot easier.