Glossaries
Unique Selling Point
What is a Unique Selling Point (USP)?
A Unique Selling Point (USP) is a distinctive feature or characteristic that sets a product or service apart from its competitors, giving it a competitive advantage in the market.
Synonyms: Unique Value Proposition, Key Differentiator, Competitive Advantage, Product Differentiator
Why a Unique Selling Point is Important
A Unique Selling Point (USP) is crucial in product management as it helps differentiate your product in a crowded marketplace. It provides a clear reason for customers to choose your product over competitors, potentially increasing market share and customer loyalty.
How to Develop a Unique Selling Point
- Analyze your product's features and benefits
- Research your target market and competitors
- Identify what makes your product stand out
- Craft a clear, concise message that communicates your USP
Examples of Unique Selling Points
- Apple: "Think Different" - emphasizing innovation and user-friendly design
- FedEx: "When it absolutely, positively has to be there overnight" - highlighting reliability and speed
- M&M's: "Melts in your mouth, not in your hand" - focusing on a unique product feature
Frequently Asked Questions
- What's the difference between a USP and a value proposition?: A USP is a specific feature that sets you apart, while a value proposition is a broader statement of the overall value you provide to customers.
- Can a company have multiple USPs?: Yes, but it's often more effective to focus on one primary USP in marketing communications.
- How often should a USP be updated?: USPs should be reviewed regularly and updated as market conditions change or when introducing new product features.