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. Photo about USP - Unique Selling Point acronym, business concept. Before we create your USP, take a look at these excellent examples. Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. He holds a Master of Business Administration from Iowa State University. What is your niche? What is your Unique Selling Points? But don't forget about features as the combination of both generates the best result. 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. When you promote a USP and deliver an appealing value proposition, buyers are likely to return for a future need. Kokemuller has additional professional experience in marketing, retail and small business. 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. These companies stress a benefit, not price. It’s the #1 thing that determines whether people will bother reading more about your product or service or hit the back button. Your USP explains why your product or service is bigger, better or different than competing alternatives. Singtel myBusiness is the largest one-stop portal and Software-as-a-Service (SaaS) marketplace for Small and Medium Enterprises in Singapore. 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 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. You want your product to shine. It allows for a streamlined sales strategy and lets a company focus on the benefits its product or service can give its market. To reap the best business benefits, you need to fulfill your own unique USP. All these can make up a company's marketing strategy whose backbone is a well-defined product with a clear vision. There comes a point, during the sales process, when the salesperson needs to present the solution that meets the customers' needs. What is a Unique Selling Proposition, and why is it important? A buyer may look to repeat a car purchase with the same dealer or sales rep after getting a great deal previously. Are you aiming for a B2B or B… A USP could be thought of as “what you have that competitors don’t.” Consider some of the biggest brands in the world, for instance. 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 A unique selling proposition is a key positioning message a company or sales representative presents to prospects. 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. 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? Now for the kicker. Your USP is what defines your product or service and sets it apart from the competition. It was used in successful advertising campaigns of the early 1940s. Each repeated, positive experience contributes to budding favorable sentiment. Creating a unique selling proposition can help set yourself apart from the competition, target specific customer groups and develop a strong brand identity. Make a list of every benefit you provide – Write down everything about your product or service that … A benefit describes how a feature and advantage of a product can meet a specific need the buyer ... Features,Advantages and Benefits. Essentially, a USP is a summary of features that make your business unique and valuable to your target market. 10 examples of unique selling propositions done right 1. blogs, video, social media), a strong USP also requires the ability to catch and keep the audience’s attention amidst all the online noise. One of the first things that you notice about Saddleback Leather’s site is their … Saddleback Leather. The best way to discover your own Unique Selling Point is to simply draw up a Features & Benefits comparison chart. In such cases, the low price often wins out. A unique selling proposition makes your differences clear to prospects and compels them to give your brand strong consideration. In a crowded market, your USP helps you stand out – like a lighthouse on a foggy night. How to Position your USP with Creative. One of the major benefits of a strong USP is that it can help you get out of a price war. 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 clearly articulates why someone should want to buy from you. With a solid USP, a company gets to clearly characterise its product or service, consequently raising its revenue through a loyal market. The Disadvantages of Unique Selling Proposition. Jeremy Woodhouse/Blend Images/Getty Images. A unique selling point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. A solid appreciation of why they’d come to your brand is imperative. The more significant your USP, the greater your potential revenue advantage. It is easier for a salesperson to genuinely convey value when he recognizes it himself. When it comes to understanding what makes you different, look to your audience. 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. 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. 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. But don't forget about features as the combination of both generates the best result. A company's well-conceptualised Unique Selling Proposition (USP) defines a company's product or service and gives it an edge over the competition. Differentiation is the company or product attribute that separates you from competitors. ... 9 More Unique Selling Point Examples. Its free! People buy the product or service that best matches their needs, and that offers the best combination of benefits and price. Your unique selling point is the heartbeat of your organisation – the thing that sets you apart from the others, and highlights the heart and soul of your company. When a rep struggles to see value himself, he may feel unethical about pushing benefits or persuasive messages on unsuspecting prospects. Image of benefit, product, background - 197869034 When you offer a unique selling proposition and prospects clearly see it, your revenue typically improves or exceeds expectations. 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. Sounds easy enough, right? Now for the kicker. Creating a Unique Selling Proposition that Works. By showing the benefits your audience relates to, the chances of converting a sale increases dramatically. If you aren’t sure of your unique qualities and skills, look at your teaching resume and cover letter. 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. A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. It gives you clarity around the content you want to develop for any online or offline marketing. Theodore Levitt, a professor at Harvard Business School, suggested that, "Di Advantages of a USP include clear differentiation, improved revenue, loyal customers and simpler selling. 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 way to accomplish that is by communicating your unique selling point (USP). There comes a point, during the sales process, when the salesperson needs to present the solution that meets the customers' needs. At some point, repeat purchases evolve into feelings of loyalty to your business. He has been a college marketing professor since 2004. It tells your target customers that your company offers more value compared to other brands in the market. Identifying your Unique Selling Proposition (USP) is one of the most challenging features of being an Entrepreneur or Small Business Owner. A clear Unique Selling Proposition (USP) is a basic element in any solid marketing strategy, yet it is often overlooked. As a traditional marketing concept, a USP can extend to the use of blogs, video, and social media, cementing its message to the market. launch is your USP (Unique Selling Proposition). This example combines the Unique Selling Point and the Unique Value Proposition: You get fresh, hot pizza delivered to your door in 30 minutes or less, or it’s free. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … You don’t want your product to be an option amongst other brands, after all. Your unique selling proposition (USP) also referred to as a unique value proposition is the core of your competitive advantage as a small business. A unique selling proposition is a key positioning message a company or sales representative presents to prospects. OK, maybe … Advantages of a USP include clear differentiation, improved revenue, loyal customers and simpler selling. A company's well-conceptualised Unique Selling Proposition (USP) defines a company's product or service and gives it an edge over the competition. It should be positive and strong enough to pique your market’s interest AND get them to talk about it, and ultimately, buy it. That advantage needs to be as sustainable as physically possible over the long term. 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. A strong USP clearly articulates a specific benefit – one that other competitors don’t offer – that makes you stand out. When it comes to developing a unique point of difference for your business, it’s impossible to give one-size-fits-all advice. A unique selling point defines your company’s unique position in the marketplace, getting at the heart of your business: the value you offer and the problem you solve. A strong product USP improves your marketing as a whole and helps bolster revenue because it gives your market a specific reason to buy. 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. Discerning prospects may pay top-end prices for a reputable brand with materials they view as the highest quality or most durable. 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. The biggest difference between features and benefits to a customer is that benefits portray emotion. Unique selling point (USP) can be defined as a company's unique position in the market. A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. A benefit describes how a feature and advantage of a product can meet a specific need the buyer ... Features,Advantages and Benefits. |, The advantages of a unique selling proposition on marketing. And why they would want to buy it. Your USP explains why your product or service is bigger, better or different than competing alternatives. A generic marketing and sales campaign may be hit-or-miss because it’s harder to highlight your product’s strengths. Here’s what you should know. You may merely coast by with a product that’s a clone of your competitors. It's why so many products often aren't noticed, despite a marketing push. Do a Google search and … In digital marketing that uses several media platforms (i.e. The secret to a great USP is to consider things from your customer’s point … These very same benefits, however, can turn into liabilities if consumer trends or … It clearly articulates why someone should want to buy from you. functionality offered by a software program that enables users to do something It also gives your company focus, because you won’t try to be everything to everyone. By showing the benefits your audience relates to, the chances of converting a sale increases dramatically. OK, maybe … Otherwise, your customers will simply gravitate towards others that offer the lowest price, regardless of what other product benefits you may have to offer. A USP answers the question “how … Sounds easy enough, right? A well-developed USP is vital when you're setting out any marketing strategy. This is what we call a unique selling point or USP. With a solid USP, a company gets to clearly characterise its product or service, consequently raising its revenue through a loyal market. Loyalty strengthens the bond, gives you some wiggle room on mistakes, allows you opportunities for growing revenue and drives referral sales. 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. Discovery is the introduction or “the twist” on a benefit … 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. It’s the #1 thing that determines whether people will bother reading more about your product or service or hit the back button. Do they buy your product/service from a competitor? It also gives your company focus, because you won’t try to be everything to everyone. If you don’t know why your customer is shopping within your chosen market, you’re not looking hard enough. A unique selling proposition is a well-thought-out statement that helps a company distinguish itself from other businesses in its category. Copyright © Singtel (CRN: 199201624D) All Rights Reserved. Sales representatives benefit when companies develop and offer a compelling unique selling proposition. “With our product, we need a huge amount of consumer education,”says co-founder Melanie Goldsmith. 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. Creating a unique selling proposition can help set yourself apart from the competition, target specific customer groups and develop a strong brand identity. List the features and benefits that are unique about your product or service. 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. According to the Small Business Administration, Marketing is going to be extremely important for business growth. 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 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. One of the major benefits of a strong USP is that it can help you get out of a price war. 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? That advantage needs to be as sustainable as physically possible over the long term. Your unique selling proposition (USP) also referred to as a unique value proposition is the core of your competitive advantage as a small business. 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. A unique selling point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. Put The Customer First. U.S.P stands for Unique Perceived Benefit and the meaning is simple - it’s the most powerful, dynamic, unique … 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. If the salesperson uses the brand himself, it becomes even easier for him to passionately and persuasively sell value to prospects. To reap the best business benefits, you need to fulfill your own unique USP. Without a USP, you allow the prospect's buying decision to become very arbitrary. Best Progress: Strategic Planning Tools - Tactical USP: Unique Selling Proposition. 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. The term was coined by television advertising pioneer Rosser Reeves of Ted Bates & Company. 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? The biggest difference between features and benefits to a customer is that benefits portray emotion. Why is this? It focuses on simplifying SME's ICT adoption journey, facilitating online collaboration and helps to deliver business advantages through SaaS productivity solutions. A more advanced approach to positioning your Unique Selling Points (USPs) is to incorporate elements of discovery or entertainment. In this step, list 3-5 of the biggest benefits a client gets from … 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. A company or product's unique selling proposition can set the foundation for an effective marketing strategy—if it's done right. 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). A unique selling proposition is a well-thought-out statement that helps a company distinguish itself from other businesses in its category. List the Biggest Distinctive Benefits. Unique features, quality materials, better style, elite service and brand reputation are common attributes on which a company creates a USP. In his book, he outlined the unique selling proposition (USP) as the central concept … Can your brand actually fill a gap in the market? When you build a strong and positive product identity via a significant USP, it tells your market where they stand with you. In a crowded market, your USP helps you stand out – like a lighthouse on a foggy night. If you write your resume, it will be the perfect resource to uncover and showcase your achievements and unique selling point. Saddleback Leather . Sign up to receive the latest myBusiness techblog articles every Friday. Being able to communicate your unique selling point or unique selling proposition is really important for B2BSell to work out. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … A clear and simple USP can also become the basis of a company's content marketing strategy. Unique selling proposition on the other hand is a concept that was developed by Rosser Reeves a leading advertising man in 1960 and published in his book titled “Reality in Advertising”. Kokemuller has additional professional experience in marketing, retail and Small business ( ). Education, ” says co-founder Melanie Goldsmith converting a sale increases dramatically explains why your customer is it. Setting out any marketing strategy, yet it is often overlooked separates you from competitors techblog... Can your brand actually fill a gap in the market to give your is. 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