USP is an acronym, or expression, that we hear banded about quite often these days.
And indeed, it is another one of those terms that seems to be used across business, although its roots are most definitely based in marketing.
USP stands for unique selling proposition, although unique selling point is also a recognised explanation.
But what does that actually mean?
It usually refers to your business, although you can break it down and look at it in relation to a specific product or service within your business too – which can be very useful and effective.
The term is used to help you focus on what makes you different – usually in relation to your competitors. What makes you special?
In other words what is the answer to the question: Why should a customer buy from you as opposed to your competitor?
It is important to try and find reasons to help your potential customer make up their mind to buy from you, but this can be very challenging in some sectors. In this instance, there can be a huge temptation to fall back on being the cheapest. This is a huge mistake as there will always be somebody who is happy to under cut you.
And frankly it becomes boring!
Those constant advertisements on the television from all the big supermarkets all taking pot shots at each other, and all saying they are cheaper for XYZ product, have become very tedious – and they all seem to say the same thing.
In other words, it isn’t a USP
Sometimes, you may find it helpful to discuss this with someone outside of your business, who can see the company from a different point of view.
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