What is USP ? Features and role of USP model in business and marketing like. How to find and build the USP for the product in the right way. Join us to learn about USP (Unique Selling Point) and issues surrounding this topic.
USP for business people is no longer a new concept. But for those who are just starting to learn about the business field, especially those of you doing marketing, this is a relatively strange concept. But in reality Usp and USP analysis is one of the jobs that play a very important role in the business process. So what is USP, why is it so important.
1. What is USP?
USP is the abbreviation of the first 3 letters of the word Unique Selling Point, which can be roughly translated in Vietnamese as a unique selling point, or easier to understand, the difference of sales. USP is an important factor to differentiate your product or service from the competition in the market. For example, the lowest cost factor, the highest quality, the first product to appear on the market, etc. are the differentiating factors mentioned under this concept.
The concept of USP
Impressive USPs and unique qualities can explain how that quality will bring great benefits to customers, all expressed in a few words with a valuable message. mind. Many companies in the past and present have used the USP as their corporate slogan so that they can convey them to as many potential customers as possible in their campaigns.
USP can be seen as “something you have but your competitors don’t have” Using USP becomes a great marketing tool to assert the position of your product and brand. Help sales will also become more developed.
2. USP’s role in business
A clear USP is an effective tool to help you shape and focus on specific Marketing goals to establish a successful strategy for the development of your brand and products. USP will strive to maximize the unique benefits to consumers and is an essential part of each unit’s branding strategy, making the Marketing campaign memorable and impressive. positive image in the eyes of consumers.
Role of USP
What do you measure that can help differentiate your product and business from the competition in your industry. But if you don’t know how to clearly communicate to your potential customers through all the marketing ideas you generate, then everything will be in vain. That will not be able to help your customers feel the difference of the product. That’s why it’s important for businesses to define their USP – that is, define their unique point of view and have an effective communication strategy to convey exactly to their target customers.
3. Steps to build an effective USP
We have learned together about what Usp concepts are. To be able to build a truly unique and effective Usp is not easy. Each business will have its own way of analyzing and exploiting Usp. However, here are some steps you can refer to in the Usp development process for your product.
Step 1: Research the market and customer needs.
Before searching for Usp for your product or service, you must answer the question “Why do customers choose you”. What has been, is and will make a difference in making customers make purchasing decisions. Customer research, market research allows you to find out the common and unique elements of the products currently on the market. You need to be really clear that what the customer, the market needs, wants, what the customer needs that the market does not have. From there, you infer back the products and services that you provide to see if they are meeting the needs of the market or not.
Remember that a competitive advantage or a customer’s buying decision doesn’t just come from the product’s advantages. You need to perform a thorough analysis of customer needs and behaviors, conduct research on the advantages of location, technology, and accompanying services. A few slogans, a few messages are not necessarily good factors to create trust. Thorough study of market needs creates a strong connection between suppliers and customers. Some questions you might ask when conducting market research and customer needs are:
- What do customers really need?
- What makes customers choose you?
- What did your opponent do?
- Does your product meet customer expectations?
- Is your point of difference easily communicated and accepted?
- What is your competitor’s advantage that you cannot compete with?
- Does the market have room for you to squeeze in?
- What will the customer and market trends look like?
Step 2: Analyze your competitors and their Usp.
To be able to dominate the market, it is imperative that you understand your competitors in the same segment. Your usp is only really effective when it’s something your competitors don’t do well, can’t do, or can’t copy. So you can do your research on everything your competitors are doing, having, and likely to have, including their Usp. Remember that your opponent’s Usp can also become your Usp.
The factors that you need to research your competitors to be able to find your Usp include: Business methods, products, services, technology, people, development strategies, marketing activities… The analysis This analysis is for the purpose of understanding and contrasting it with what you already have. From there find out the Usp of the product you provide. At the same time, find a solution to communicate to promote your Usp to customers.
Step 3: Research and develop your own Usp
After understanding customers, understanding competitors, your task is to look at yourself. Through the analysis of the internal situation you need to give the Usp for your products and services in a reasonable way. Try to list all the factors that you think are different that can be used as Usp for the product. After you have a list of differentiators, your task is to classify them according to their feasibility. Because not every differentiating factor can be applied as a competitive advantage to your product. A Usp is considered to create a competitive advantage when it satisfies the following factors: Differentiation, meeting customer needs, easy communication, and difficult to copy.
Step 4: Promote and exploit Usp effectively.
The last step that you need to implement communication solutions for your Usp. Your usp needs to stick to a message combined with real resource-based marketing strategies. Thereby bringing Usp to reach customers effectively. More importantly, the communication steps need to be carried out methodically and continuously. Because when you come up with a new Usp that you don’t implement aggressively your opponents will copy them. Remember that copy protection is important, but copy protection is not about finding something that can’t be copied. Anti-copying is where you show your opponent that copying is unnecessary and ineffective.
Above is everything about the USP that we want to share. Good luck!