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Startups: If you don’t have a USP, you don’t have options ….
In an earlier article I wrote, I shared that you are in a race to the bottom if you are using discounts as your main marketing strategy.
As a business owner, having a compelling USP (Unique Selling Proposition), gives you the ability to differentiate yourself from your competitors, and this is a key factor in determining your company’s success.
Marketing Options
A compelling USP offers business owners options. Without a USP, a company’s marketing strategy is limited to the common selling propositions of price and convenience. While these two can be considered unique selling propositions, they are not really unique in the true sense of the word. More importantly, these two selling propositions are easily bettered by a competitor who is willing to sell cheaper to gain market share, or a competitor opening an outlet next to yours.
Hence, having a UNIQUE Selling Proposition allows business owners to market their products and services to segments that are not bounded by geography (i.e. those that buy because of convenience) and at prices that provide reasonable margins. To illustrate, let us assume that you are the owner of a café in a shopping mall ….
