An Efficient Marketing is the one in which the consumer gets attracted towards the product and ends up with buying action. USP (Unique Selling Proposition) is the so-called ‘trump card’ of your business marketing strategy. Unique Selling Proposition is about how you position your product in the market. Most of SMEs fail to understand the importance of developing the USP of their products and face reduction in sales.
In the current scenario, every product or service have a large number of competitors and substitutes. So for surviving and growing in this competitive environment being a little unique is very essential. USP is basically identifying and communicating the unique features and benefits offered by your product that makes it different from all of its competitors. Unique Selling proposition should be creative and makes sense to the target audience.
How to develop the USP of your business:
Developing the USP of a product or service is a logical and decision making process that requires proper research and understanding. Market research, studying the competitors, identifying the weakness and strength of your product and understanding the target audience can help in developing the perfect USP. Some of the steps that should be involved in developing the USP concept for your product or company are:
- Think from the consumer’s point of view: For developing an appealing USP you need to think like a consumer and not as a seller. Think why a person will spend money on your product? Why will he use or even think of buying it?
- Identify core benefit of your offering: Think of your product’s core benefits. What the product is actually offering to its consumer. For example, if you are selling a water purifier, then the pure water or perfect purification of the water is the core benefit that will be served by that purifier. Pure water will ensure better health and protect the buyer from water-borne diseases.
- Make yourself unique: Think of that one factor that make your product different from all of your competitors. What is there in your product which all other similar products lack. You can make yourself unique through 3 things:- Product : Through the features of your product. For example, in the case of water purifier, sheet metal body or light weighted water purifier can be a feature that makes the offered purifier different from the other water purifiers.
- Offers: The offers, discounts or free gifts that you offer to your consumers along with the product can also make you different from your other competitors. A set of glasses or water jug or 20% discount can be the offers along with a water purifier.
- Guarantee: The product’s guarantee and other similar services can also make you different. For example: If you offer free installation of water purifier, 12 month replacement guarantee or per month free servicing of the machine, etc.; these can make you stand out of the crowd and different from other water purifier brands.
- Bridge the Performance divide: Performance divide means the difference between the market offerings and the requirements of the consumers. Any recent need of the people that no other brand have yet addressed. For example: Due to the busy lifestyle, most of the people usually forget to cleanup their water purifiers on a regular basis. So a cleanup alarm system in water purifiers can meet up this problem and remind that cleanup is required.
Things to keep in mind while writing the final copy of your USP:
- Make it clear and concise and try to keep in one sentence: Don’t write a detailed distribution of your product in your USP. Make it concise and maximum of one sentence. For example, ‘let your purifier remind you what it needs’. Domino’s pizzas USP of ‘ 30 minutes or free’ , is an excellent example of perfect and concise USP.
- Deliver your USP promise: Make only that promise your USP which you can deliver without any doubt. Don’t make fake USP promise as it can spoil your brand image to a great extent. For example, if the USP of water purifier is ‘let your purifier remind you what it needs’ then make sure that the purifier have a perfect alarm system and it is not a fake promise.
- Make it easy to remember: USP of product should be easy to remember. Whenever a consumer think about your product or any other similar products, your USP should be the first thing that comes in his mind.
USP is very important and play a great role in making you the leader of your industry. Your USP states how you are better than your competitors.A unique and quirky USP ensures that your product is preferred and sold.