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USP IS IMPORTANT FOR EQUITY

WHAT IS YOUR USP

(Continued from: HAVE YOU GAUGED COMPETITIVE INTELLIGENCE)

Analysis of the data plays a vital role in luring consumers and helps the team create a Unique Selling Proposition. USP projects what the company has, as an advantage that competitors do not possess. By setting up the right and legitimate claims the brand equity of the venture can be ascertained. The aspects that it counts on are costing, quality and uniqueness.

These three factors give you an edge over your competitors and help consumers opt for your proposition. USP not only helps you in grabbing the market share but also helps you scale the value chain. The important factors that need be considered before designing your very own USP are as follows:

  1. Identify the area where you are good and project the same. Do not take everything in your stride, by doing so you might be lost in your own illusioned matrix. Understand that you cannot be everything for everyone. Hence, identify your expertise and project the same.
  2. Create a message of value that shall be identified with your product and this value lives on forever increasing the loyalty of the consumer base.
  3. Remember to develop a conviction and show the consumer with real time evidence on the proclaimed perception.
  4. Understand the market, know your consumer, understand your competitor and then design your USP.
  5. Design the USP based on the geographical coverage, your expertise and setting criteria for consumers.

USP well designed could take your team to peaks untraversed till day. Ensuring these steps with always having a backup plan, success is not far away. This is part of the series of articles published by Way2World for your benefits. Pl share your experiences to grajkishan@gmail.com, to serve you better. With inputs from internet – Rajkishan

(To be continued: BITTEN BY THE ENTREPRENEURSHIP BUG – 8)

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