A unique selling proposition is an attribute of your product or brand that
Definition: Unique Selling Proposition or USP is the one feature or the perceived benefit of a good which makes it unique from the rest of the competing brands in the market. It is that very reason which motivates a buyer to purchase that product even though it might be costlier than other products. Show Description: Unique Selling Proposition or USP is a very important concept used during the time when a company promotes its product through its advertisements in both TV as well as print media which eventually attracts a consumer to buy a particular product. The key to boost the sales of the product effectively through advertising is to highlight the USP of the product prominently. Unless you highlight the USP, consumers will not be tempted to buy your product. Every product should have its own USP, which makes it stand apart from other products in the similar category. USP is different for different products. Let’s take an example of a restaurant which is very famous across the world for its quick Subway Sandwiches. The company makes the sandwiches healthier for consumers. Consumers who are looking for a quick meal can walk into any subway outlet and get a quick sandwich made, which contains nutritional value. In this way the company is able to create its own niche market across town in India. The USP of the product is a nutritious sandwich at an affordable price. USP is a very important component in developing the product. A strong unique selling proposition makes you stand apart and also plays an important role in branding your product. But, USP alone can guarantee to a product’s success. Superior product quality and at par service, both before and after-sale are very important in creating the foundations of a market for a product. Always remember, with a distinct USP, the company doesn’t even have to bother about competition because if you have developed something which has not been developed by others, then you are the only player or a market leader in that specific product category (Example – iPpod by Apple). The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition Before you can begin to sell your product or service to anyone else, you have to sell yourself on it. This is especially important when your product or service is similar to those around you. Very few businesses are one-of-a-kind. Just look around you: How many clothing retailers, hardware stores, air conditioning installers and electricians are truly unique? The key to effective selling in this situation is what advertising and marketing professionals call a "unique selling proposition" (USP). Unless you can pinpoint what makes your business unique in a world of homogeneous competitors, you cannot target your sales efforts successfully. Pinpointing your USP requires some hard soul-searching and creativity. One way to start is to analyze how other companies use their USPs to their advantage. This requires careful analysis of other companies' ads and marketing messages. If you analyze what they say they sell, not just their product or service characteristics, you can learn a great deal about how companies distinguish themselves from competitors. For example, Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Some airlines sell friendly service, while others sell on-time service. Neiman Marcus sells luxury, while Wal-Mart sells bargains. Each of these is an example of a company that has found a USP "peg" on which to hang its marketing strategy. A business can peg its USP on product characteristics, price structure, placement strategy (location and distribution) or promotional strategy. These are what marketers call the "four P's" of marketing. They are manipulated to give a business a market position that sets it apart from the competition. Sometimes a company focuses on one particular "peg," which also drives the strategy in other areas. A classic example is Hanes L'Eggs hosiery. Back in an era when hosiery was sold primarily in department stores, Hanes opened a new distribution channel for hosiery sales. The idea: Since hosiery was a consumer staple, why not sell it where other staples were sold--in grocery stores? That placement strategy then drove the company's selection of product packaging (a plastic egg) so the pantyhose did not seem incongruent in the supermarket. And because the product didn't have to be pressed and wrapped in tissue and boxes, it could be priced lower than other brands. Here's how to uncover your USP and use it to power up your sales:
If your business is just starting out, you won't have a lot of customers to ask yet, so "shop" your competition instead. Many retailers routinely drop into their competitors' stores to see what and how they are selling. If you're really brave, try asking a few of the customers after they leave the premises what they like and dislike about the competitors' products and services. Once you've gone through this three-step market intelligence process, you need to take the next--and hardest--step: clearing your mind of any preconceived ideas about your product or service and being brutally honest. What features of your business jump out at you as something that sets you apart? What can you promote that will make customers want to patronize your business? How can you position your business to highlight your USP? Don't get discouraged. Successful business ownership is not about having a unique product or service; it's about making your product stand out--even in a market filled with similar items. What is the unique selling proposition of your product?A unique selling proposition, more commonly referred to as a USP, is the one thing that makes your business better than the competition. It's a specific benefit that makes your business stand out when compared to other businesses in your market.
What is a unique selling proposition quizlet?Unique selling proposition is a statement that describe how your product or company is different (and hopefully better than)the competition. ( considered to be good selling points) The best USP takes a unique quality and explain how that quality will benefit your customers, all in a few memorable words.
What is a unique selling proposition example?Domino's Pizza: “We GUARANTEE – Fresh hot pizza, delivered in 30 minutes or less or it's FREE!” Domino's Pizza has a memorable USP that consumers associate with the brand. Their specific promise, which they frame as a guarantee, allows customers to form concrete expectations about their service.
What is the unique selling proposition and how does this relate to brand loyalty?A Unique Selling Proposition or a Unique Value Proposition is the “It” factor that differentiates an organization from its competitors. Good customer service is not only an essential factor when fostering customer loyalty with repeat customers but also when attracting new customers through word-of-mouth.
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