Introduction: Minding the Gap in the Market
Welcome to the third and final step of the SIG Method for creating a Unique Selling Proposition (USP). If you’ve been following along, you know we’ve covered the importance of defining your product’s subject and identifying your competitors’ USPs. Today, we’re diving into the critical final step: Minding the Gap. This is where your USP truly takes shape.
The goal here is to find that “gap” in the market—a unique angle, unaddressed need, or overlooked perspective. Whether it’s about the how, what, or why, the gap represents the distinct space that can set your product apart.
Step Three: Minding the Gap
So, what exactly is the gap? The gap is the unique opportunity in the market that your competitors are neglecting. It may not always be something brand new; it could be an existing idea presented from a fresh perspective or framed to feel innovative.
Consider Uber. Before Uber, taxis ruled the ride-for-hire market, but Uber found a gap in how people interacted with transportation services. By framing their service differently, Uber shifted consumer perception. Today, we don’t ask for a taxi; we ask for an Uber. This is the power of a USP that fills a meaningful gap—it can change the way people view a product or service.
How to Identify the Gap
To find your product’s gap, ask yourself the following questions:
- What’s Missing? After researching competitor USPs, consider what they’re not addressing. Is there a common pain point in the market that isn’t fully solved?
- How Could This Be Different? Think about how you can reposition your product to stand out. Could your service offer more convenience, a unique feature, or a fresh take on quality?
- What Makes Your Product Unique? Even if your product isn’t drastically different, consider how you might emphasize its most distinctive features to feel unique. What’s your version of Wilson’s airless basketball?
Your goal is to discover a unique perspective that fills the gap left by your competitors. Remember, it doesn’t need to be perfect. The more you practice identifying gaps and creating USPs, the better you’ll get.
Putting the SIG Method Together
Now that you have all three steps, you’re ready to create a powerful, compelling USP:
- Declare your specific subject within a general niche.
- Identify the USPs of your competitors to understand what’s already out there.
- Fill the Gap by positioning your product to meet an unaddressed or underserved need in the market.
Homework: Find Your Gap
With these three steps complete, you’re ready to identify the gap in your own market and use it to create a viable USP for your product or service. The SIG Method will help you craft a good USP, but as I’ve mentioned before, achieving a great USP requires creativity. Next time, we’ll discuss strategies for tapping into your creativity to take your USP from good to exceptional.
Until then, focus on finding your gap and crafting a USP that fills it.
Thanks for reading and Have a Great Day!
Chuck MacLellan
chuck@workathomehappiness.com