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  • Writer's pictureMonica

What are your USPs? (Psst, it stands for Unique Selling Points)

"USP" stands for "unique selling point" (or "unique selling proposition") and is one of the more important abbreviations in an entrepreneur's journey. Your USP is the one unique thing that differentiates you from your competitors - the reason potential customers should spend their money with you, as opposed to someone else. And it's relevant even if there is no money involved, but instead you're collecting data and/or attention. Having a solid, strong USP is essential to your investor conversations too - no one will invest in a product that isn't truly, meaninfully different from what's already out in the market. And finally, your USP is an extremely important part of your marketing. When you know what it is that differentiates you from your competitors, you can use it communicate the value and uniqueness of your product or service to your customers.

So how can you define your USP(s)?

Start by asking yourself these questions:

  • What is different between your business and your biggest competitor?

  • What do you offer that others don't?

  • What made you start your business in the first place?

  • What do your potential customers care about?

You may be beginning to notice that it's not JUST about being different from your competitors; it's about offering what your market wants. So while you're thinking about what sets you apart, think also about what matters to your potential clients. A USP is worth nothing if it means nothing to your target audience.

Put it into words

Once you know what sets you apart, come up with a strong, succinct statement that defines your USP and why it's important. This is the part that will help you the most in communicating with investors and potential customers. Once you have written this out, take it out for a test run. Share it with several people and see if it means as much to them as it does to you. With these things it's easy to get stuck in your own mindset and forget that you're doing this for your customer, not for yourself.

Keep digging

As your product and audience grows, your USP will evolve as well. Your market will change too, new competitors will come out of nowhere, so make sure you are always looking back at your unique selling points and making sure they are, indeed, still unique and strong.

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