USP market research is one of the core competencies for entrepreneurs. Competitor analysis makes it easier to core competencies required for success.
Businesses these days are operating in the perfect environment, favourable to their growth, making it possible to reach global customers with the help of the internet and social media platforms. While this has made things easier for entrepreneurs, it has made consumers aware and very picky.
There is no trick to winning customers but being the best at what you do, highlighting the importance of a Unique Selling Point for your brand. This has also increased the competition in the market, necessitating competitor analysis for your business growth. If you are keen to know more about business growth with the help of these, continue reading below:
What is USP in Competitor Analysis?
USP or your Unique selling point, as the name suggests, is anything exclusive to your brand. Ideally, it is a product, service, or strategy that distinguishes you from the others.
Competitor analysis makes finding your USP easier as it helps you analyze the market and the consumer needs. You can then look at your brand to highlight what no one else can do better than you. Studying your competitors helps you find the gaps in the market and understand what you are doing better than the others.
How can identifying your USP help?
Consumer-centric businesses are blooming in the business world today. That is why knowing your core values and users can be a key to unlocking the hidden potential of your business. Further, looking at what your customers are doing and doing it the best way,will ensure they choose you over the others.
The key to finding the right Unique Selling Point is that you should also be able to justify it. Additionally, you need to continuously work to defend it because as soon as you step into the market, your competitors will try to catch up. If you are rigorously improvising it, and the competitors copy your design/strategy, you will always stay one step ahead!
USP market research is the perfect business strategy that contributes to growth, leading to more conversions and increased revenue generation. It also helps you become a brand with loyal customers and better results.
Steps to find your Unique Selling Preposition?
USP market research holds great significance for the brands and should be a part of all activities. There are several ways to find your USP, involving studying your brand and brainstorming ideas. However, when planning a competitor analysis, the below steps can make things easier for you
- Find your target audience
- Define your core values
- Identify and analyze your competitors
- See what differentiates you from them
- Brainstorming
Conclusion
Knowing your Unique Selling Point and using it effectively are the best strategies for business growth. USP market research will help you build brand loyalty and can be why people prefer you over others. It should be the base for all your marketing strategies. This may take some time but can be the turning point that takes it to the next level.
