What is Your Unique Selling Point (USP)?

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A unique selling point (USP) is a factor that differentiates a product from its competitors. The factors presented by sellers as the reason that their product or service is unique from their competitors are low cost, quality/durability, quantity, innovation etc. Until sellers identify their marketing paradigm, they will continue to struggle and as such have great failure in sales target.
In today’s market, unique selling point has done more good than evil as it helps companies to analyze its business potential as well as their products and/or services. Sometimes business owners find it easier to develop bright ideas which in turn leads to the formation of new products/services than predict whether these ideas will meet customers’ needs.
Unique selling point also helps to decide when and where customers should purchase a service/product thereby serving to the public as the first-point-of-call marketing strategy.
It has also been observed that lack of strong differentiating character posed by manufacturers in the bid to feature a new product or service, will make the product or service not thrive especially if the market is challenged with homogeneous traits, making the manufacturer be at a disadvantage.
Furthermore, in other to develop your company into becoming the main game player, it is highly essential to keep your customers closer as well as get their various opinion in survey format with the aim of always keeping them happy.
To sum it all up, unique selling point is not a slogan; it is your company’s brand and reason for being in existence.