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Thursday, 7 June 2012

Marketing Strategy-Unique Selling Proposition & Its Benefits

A unique selling proposition (USP) can best be described as a marketing idea that differentiates one businesses product or service from its competition by way of a benefit or way of doing business. Your USP will convince the potential buyer from doing business with you because your proposition is seen as much more valuable as compared to your competition. Here are three famous USP examples:
"You get fresh, hot pizza delivered to your door in 30 minutes or less - or it's free." Domino's Pizza
"The ultimate driving machine" BMW
"The milk chocolate melts in your mouth, not in your hand" M&Ms

Furthermore, a USP helps greatly in product marketing strategy. Every seller must be able to identify the company's unique selling proposition. You do not sell what you do not know. You will be able to provide answers to any question asked by the buyer and thus convince the buyer to buy even more.

How do you know your USP?

1. Consider yourself to be a buyer.

The USP must be unique indeed. It ought to be an addition to the benefits that are obtainable in your industry. The consumer market research should be critically conducted. This will reveal the needs of the consumers and it's the tool that will be used to uncover the USP. Having understood the needs of the consumer, the solutions to the needs are then made unique in such a way that it is completely different from those of the competitors.

2. Determine customers' motivating buying factor.
You can get to know this by a simple questionnaire or by short interviews of your customer. Most customers will provide genuine answers as per what gives them the drive to purchase your products. This is very essential.

3. Determine reasons why consumers prefer your products and services.
The best source of getting feedback is through your customers. They provide you with the information you need to know about the reasons why your services or products are distinct and preferred to others in your industry. Some of your customers will even suggest how you can improve your services.
Ensure that your selling propositions are convincing enough to persuade customers to use your products and services. Also ensure that you retain your customers while you increase your customer database.

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