Most people know a USP is a unique selling point, that is most commonly referred to in marketing terms when identifying the USP for a product or service. However, this article will look at how to identify the USP of a business to make it more appealing when selling.
If you are looking to sell or think this may be an option in the future, it is important that you identify your business USPto help stand out from the crowd. In order to do this you must think about the following three points:
- What matters to buyers?
Speak to perspective buyers to find out what is important to them. For many healthy finances, growth potential and loyal customers may be of the utmost importance but listen out for those added extras that could set your business apart. Throughout this process, it is key to be transparent so as not to mislead buyers.
- What sets you apart?
When it comes to selling a business many believe the best selling point in profits, however, the business potential may be greater than you think. One place to understand its full potential is speaking to employees, who may have some hidden talents not yet utilised or ideas you have not considered. In many cases, those who are part of your company are its strongest assets.
- What’s Your Message?
Once you have a clear USP and you have considered the elements that make your company great, it is time to communicate your message with the right audience. In order to do this it may be worth working with mortgage and acquisition specialists such as BCMS who have experience in buying and selling businesses, they can ensure you are displaying your message in the right place, at the right time and to the correct people.
Answering these questions will make you more aware of where your business is, and it’s current needs which will also help when selling because not everyone sells for the same reason. Understanding the reason why you want to sell may also help define that USP.
If a sale is required to enter, new markets and you still want to play a vital role within the business you could decide to focus on your current relationships to develop a more tailored selling point.
Alternatively, retirement may be calling and you wish to ensure your business is handed over to someone you approve of. In this case having a very defined USP, that perfectly highlights your main proposition is important to attract the right person.
For more direction take a look at the below infographic from BCMS: