Finding Your Unique Selling Point (USP)

Posted: Thu, 20 June 2013 by Cara

At Bloom, we give everyone an equal opportunity to access funds and we don’t apply selection criteria. We do have taste and decency standards, but if you can show your project to your kids and your granny, then you should be fine!

Whilst the crowd can be unpredictable and will choose which projects they want to back, your chances of success are much higher if you have a unique opportunity that has a clear and compelling value. Have a look at some of the key questions that your crowdfunding project should answer.

What is my unique selling point (USP)?

Be honest, and think about what makes you different. How are you going to deliver value in a new way? It could be obvious – a new technology, or a project that few people are doing – or it could be a little more elusive e.g. do you have a new method of doing something or will you apply higher standards that will make you stand out? Once you identify this, make it explicit in your pitch. If you don’t have a USP, maybe you need to tweak your idea to maximise the value.

What are other people doing?

Regardless of whether you have a business, community or charity project, it’s good to know what other people are doing. If someone already has similar products, or is doing something similar in your community, then you will have a more difficult job convincing backers to promise money. Plus if you can show in your pitch that you’ve looked at this issue, you will be more credible!

Is the appeal too narrow?

So you have a great USP, but it’s only going to appeal to a specific audience. You need to make sure that you aren’t excluding anyone so keep your pitch simple and easy to understand so that a wide audience can clearly perceive the value. Also make sure you have a good range of rewards that appeal to the masses, rather than just a targeted few so that your project is accessible to a wider crowd.

Have you looked at other crowdfunding projects?

Considering crowdfunding more specifically, you should be doing some research into other similar projects on Bloom and other rewards based crowdfunding sites. Why? Well there are a few reasons - you want to stand out from the crowd and you can find out what works well and what doesn’t.

So that’s a few key questions that your crowdfunding preparation should address to increase chances of success. Now you might be thinking, it’s all very well and good to consider my USP from my own perspective, but how do I know if anyone actually agrees with me? That’s the beauty of crowdfunding! You can test your USP and gain valuable feedback from potential customers/users, which could help you to refine your idea. A win-win situation!

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