Business, Legal & Accounting Glossary
Unique selling proposition (USP) is a term from marketing literature. Unique selling proposition is all about making any product different from that which is already available in the market. Unique selling proposition is a marketing strategy, which is adapted to present any product in a different form and make it more valuable than the competitors’ in order to capture the minds of a target group of consumers.
Unique selling proposition (USP) was initially proposed as a theory, which was used to explicate a model among winning advertising campaigns of the early 1940s. This concept was named by Rosser Reeves of Ted Bates & Company. Unique selling proposition (USP) leads to attracting consumers by creating an optimistic and exceptional identity of the product that makes the product distinguished from any other product.
In a globalized market where there are emerging loads of products each day, it becomes necessary to capture consumers. The key factor that leads to effective selling of any product in this type of globalized market is “unique selling proposition”, according to the marketing professionals. The main strategy that is used for USP is identifying the reason that makes any product unique in a world of homogeneous competitors. Without identifying one cannot target sales efforts successfully.
There is a process to accomplish a unique selling proposition for any product. First of all, it is necessary to find out, according to the consumers what the value of the product is, which is to be launched in the market. Secondly one needs to have a knowledge of the value of competitors’ product. The ranking is also a significant aspect of marketing. The process includes identifying the top competitors. Once the USP is generated the last step is to preserve the generated USP. As soon as USP of any product is generated, the competitors try to neutralize the effect. In this case, it becomes necessary to update the generated USP. There comes the need for investing in the generated USP to update it so that while the competitors reach up to your level, USP of your product can be moved to the next level. Not just generating USP will aid, but it has to be announced in the market.
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This glossary post was last updated: 29th March, 2020 | 0 Views.