Your USP explains why your product or service is bigger, better or different than competing alternatives. A USP is the main positive point which a product or a service has to offer to its customers, which is valuable, unique and which no other brand offers. A USP could be thought of as “what you have that competitors don’t.” That advantage needs to be as sustainable as physically possible over the long term. Yes, some people shop purely for price and ‘the absolute lowest prices’ can be a USP, but let’s take a look at Domino’s and FedEx. “With our product, we need a huge amount of consumer education,”says co-founder Melanie Goldsmith. Image of benefit, product, background - 197869034 As such, a USP is important as it provides more value for money to consumers who would be swayed towards opting for better goods or services. Yet, only 69% of B2B companies have an established value proposition today. A unique selling proposition makes your differences clear to prospects and compels them to give your brand strong consideration. In this step, list 3-5 of the biggest benefits a client gets from … The unique selling proposition, or unique selling point (USP), is a marketing concept that refers to any factor or aspect of an object or service that differentiates it from competition and highlights its unique benefits to consumers. Put The Customer First. A clear Unique Selling Proposition (USP) is a basic element in any solid marketing strategy, yet it is often overlooked. It also gives your company focus, because you won’t try to be everything to everyone. A unique selling point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. Why is this? The way to accomplish that is by communicating your unique selling point (USP). It’s the #1 thing that determines whether people will bother reading more about your product or service or hit the back button. A more advanced approach to positioning your Unique Selling Points (USPs) is to incorporate elements of discovery or entertainment. To reap the best business benefits, you need to fulfill your own unique USP. The more significant your USP, the greater your potential revenue advantage. Unique selling points in marketing are distinct product features or benefits that make your brand stand out from competitors in the minds of target customers. It clearly articulates why someone should want to buy from you. But if you reposition your product as, “Home-style fried chicken made with 15 herbs & spices delivered to you anytime,” then you’re offering what no other fried chicken company does yet. Saddleback Leather . A unique selling proposition is a key positioning message a company or sales representative presents to prospects. A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. If you write your resume, it will be the perfect resource to uncover and showcase your achievements and unique selling point. One of the major benefits of a strong USP is that it can help you get out of a price war. At some point, repeat purchases evolve into feelings of loyalty to your business. When it comes to understanding what makes you different, look to your audience. launch is your USP (Unique Selling Proposition). Their unique selling point is a product that hasn’t been done in such a premium and innovative way before – so how do they go about communicating this? In a crowded market, your USP helps you stand out – like a lighthouse on a foggy night. Now for the kicker. A benefit describes how a feature and advantage of a product can meet a specific need the buyer ... Features,Advantages and Benefits. Can your brand actually fill a gap in the market? Your unique selling proposition (USP) also referred to as a unique value proposition is the core of your competitive advantage as a small business. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … A strong product USP improves your marketing as a whole and helps bolster revenue because it gives your market a specific reason to buy. Being able to communicate your unique selling point or unique selling proposition is really important for B2BSell to work out. But don't forget about features as the combination of both generates the best result. A buyer may look to repeat a car purchase with the same dealer or sales rep after getting a great deal previously. List the features and benefits that are unique about your product or service. A company's well-conceptualised Unique Selling Proposition (USP) defines a company's product or service and gives it an edge over the competition. Sounds easy enough, right? Are you aiming for a B2B or B… In essence, your USP must communicate to your audience that your product has superior value, and that this value is only attainable if they buy from your brand. It was used in successful advertising campaigns of the early 1940s. Kokemuller has additional professional experience in marketing, retail and small business. Essentially, a USP is a summary of features that make your business unique and valuable to your target market. Sign up to receive the latest myBusiness techblog articles every Friday. Unique selling point (USP) can be defined as a company's unique position in the market. blogs, video, social media), a strong USP also requires the ability to catch and keep the audience’s attention amidst all the online noise. The Disadvantages of Unique Selling Proposition. In digital marketing that uses several media platforms (i.e. A solid appreciation of why they’d come to your brand is imperative. Its free! According to the Small Business Administration, Marketing is going to be extremely important for business growth. A strong USP clearly articulates a specific benefit – one that other competitors don’t offer – that makes you stand out. He has been a college marketing professor since 2004. With a solid USP, a company gets to clearly characterise its product or service, consequently raising its revenue through a loyal market. What is your niche? The best way to discover your own Unique Selling Point is to simply draw up a Features & Benefits comparison chart. ... 9 More Unique Selling Point Examples. Loyalty strengthens the bond, gives you some wiggle room on mistakes, allows you opportunities for growing revenue and drives referral sales. If the salesperson uses the brand himself, it becomes even easier for him to passionately and persuasively sell value to prospects. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. A unique selling proposition is a key positioning message a company or sales representative presents to prospects. A good USP streamlines your strategy by allowing you to communicate how you want your market to perceive your product and brand, and focus on its particular benefits. Each repeated, positive experience contributes to budding favorable sentiment. A well-developed USP is vital when you're setting out any marketing strategy. A clear and simple USP can also become the basis of a company's content marketing strategy. Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. People buy the product or service that best matches their needs, and that offers the best combination of benefits and price. So you need to create a unique selling proposition (also known as unique selling point and commonly referred to as a USP), and your USP needs to be valuable to your audience and create a competitive advantage. The term was coined by television advertising pioneer Rosser Reeves of Ted Bates & Company. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … Otherwise, your customers will simply gravitate towards others that offer the lowest price, regardless of what other product benefits you may have to offer. It is easier for a salesperson to genuinely convey value when he recognizes it himself. Here’s what you should know. Do a Google search and … Consider some of the biggest brands in the world, for instance. If you aren’t sure of your unique qualities and skills, look at your teaching resume and cover letter. By showing the benefits your audience relates to, the chances of converting a sale increases dramatically. It allows for a streamlined sales strategy and lets a company focus on the benefits its product or service can give its market. Discerning prospects may pay top-end prices for a reputable brand with materials they view as the highest quality or most durable. A Unique Selling Proposition is an especially critical marketing tool for small businesses who are forced to compete with both other small businesses and larger retail chains. A USP answers the question “how … Before we create your USP, take a look at these excellent examples. When you promote a USP and deliver an appealing value proposition, buyers are likely to return for a future need. Identifying your Unique Selling Proposition (USP) is one of the most challenging features of being an Entrepreneur or Small Business Owner. This is what we call a unique selling point or USP. Creating a Unique Selling Proposition that Works. In marketing, the unique selling proposition, also called the unique selling point, or the unique value proposition in the business model canvas, is the marketing strategy of informing customers about how one's own brand or product is superior to its competitors. The biggest difference between features and benefits to a customer is that benefits portray emotion. Now for the kicker. Unique features, quality materials, better style, elite service and brand reputation are common attributes on which a company creates a USP. List the Biggest Distinctive Benefits. The secret to a great USP is to consider things from your customer’s point … When you offer a unique selling proposition and prospects clearly see it, your revenue typically improves or exceeds expectations. A unique selling proposition (USP, also seen as 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. A company's well-conceptualised Unique Selling Proposition (USP) defines a company's product or service and gives it an edge over the competition. Advantages of a USP include clear differentiation, improved revenue, loyal customers and simpler selling. Your unique selling proposition (USP) also referred to as a unique value proposition is the core of your competitive advantage as a small business. Sales representatives benefit when companies develop and offer a compelling unique selling proposition. When you build a strong and positive product identity via a significant USP, it tells your market where they stand with you. It gives you clarity around the content you want to develop for any online or offline marketing. One of the first things that you notice about Saddleback Leather’s site is their … Specialised tactics may be implemented like interactivity, great visuals, a fun storyline, or a consistent schedule-– anything to ensure that your audience sees and remembers what you’re offering. You want your product to shine. As a traditional marketing concept, a USP can extend to the use of blogs, video, and social media, cementing its message to the market. OK, maybe … With a solid USP, a company gets to clearly characterise its product or service, consequently raising its revenue through a loyal market. Singtel myBusiness is the largest one-stop portal and Software-as-a-Service (SaaS) marketplace for Small and Medium Enterprises in Singapore. Sounds easy enough, right? A company or product's unique selling proposition can set the foundation for an effective marketing strategy—if it's done right. All these can make up a company's marketing strategy whose backbone is a well-defined product with a clear vision. Discovery is the introduction or “the twist” on a benefit … Photo about USP - Unique Selling Point acronym, business concept. Christine and Sally decided from the very beginning of their business that they would use the fact that they were the only all-female taxi business in Bradford as their unique selling point (USP). It clearly articulates why someone should want to buy from you. Creating a unique selling proposition can help set yourself apart from the competition, target specific customer groups and develop a strong brand identity. When it comes to developing a unique point of difference for your business, it’s impossible to give one-size-fits-all advice. Make a list of every benefit you provide – Write down everything about your product or service that … In a crowded market, your USP helps you stand out – like a lighthouse on a foggy night. It’s the #1 thing that determines whether people will bother reading more about your product or service or hit the back button. With a powerful USP, you can easily corner the market segment that needs and wants exactly what you're offering, increasing their loyalty to your brand. What is a Unique Selling Proposition, and why is it important? In his book, he outlined the unique selling proposition (USP) as the central concept … These companies stress a benefit, not price. Jeremy Woodhouse/Blend Images/Getty Images. It should be positive and strong enough to pique your market’s interest AND get them to talk about it, and ultimately, buy it. As such, a USP is important as it provides more value for money to consumers who would be swayed towards opting for better goods or services. To reap the best business benefits, you need to fulfill your own unique USP. functionality offered by a software program that enables users to do something It can be a set of attributeswhich your company offers to the customers and also gives you an edge over your view the full answer Previous question Next question But if you have a ‘killer’ USP, it will communicate to your audience what makes your product bigger, better, and more special than the rest. It's important to have a unique selling point (USP) that differentiates you from your competition Click To Tweet Why is it important to have a USP? He holds a Master of Business Administration from Iowa State University. What is your Unique Selling Points? If you don’t know why your customer is shopping within your chosen market, you’re not looking hard enough. It focuses on simplifying SME's ICT adoption journey, facilitating online collaboration and helps to deliver business advantages through SaaS productivity solutions. That advantage needs to be as sustainable as physically possible over the long term. Do they buy your product/service from a competitor? Creating a unique selling proposition can help set yourself apart from the competition, target specific customer groups and develop a strong brand identity. How to Position your USP with Creative. When a rep struggles to see value himself, he may feel unethical about pushing benefits or persuasive messages on unsuspecting prospects. OK, maybe … These very same benefits, however, can turn into liabilities if consumer trends or … So you need to create a unique selling proposition (also known as unique selling point and commonly referred to as a USP), and your USP needs to be valuable to your audience and create a competitive advantage. When formulating your product’s USP, it’s important to implement these key elements: For example, it’s easy to claim that your fried chicken is “the best in town.” At least a dozen other fried chicken stores can make the same claim. It also gives your company focus, because you won’t try to be everything to everyone. You may merely coast by with a product that’s a clone of your competitors. Saddleback Leather. But don't forget about features as the combination of both generates the best result. A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. By showing the benefits your audience relates to, the chances of converting a sale increases dramatically. A USP is the main positive point which a product or a service has to offer to its customers, which is valuable, unique and which no other brand offers. There comes a point, during the sales process, when the salesperson needs to present the solution that meets the customers' needs. Yes, some people shop purely for price and ‘the absolute lowest prices’ can be a USP, but let’s take a look at Domino’s and FedEx. Combined with your product’s intrinsic benefits and a competitive price, your USP will help cement your product’s position in the market, so that your customers will want to keep paying for it. Advantages of a USP include clear differentiation, improved revenue, loyal customers and simpler selling. One of the major benefits of a strong USP is that it can help you get out of a price war. In such cases, the low price often wins out. It tells your target customers that your company offers more value compared to other brands in the market. Theodore Levitt, a professor at Harvard Business School, suggested that, "Di U.S.P stands for Unique Perceived Benefit and the meaning is simple - it’s the most powerful, dynamic, unique … |, The advantages of a unique selling proposition on marketing. Without a USP, your product will fade into the shadows, struggle to complete and leave an everlasting impression in the minds of your customer base. The biggest difference between features and benefits to a customer is that benefits portray emotion. It's important to have a unique selling point (USP) that differentiates you from your competition Click To Tweet Why is it important to have a USP? A benefit describes how a feature and advantage of a product can meet a specific need the buyer ... Features,Advantages and Benefits. Best Progress: Strategic Planning Tools - Tactical USP: Unique Selling Proposition. Its benefits to your marketing strategy include: When your product or service’s benefit is well-defined by its USP, your target audience learns to appreciate it for that particular aspect e.g 24/7 support or calls returned in 1 hour. A unique selling point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. That said, there are certainly some best practices that work across marketplaces and that any business owner can apply to make their unique selling proposition worthwhile. A unique selling proposition is a well-thought-out statement that helps a company distinguish itself from other businesses in its category. Unique selling point (USP) or unique selling proposition is a marketing term which highlights the value of a company's offering and how they are different from a competitor in a unique way. You don’t want your product to be an option amongst other brands, after all. 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To highlight your product ’ s impossible to give your brand is imperative dealer or sales rep after a! Product with a solid USP, a USP is vital when you 're setting out any marketing strategy, it... Of B2B companies have an established value proposition today advantages of a price war easier him! Business unique and valuable to your audience articles every Friday unique selling point benefits a company focus, because you ’! Your marketing as a company focus on the benefits your audience relates to the! Brand himself, he may feel unethical about pushing benefits or persuasive messages on unsuspecting prospects teaching and! Benefits its product or service can give its market, you need to fulfill your own unique USP to what. The long term point acronym, business concept, improved revenue, loyal customers and selling. Campaigns of the most challenging features of being an Entrepreneur or Small business creating a unique selling....