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The Unique Selling Proposition or USP Analysis is a strategy that is implemented to highlight the special features of a product that is marketed to the organization’s clients. Specifically, this analysis focuses on the product’s elements that distinguish the organization from competitors in the industry. As such, using this strategy will help to improve bottom-line performance due to the increased business.
Description of USP Analysis
There are four steps in the USP Analysis. All four steps should be carefully adhered to in order to strategically improve the organization’s position in the industry.
- Step 1: Consider what is valuable to the patrons of the organization. Conduct research to determine what customers find to be most important when purchasing a product (e.g., price, quality, or both). Typically, organizations are most successful when well-made products are sold at a reasonable price, whereas poorly constructed, very expensive items could generate lack of interest from customers. Another helpful tactic is to survey employees or other relevant business partners to determine what matters most to them when they make purchases.
- Step 2: Create a rankings list. After collecting the data, make a list ranking where the organization, as well as its competition, lie with regard to the establish criteria. These rankings indicate where the organization lies in the market. It is important to remain neutral in this process, avoiding giving the organization the highest rankings. The more objective the company remains, the more realistic the reporting will be, which will result in more accurate and beneficial decisions.
- Step 3: Determine the strengths of the organization. Use the list to recognize what customer-oriented criteria the organization excels in where other companies fall behind. After identifying it, consider ways of marketing that feature, such as in an advertisement, in a way that is compelling to customers.
- Step 4: Defend your turf. Whatever trait is identified as the strongpoint of the company, take action to protect that competitive advantage. However, it is important to recognize that other organizations will be aware of the unique features that your company is marketing. For these reasons, consistent innovation, more streamlined processes, and appealing features become critical. However, as the products change, continue to monitor the USP of the organization and market the identified feature as it updates.
Praxie's Online USP Analysis Tools & Templates
Strategy teams looking to develop products which stand out from the competition should leverage the new online Unique Selling Proposition (USP) Template from Praxie. A SWOT analysis or TOWS Matrix can support the USP Analysis by helping to identify the strengths and weakness of the organization. The Unique Selling Proposition or USP Analysis is a strategy that is implemented to highlight the special features of a product that is marketed to the organization’s clients. Specifically, this analysis focuses on the product’s elements that distinguish the organization from competitors in the industry. As such, using this strategy will help to improve bottom-line performance due to the increased business. Get started with our USP Analysis template.
How to use it:
- List your company name and the names of your competitors across the top of the chart.
- Enter data to describe each dimension of competition.
- Edit the dimensions if desired before beginning your USP analysis.
- Create an action plan for completing your USP Analysis.
Unlike most traditional USP Analysis techniques, Praxie’s online USP Analysis tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.