A unique selling proposition also known as unique selling point is the factor that differentiates a given product from its competitors. This could include lowest cost, or the highest quality possible, or even the first ever product of its kind (Rob, 2010). In simple terms it can be said to be what you have that competitors do not have as of yet. The main aim is to make sure that the company gains a competitive advantage against the rest in the competing enlivenment.
For instance when considering Starbucks, we can come to a conclusion that it has its unique identification as it stands out to be the best when it comes to coffee production. It is not only through production but also the packaging and marketing efforts that the company associates itself with. The idea of premium coffee is what has helped the company to be able to beat competition even from gas stations, and other beverage shops, and this has made it possible for it to attract and retain as many customers as possible. The thing that has enabled the company stand out is to find strategies that can work for its USP and ensure that it is doing well in the competing marketing environment.
Development of USPs
All companies have their unique way of developing their USPs but the most important thing is to make sure that it is unique from the other companies in the business environment. There should be some features that stand out in enabling the company have a level of its own in this marketing environment (Kotler, 1997). One of the best exceptional frameworks of USP includes having a unique kind of product. Customers and consumers would like to have something that they have never seen before. This is what would draw them to a company because they are pretty sure that they will have a unique experience from that which they have had with other products.
Apart from the product uniqueness, another framework could be to work on the price of the product. It does not need to be necessarily low, but it is important to ensure that it is kept competitive (Hiam & Schewe, 2002). It should also be one that should give the consumers value for their money. Additional services could also be included to make the product and accompanying price to stand put, and despite the fact that it might be high, it could still attract customers because of the value that it gives to customers.
It is also important to consider the place where the product is intended to be introduced. Very many things play a very big role when it comes to this. For instance, it is important to make sure that the lifestyles of the people match the product that is being introduced. They should be able to afford the price that is set up for the product, for the product to be bought in large numbers. It is also important to ensure that the product is relevant to these people. If it is irrelevant, then most probably they won’t buy it.
Lastly the company should make sure that it has carried massive promotion strategies to enable as many people as possible know about the product in question. Knowledge of the product is something that will also play a big role in boosting the sales of the product. Promotion could be in many forms which include advertising, sells promotion, discounts among others. The main aim is to arrest the attention of the buyers and make sure that they are aware of the new product or services in the market. Companies should at all times struggle to improve on their products or services to make them more satisfying to customers. This is also factor that can help the companies avoid any competition from the competing organizations.
Hiam, A., & Schewe, C. (2002). The Portable MBA in Marketing. New York: John Wiley & Sons.
Kotler, P. (1997). Marketing Management: Analysis, Planning, Implementation and Control. New Jersey: Prentice Hall, Inc.
Rob, D. (2010). Principles and Practice of Social Marketing: An International Perspective. London: Cambridge University Press.