The term was coined by television advertising pioneer Rosser Reeves of Ted Bates & Company. 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. Here’s what you should know. A USP could be thought of as “what you have that competitors don’t.” A benefit describes how a feature and advantage of a product can meet a specific need the buyer ... Features,Advantages and Benefits. A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. In a crowded market, your USP helps you stand out – like a lighthouse on a foggy night. Jeremy Woodhouse/Blend Images/Getty Images. It's why so many products often aren't noticed, despite a marketing push. 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 buyer may look to repeat a car purchase with the same dealer or sales rep after getting a great deal previously. Can your brand actually fill a gap in the market? If you write your resume, it will be the perfect resource to uncover and showcase your achievements and unique selling point. 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? 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. 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. A unique selling proposition is a key positioning message a company or sales representative presents to prospects. 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. functionality offered by a software program that enables users to do something 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. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … If the salesperson uses the brand himself, it becomes even easier for him to passionately and persuasively sell value to prospects. 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. 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. When a rep struggles to see value himself, he may feel unethical about pushing benefits or persuasive messages on unsuspecting prospects. It clearly articulates why someone should want to buy from you. It’s the #1 thing that determines whether people will bother reading more about your product or service or hit the back button. He holds a Master of Business Administration from Iowa State University. List the Biggest Distinctive Benefits. It allows for a streamlined sales strategy and lets a company focus on the benefits its product or service can give its market. A unique selling point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. A more advanced approach to positioning your Unique Selling Points (USPs) is to incorporate elements of discovery or entertainment. The more significant your USP, the greater your potential revenue advantage. blogs, video, social media), a strong USP also requires the ability to catch and keep the audience’s attention amidst all the online noise. Sounds easy enough, right? Do a Google search and … By showing the benefits your audience relates to, the chances of converting a sale increases dramatically. All these can make up a company's marketing strategy whose backbone is a well-defined product with a clear vision. 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. With a solid USP, a company gets to clearly characterise its product or service, consequently raising its revenue through a loyal market. Best Progress: Strategic Planning Tools - Tactical USP: Unique Selling Proposition. 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. 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. 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 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 The biggest difference between features and benefits to a customer is that benefits portray emotion. It was used in successful advertising campaigns of the early 1940s. Kokemuller has additional professional experience in marketing, retail and small business. Now for the kicker. Yet, only 69% of B2B companies have an established value proposition today. 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. But don't forget about features as the combination of both generates the best result. Saddleback Leather. Theodore Levitt, a professor at Harvard Business School, suggested that, "Di This is what we call a unique selling point or USP. When it comes to understanding what makes you different, look to your audience. 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. Before we create your USP, take a look at these excellent examples. It is easier for a salesperson to genuinely convey value when he recognizes it himself. List the features and benefits that are unique about your product or service. 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”. A generic marketing and sales campaign may be hit-or-miss because it’s harder to highlight your product’s strengths. Singtel myBusiness is the largest one-stop portal and Software-as-a-Service (SaaS) marketplace for Small and Medium Enterprises in Singapore. People buy the product or service, consequently raising its revenue through a loyal.... Communicating your unique selling proposition ( USP ) can be defined as company. Features as the combination of benefits and price future need the prospect 's buying unique selling point benefits! A well-thought-out statement that helps a company creates a USP when you offer unique... ” says co-founder Melanie Goldsmith repeat purchases evolve into feelings of loyalty to brand... 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