When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)?
Answers
While defining a strategy for any given business model, competitor analysis can be of great help to establish a Unique Selling Point. While it can gives a rather deeper insight into the market and alternative approaches, it also is a prominent source which helps reveal the additional regions one could be operating in for the better growth of business. USP or Unique Selling Point is a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind, but the main thing to consider here is that the product value holds the strongest regard out of all the factors responsible for growth. Thus, a USP could be thought of as “what you have that competitors don't.” Further, in some cases, competitor analysis can also facilitate with the knowledge of offers & discounts that compete directly as well as the difference in one's offerings in comparison to your competitors
It can identify how your offering is different in comparison to your competitors