Introduction: Building a Winning USP with the SIG Method
Welcome back to our journey into the SIG Method for creating a standout Unique Selling Proposition (USP). In our last session, we covered the first step, “S,” or Subject. If you’ve completed that exercise, you should now have a clearly defined subject for your product. With this solid foundation, today we’re diving into the next step, the “I,” which stands for Identify.
This phase will have you analyzing the competition to get a clearer picture of what’s already out there, helping you make informed decisions about positioning your product effectively.
Step Two: Identify Your Competition’s USPs
In this step, your goal is to go beyond your own product and study your direct competition. This involves identifying the unique selling propositions of similar products and services in your market. Understanding what others are doing is essential, as it helps you see trends, pinpoint strengths, and spot areas where you can differentiate yourself.
Let’s say you’re launching a treadmill. To understand your market, you should find 10-20 similar treadmill products and study their USPs. Or if you’re creating a weight loss guide, search for comparable books or reports that target weight loss and examine how they position themselves uniquely. By researching competing products, you’ll gain insights into what works well and where you can stand out.
How to Identify Competitor USPs
To get started, take these steps:
- Research: Use online marketplaces, search engines, and product listings to find 10-20 competitor products in your niche.
- Analyze Product Descriptions: Look for repeated phrases or unique claims in descriptions, titles, and customer reviews.
- Take Note of Key Themes: Write down key points for each product, such as main features, target audience, or claims of superiority.
- Record Product Names and Perceived USPs: Create a list with each competitor’s product name and their USP. This will give you a clear overview of the current market.
For instance, if you’re researching treadmills, you might see brands emphasize their durability, quiet operation, or unique features like interactive workout programs. Pay close attention to these differentiators, as they reveal what’s popular and effective in the market.
Why Identifying Competitor USPs is Essential
The purpose of this step is to gain awareness of your marketplace and to see what’s resonating with consumers. When you know what others are doing, you’re better positioned to find an approach that fills an unaddressed need or highlights a fresh angle.
By understanding your competitors’ USPs, you’re not just familiarizing yourself with their offerings; you’re preparing to strategically position your product in a way that stands out and attracts your ideal audience.
Your Homework: Identifying and Recording Competitor USPs
After gathering information on 10-20 competitor products, create a list with their product names and identified USPs. Don’t worry about crafting your own USP just yet—this step is simply about gathering data and learning more about what’s working in your niche.
Coming Up Next: Finding the Gap
In the next post , we’ll wrap up the SIG Method with the final step, “G,” which stands for Gap. This will be the part where we combine everything and begin to shape a USP that makes your product truly unique in the marketplace. Until then, focus on today’s homework, and I’ll see you back here for the next stage!
Thanks for reading and Have a Great Day!
Chuck MacLellan
chuck@workathomehappiness.com
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