Your Unique Selling Position or USP, is your most important marketing feature.
If you have a product that is truly unique in the market place – your product is your USP. Take advantage of it while you can. I won’t last.
Most of us, whether we provide a service or a physical product, have competitors. Our USP is what differentiates us from our competition. It is the reason a consumer will choose our product over other similar products.
For some, price is their USP. This is a dangerous position. It targets the segment of the population that by only on price. The problem with this position is it is hard to remain at the bottom. There will always be someone who is willing to go lower. Low margins and increasing costs make this a poor USP.
Adding features is another way of generating a USP. These are features that you can add directly to the product, or accessories that you can include in the sale. While this is a reasonable strategy because it increases your ‘perceived value’, it must be done carefully. Adding too many features will discourage this who are looking for a ‘plain’ version of the product.
Quality and service are, by far, the best USP’s. There are a number of problems with this strategy.
- The buyer may not feel they can afford your product.
- It takes time to build a reputation for quality and service
- You MUST be able to deliver the quality and service you promise.
However, the benefits from this USP are huge. People buying on price or ‘add ons’ are not loyal. They will go to whoever offers them the ‘best deal’. Customers buying on quality and service are the repeat customers we all want.