Tool details
USP Analysis
Identify the unique selling points of your product/service: What are the things you can offer that your competitors can't? Why should your customers choose YOU?
Tool category:
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When to use
After ideation, before market introduction.
Why you should
Find unique characteristics of your product.
What you get
Know what makes your product special.
Steps to take
Research your competitors: Quality, pricing, image, service, advertisement, press, web presence, weak and strong points, customers, partners, etc. Where can you get their products?
Define what makes your business strong: Company resources – people, skills, knowledge. What are possibilities for innovation, what do you specialise in, which market is good? Think about your differentiation to competitors and customer interest.
Write down what the customer wants: Product value for buyer/user? Established price points? Is the customer price sensitive? Will a lower price increase market share? Specific discounts for trade customers or in specific market segment? Competitors’ prices?
What is your promotion strategy? What are the channels to get your message across – press, TV, radio, billboards? When do you promote – seasonal, environmental? What do your competitors do?