How to identify your Unique Selling Point (USP):- www.deekpay.com

Unique Selling Points (USPs) are the core value propositions that differentiate your online business from the rest of the competition. With the power of the internet, consumers are exposed to millions of brands spread across various market segments. Therefore, it becomes crucial for your online business to differentiate itself.

If you are able to identify and promote your USP, the customer acquisition process will be much smoother. Let's define the USP:

USP stands for the value your business represents;

It is what sets your business apart from others;

It defines a specific value proposition for your product/service;

It is a symbol of what you are known for.

There can be no one-size-fits-all solution when it comes to determining the unique selling points of an online business. However, there do exist some key factors that apply across market segments when determining USPs.

On the PayU Knowledge Platform, we've listed some of the best ways to help you identify unique selling points:

In-depth research on market leaders

By delving deeper into markets and segments, you will be better able to position your business to differentiate itself. To better understand the USP, analyse the leading companies that do differentiate themselves. These companies do not necessarily come from your industry or market segment. The aim here is to observe the qualities of the best USPs.

For example, free payment gateways and multiple payment solutions across devices make PayU stand out in the Indian payment ecosystem.

Consider the benefits of the product or service

Always answer how your product or service will benefit the customer. This is about identifying the benefits rather than the features. Remember, if features deliver benefits to customers, then they are your core USP.

For example, the PayU Seller app helps thousands of merchants with cashless transactions by sending bills and collecting payments online. It simplifies the payment process and enables easy, secure and seamless payments. The USP here is that it allows merchants to send bills and collect payments in seconds.

the 4P's rule

Product, Price, Place and Promotion together form the 4P's of marketing.These factors determine the elements of identity. The purpose of identifying the 4Ps is to satisfy the needs of both the customer and the seller. When the 4P's are properly researched and formulated, they become key factors throughout the customer's buying lifecycle.

bind oneself emotionally

A good USP usually creates an emotional connection with your target audience. Finding out why customers buy your product or service is key to determining a USP. You should ask the following questions for your customers:

Do they believe that the product you are selling really helps?

Are they passionate about your product/service?

Do they express a certain attitude, be it style, status or otherwise, by using your product/service?

Any of these emotions can be a key part of your USP.

Analysing competitors

If you want USP to stand out from the crowd, then you need to analyse the competition. Study your competitors' marketing, branding, communication and distribution strategies. By delving deeper, you will better position yourself in the marketplace.A USP is always unique and therefore differentiates itself from the competition you face. For example, a free payment gateway may be a good USP for PayU, but if many payment aggregators have the same USP, then it is no longer advantageous. Choose selling points that are unique rather than similar.

Identifying your USP is an ongoing process that changes over time and with market trends. As market trends and product lines are updated, your USP may also evolve. Remember to communicate your USP to potential audiences through well-planned marketing and distribution channels.

"PayU Blog is unique in that it is India's first knowledge platform dedicated to SMEs." Also, read our blog post on "Five Customer Experience Competencies That Drive Growth." Stay tuned!