Unique selling proposition (USP)
A unique selling proposition (USP) is a term used to refer the unique proposition that a company presents to their customer via an advertising campaign. The concept was first introduced in early 1940 as a theory to explain how a company can get the most amount of ROI (return on investment) from a successful advertising campaign. The term became so successful that it is now used any other business sectors as well as define a proposition that a company offers and other not.
A solid USP can make or break your advertising campaign. By creating a core USP, you will be able to attract more and more buyers for your product and services. But if you run your campaign with a wrong USP then you will get customers who are not interested in your business at all and you might create a wrong impression in the market as well.
The most suggested and effective ways to find out your product and service’s USP are:
- Industry Research: USP is all about bringing something unique to the table. By doing an in-depth research on your industry, you will be able to find out the gaps which currently exist in your industry. You can do that by analyzing reviews and finding out the market loopholes that exists in the industry right now.
- Prospect research: Doing an in-depth research on your potential customers or prospects, you will be able to find more information about the things they are looking for right now. With the development of online survey facilities, and social media platforms, you will be able to acquire more precise research results within a less period of time. By tapping into their needs, you will be able to get the best advantage over your competitors.
- Analyzing existing customer’s feedback: While prospects can help you to learn more about their desires, doing an in-depth research on your existing customer will help you to learn more about your product and services. As a user, your existing customers will be able to provide you the best data about how well your products really are and how you can improve them.
If you own a small company or a new startup who are low on time and budget, then it is highly recommended to outsource the USP research to a good quality marketing company as it will help you to design the most perfect advertising campaign in the long run.