What is your Unique Selling Points? Sounds easy enough, right? Your unique selling proposition (USP) also referred to as a unique value proposition is the core of your competitive advantage as a small business. Singtel myBusiness is the largest one-stop portal and Software-as-a-Service (SaaS) marketplace for Small and Medium Enterprises in Singapore. These companies stress a benefit, not price. 10 examples of unique selling propositions done right 1. A well-developed USP is vital when you're setting out any marketing strategy. 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? The Disadvantages of Unique Selling Proposition. A unique selling proposition is a key positioning message a company or sales representative presents to prospects. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … Image of benefit, product, background - 197869034 A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. OK, maybe … A unique selling proposition makes your differences clear to prospects and compels them to give your brand strong consideration. Discerning prospects may pay top-end prices for a reputable brand with materials they view as the highest quality or most durable. It allows for a streamlined sales strategy and lets a company focus on the benefits its product or service can give its market. That advantage needs to be as sustainable as physically possible over the long term. Sounds easy enough, right? You want your product to shine. 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. Best Progress: Strategic Planning Tools - Tactical USP: Unique Selling Proposition. A strong product USP improves your marketing as a whole and helps bolster revenue because it gives your market a specific reason to buy. Sales representatives benefit when companies develop and offer a compelling unique selling proposition. 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. According to the Small Business Administration, Marketing is going to be extremely important for business growth. 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 clear and simple USP can also become the basis of a company's content marketing strategy. 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 point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. In most instances, companies will focus on a single feature or benefit that solves a problem, satisfies a … 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 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. One of the first things that you notice about Saddleback Leather’s site is their … It clearly articulates why someone should want to buy from you. Do a Google search and … A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. A unique selling proposition is a well-thought-out statement that helps a company distinguish itself from other businesses in its category. A benefit describes how a feature and advantage of a product can meet a specific need the buyer ... Features,Advantages and Benefits. 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. 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. A company's well-conceptualised Unique Selling Proposition (USP) defines a company's product or service and gives it an edge over the competition. Before we create your USP, take a look at these excellent examples. Kokemuller has additional professional experience in marketing, retail and small business. People buy the product or service that best matches their needs, and that offers the best combination of benefits and price. 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 solid appreciation of why they’d come to your brand is imperative. A more advanced approach to positioning your Unique Selling Points (USPs) is to incorporate elements of discovery or entertainment. Your USP explains why your product or service is bigger, better or different than competing alternatives. When you offer a unique selling proposition and prospects clearly see it, your revenue typically improves or exceeds expectations. Otherwise, your customers will simply gravitate towards others that offer the lowest price, regardless of what other product benefits you may have to offer. One of the major benefits of a strong USP is that it can help you get out of a price war. It’s the #1 thing that determines whether people will bother reading more about your product or service or hit the back button. Why is this? And why they would want to buy it. 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. 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. What is a Unique Selling Proposition, and why is it important? What is your niche? List the features and benefits that are unique about your product or service. Creating a Unique Selling Proposition that Works. It's why so many products often aren't noticed, despite a marketing push. 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. 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. Without a USP, you allow the prospect's buying decision to become very arbitrary. If you write your resume, it will be the perfect resource to uncover and showcase your achievements and unique selling point. The way to accomplish that is by communicating your unique selling point (USP). It focuses on simplifying SME's ICT adoption journey, facilitating online collaboration and helps to deliver business advantages through SaaS productivity solutions. 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. 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. Loyalty strengthens the bond, gives you some wiggle room on mistakes, allows you opportunities for growing revenue and drives referral sales. 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. Sign up to receive the latest myBusiness techblog articles every Friday. A company or product's unique selling proposition can set the foundation for an effective marketing strategy—if it's done right. Identifying your Unique Selling Proposition (USP) is one of the most challenging features of being an Entrepreneur or Small Business Owner. It clearly articulates why someone should want to buy from you. 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 digital marketing that uses several media platforms (i.e. A unique selling proposition is a well-thought-out statement that helps a company distinguish itself from other businesses in its category. 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”. Make a list of every benefit you provide – Write down everything about your product or service that … 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. At some point, repeat purchases evolve into feelings of loyalty to your business. 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. It was used in successful advertising campaigns of the early 1940s. In this step, list 3-5 of the biggest benefits a client gets from … There comes a point, during the sales process, when the salesperson needs to present the solution that meets the customers' needs. Yet, only 69% of B2B companies have an established value proposition today. He holds a Master of Business Administration from Iowa State University. Can your brand actually fill a gap in the market? Here’s what you should know. 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. Discovery is the introduction or “the twist” on a benefit … 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. Each repeated, positive experience contributes to budding favorable sentiment. In a crowded market, your USP helps you stand out – like a lighthouse on a foggy night. 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. A company's well-conceptualised Unique Selling Proposition (USP) defines a company's product or service and gives it an edge over the competition. Saddleback Leather. He has been a college marketing professor since 2004. It also gives your company focus, because you won’t try to be everything to everyone. A buyer may look to repeat a car purchase with the same dealer or sales rep after getting a great deal previously. A unique selling point (USP) defines your company, highlights the advantages of doing business with you and sets you apart from the competition. 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