Your idea isn't unique. Is a USP enough?

[schwarzberg]

Hi,

I have an idea that I am developing. But learned that I am behind because bigger companies are doing something similar already. I knew there was competition but I only looked at national competition - now I know that internatioanlly, I'm even further behind than I thought I was on a national scale. I think that I still have a Unique Selling Point but the main idea seems to have been swallowed by the competition (not the UK but in the USA and rest assured, they could roll it out to the UK faster than I could).

Are you in a competitive market where the competition has more of the market share than you do? Is all that differentiates you from the competition your USP? How unique is your USP? How attractive is your USP over the complete package offered by the competition? Are you first to market? How can you expect success when you aren't first to market and aren't a big player in the market?

 

[Nochexman]

You need to segment your market and find a niche where your USP makes you the leading supplier. First though, segment your market: what different groups of customers exist out there?

 

[ethical PR]

very few businesses have USPs it's more about points of differenation with your target audiences. And using the right marketing channels (with budget and resources) to reach your potential customers.

 

[Excel Expert]

I don't think there are many people on this forum that have a truly unique service or product, however there are plenty of people who have found niches or put their own spins on things.

If you worry about what the big boys are doing you will just grind to a halt.

Concentrate on finding that niche or putting a spin on your product / service.

I'm a programmer and there are millions of us on the planet. So I sought out my niche and that is programming spreadsheets where there is little competition.

 

[cjd]

There are several million businesses in the UK, I doubt any of them is unique; or rather, they're all unique but their uniqueness is almost never in their product. You can differentiate on all sorts of things: geography, service, marketing and/or distribution, price, web presence, SEO, quality, finance, business networks, knowledge ..... a virtually endless list.

In fact, if you have something truly original, you probably don't have a market. And if you're here, you don't have the funding to create one.

 

[schwarzberg]

Thanks guys. That was motivating. Although there has to be something said for being first to market while being a big player too, right? i.e. setting up a an operating system (to compete with MS Windows) or social network (to compete with Facebook) would be difficult.

Hmm, but then again, I guess sitting up a niche O.S. on a non-PC device or a social network for old people is the kind of "thinking" that you guys are talking about.

Thanks again.

 

[Nochexman]

Although there has to be something said for being first to market while being a big player too, right? i.e. setting up a an operating system (to compete with MS Windows) or social network (to compete with Facebook) would be difficult.

Good point. Who can forget first mover successes like Netscape and Friendster

 

[schwarzberg]

Good point. Who can forget first mover successes like Netscape and Friendster

Good sarcasm and good point lol. You guys really are showing me up to be a negative Nancy.

 

[beasty]

Thanks guys. That was motivating. Although there has to be something said for being first to market while being a big player too, right? i.e. setting up a an operating system (to compete with MS Windows) or social network (to compete with Facebook) would be difficult.

Hmm, but then again, I guess sitting up a niche O.S. on a non-PC device or a social network for old people is the kind of "thinking" that you guys are talking about.

Thanks again.

VK has about 75% of the users of FB and is basically a copy but aimed at non western countries, it is not unique but it is dominant in its own market and most people are not even aware of it.

I am sure INdia has a similar system with hundreds of millions.. the world is a big place you can never be all things to all people as a specialist or more focused business can nearly always nick some of your market.

Big companies that exist usually mean there is a room for a focused small company to take some of their business usually by offering significantly more focused service or by applying superior local knowledge to the consumers needs.

BTW one of the things I do is unique.. just saying..

 

[schwarzberg]

Beasty, thanks. I really appreciate the motivation and knowledge that I'm discovering on this forum.

 

[studioraygun]

I've worked in small businesses for years and honestly, I still don't know what I'm expected to say when asked "what's your USP?".

Particularly, in the B2B industry, purchases are built on relationships, which are in turn built on trust.

That's not to say it's the only tool in your armement though. There are always things you can do better than your competitors. Something that we do is look at what our competitors are doing - more passively than actively - and then work out why/why not something is successful. Of course, an even better starting point is to talk to the customers of a product or service, and understand their needs. Work out a solution to their problems and you can begin to build a business which will outpace your established competitors.

Good luck!

 

[Simon.P]

In fact, if you have something truly original, you probably don't have a market. And if you're here, you don't have the funding to create one.

Hi.

How does a potential business decide if there is a market with view to the demand?
A website aimed at people seeking their services and see what (if anything) enquiries becomes of it?

I might not have explained that very well, so for the purpose of me trying to explain myself:

1) Lets assume there are lots of self-employed people working as animal care from home:
personal hygiene, walking, looking after pets for people in work, holiday etc.
My theory is if there are lots of people selling there services: there must be a demand otherwise there wouldn't be lots of people making a living out of it. BUT, its going to be tuff to get your foot in the door due to lots of competition.

2) Compare this to someone who has a van and drives to peoples homes clipping nails and general dog grooming.

The fact there are far less people advertising/earning a living from this could mean (to me) that:

1) there is either far less demand, hence far less people doing it
2) there is the same demand but because less are doing it, they are busier and potentially earning more money.
3) there isn't much demand, but its enough for the individual(s) doing it.

How does a potential venturer know/find out which one (perhaps there are more) would apply and is this the difference between mass market and a niche?

Thanks
H

 

[ethical PR]

VK has about 75% of the users of FB and is basically a copy but aimed at non western countries, it is not unique but it is dominant in its own market and most people are not even aware of it.

I am sure INdia has a similar system with hundreds of millions.. the world is a big place you can never be all things to all people as a specialist or more focused business can nearly always nick some of your market.

Big companies that exist usually mean there is a room for a focused small company to take some of their business usually by offering significantly more focused service or by applying superior local knowledge to the consumers needs.

BTW one of the things I do is unique.. just saying..

...Go on Beasty ....I'll bite what product or service do you offer that is unique?? I can probably name on one hand products or services that are unique even when you think of iconic brands like Coke or Nike.

 

[ethical PR]

[QUOTE="H_Martin, post: 2477513, member: 62428

How does a potential venturer know/find out which one (perhaps there are more) would apply and is this the difference between mass market and a niche?

Carry out market research to find out the size of the market and what people want from the product or service.

To take the example of someone on here in terms of their marketplace.

Sunpat peanut butter or own brand peanut butter is a mass market product.

Natural peanut butter with caramel, sea salt etc has a much higher price tag and will appeal to those looking for healthier products for their family, sports enthusiasts and foodies and is a niche product.

 

[Nochexman]

Without wishing to get too boring, do remember that a USP is not a unique product or service, its a unique selling proposition, and it is quite possible to have one because that is what you, as a brand owner, creates (and hopefully positions in the mind of your customers). Coke, among other things, attempts to position itself as a young and fun thing to have with you and by extension is intended to make you feel like a young, fun individual. The sticky black juice is not very different from the own label brand in the supermarket; the Coca Cola brand is intended to deliver a wholly different experience.

So, when Schwarzeberg asks about a USP, it is in their hands to create something unique. This might be an extension of their personality (think Virgin, for example), or it could be to do with service ('you're number one'), technology (Apple), or price (Lidl), or more likely something in between.

Sermon over, just didn't want anyone being misled. I'm going to lie down now...

 

[Simon.P]

Thanks Ethical PR. I know this a very general question, but can you suggest some ways this is commonly achieved? If i said:

Ask 100 people in the street a few questions based on your idea
Create a website aimed at your intended venture
Ask members of great forums like UKBF their opinion

Would that be 3 worthwhile exercises and what else could you suggest, for say the pet care idea?

Thanks
H

 

[Peanut Butter Man]

As mentioned above there are few businesses that have a real USP. I think that the ability to do something in a different way, new flavours, better service etc is just as good as being unique. And as for the companies having a national/global presence, well so what, You can be the best at what you do in your location and still do very well

Good luck