USP Full Form

USP is referred to as a Unique selling proposition also known as a Unique selling point. 

A Unique selling suggestion (USP, additionally observed as a remarkable selling point) is a factor that modifies an item from its competitors. A USP could be thought of as "what you have that competitors don't." It emphasizes customer attraction in various terms of offering something that competitors don’t have. Some unique trends of selling separate one brand from other brands. Unique selling suggestion is very similar to USP - but it is designed to be used for products and services which have a fixed price. The main idea is that there should be only one product for the price which sells the product. This is the main benefit of implementing a USP - it can save lots of time when the client knows what his product should do. But it only works for products and services which are not very flexible and have a fixed price.

A Manufacturer May Present a Unique Selling Point in Three Diverse Methods:

• By which the item is distinct. The merchandise might have superior quality, better performance, or better service than the remainder of the competitive goods.

• By which the item is made in a special way. In its basic type, it is made on a unique technique or from distinctive resources to differentiate it from other goods on the marketplace.

• By which the item is offered at a specific value. A unique selling suggestion could be a specific value of a product or service.

Here are a Few Examples of USP:

• Pizza Hut: promises good ambience, service and tasty pizzas at outlets. 

• FedEx: When it absolutely, positively has to be there overnight. 

• Indigo: Lower Operating Costs.

• Apple’s: Unique design and patents.

Product Life Cycle

The product life cycle begins with conceptualization, where the idea of a product is first conceived. It then advances to development and research. The final point is when the product is brought to market.

In all stages of the life cycle, there is a need for product life cycle management, which will assist in improving the quality, product life cycle, and service. This will ensure customer satisfaction and enhance the market value of the product. This management is known as product life cycle management.

Product life cycle management involves the management of the life cycle of the product and the activities throughout the life cycle. It is important for product development because it plays a vital role in the production of the product. Product life cycle management includes product life cycle phases that are discussed here.

Process of Creating USP

Before going into competitive markets, you need to do a hard market survey while planning up for a Unique Selling Proposition. 

• Targeting Audience: This is the initial step of any process. Here you need to understand the audience mindset and specifically about your product accordingly then it can be targeted to specific audiences. For example, a marketing manager of any clothing brand needs to create an audience as per the stock either of female apparel or male apparel. Then it needs more advertising based on various platforms to attract their specific audiences. 

• Specific Benefits: In this step, you need to list out some major benefits, which distinguish your products from other market contenders. Thinking as per client perspective helps in making good knowledge about services and choosing you over other brands. 

• Pledge to the Client: An effective part of USP is a promise to the client, the more you adhere to good services and good behaviour with clients turned out to be a positive approach for any entrepreneur.  

Therefore the above listed few points would be treated as a good benefit for a start-up company for setting up their business with their USP (Unique Selling Proposition).

Product Concept

At the beginning of the product life cycle, it is first conceptualised. This is the phase when the company that is manufacturing the product starts with the idea of manufacturing a new product. A product may be first designed through a concept that is used to represent the product. It is represented through the drawings, the model, the images, and the other sketches.

Development

The product is developed next. In this phase, the development begins. This is the phase in which the manufacturing process is initiated and the development of the product continues. In the development, the design changes, the changes are made to the product, and various features are added. In this stage, the design that is first developed will have many changes and this will include some minor changes in design and some major changes that will make the product unique. The changes will vary, depending on the type of product.

Design

The design is finalised. In this phase, the design of the product is finalised and the product is designed. This includes the changes that will happen and the design of the product in the production of the final product. This design includes the model, drawings,  materials, and manufacturing method. The design should be the final one because that will be used in manufacturing the product.

Production

At the end of the product development phase, it is the product that will be the endpoint. In this phase, the product is manufactured. It should be noted that production is the last phase because this is what will make the product appear. In this phase, the final design that will make the product unique will be used. It is the endpoint of the product development, hence the final product of the product development.

Importance of USP

An effective or full-fledged USP helps in implementing a good marketing strategy. 

• A Clear Benefit: The benefits of your product completely depend upon your USP and implementation with well-defined planning. It will be advantageous for your customers to attract to some special offer or another unique selling proposition strategy.  

• Enhancing Revenue: It helps in improving your marketing structure and boosting up the revenue, combining your products with permanent benefits and a competitive price will definitely win your customers attention and presence every time. 

• Well Organised Sales Strategy: Well-organised marketing and sales strategy is a root cause for setting up a streamlined market chain, any loose planning may lead to a cause of failure of the strength of your product. But effective USP planning helps in assessing how you want your market to be recognized by your product and brands. 

The Requirement of USP in the Market

We always have seen that many customers complain about digital platforms every day regarding some or other products. It cannot be reconsidered or re-evaluated every time in the need to purchase. To make it simple, they tend to categorise products and services into groups and allot them accordingly. An effective USP emphasises good communication, good marketing strategy, and assists consumers in understanding your products more clearly to choose you over other competitors in the market. 

Evaluation of USP

Emerging with Powerful USP: To make a strong position in the market you need to survey physically like talking to on-field customers to get their review to modify a business structure. The outcome will help in structuring a potential marketing strategy as: 

• Helps in understanding who your target customers are.

• What business you are in 

• USP (Unique Selling Point) that differentiate your products and brand from the competition. 

• Way of delivering, what promises to build up a good relationship between customers. 

Opting You Over Your Competitors

Here are seven steps in building up your USP: 

Step 1- Uniqueness: Unique USP makes you apart from your market contenders, would be beneficial  to set up a buying criteria

Step 2- Use of Your Major Advantage: A clear description of the three biggest advantages of possessing your products and services.  

• Product 

• Offers 

• Guarantee 

Step 3- Resolving an Industry “Paint Point” or “Performance Gap”: Needs to figure out what needs have been unresolved within your industry level or local market structure. 

Step 4- Be Particular and Offer Oriented: You need to be very specific in making your USP effective since many customers are doubtful of the brand endorsement that companies make. 

Step 5- Liquidise USP into a Clear and Brief Sentence: The most strong USPs are very well written that cannot be changed or modified.

Step 6- Merging of USP into all Marketing Materials: Variants of USP should be involved in all marketing materials.

Step 7- Fulfil on Your USPs Promise: Be courageous in creating your USP, similarly be smart to ensure that you can deliver. 

Use of the Product

At the end of the product development phase, it is the use of the product that will be the endpoint. In this phase, the product will be made and used by the users. In this phase, the product will be designed and a manufacturing process will be used to make the product. The product will be available for use or be released to the market.

Finalisation

The finalisation will be the phase in which all of the testings is done. In this phase, the product will be tested and this will include checking the product to find out how it works and whether or not it is durable, reliable, and safe. It will be made sure that the product is of the required quality.

Conclusion

When it comes to developing a product, there is more than one way of doing it. There is more than one way of developing a product, but the main focus of each and every stage should be to deliver a product that will be appreciated by the end-users. There are a lot of ways to develop a product, there are also a lot of challenges that need to be met in the product development phase, but it is good to have in mind what it is that you want your product to achieve. If your product will be of use and if you are going to be selling it for profit, then your product development phase should include all the stages. Refer to the official website of Vedantu or download the app for a detailed and comprehensive explanation.