USP means unique selling proposition. What does this have to do with small business and marketing? Well, the list of benefits is endless and will be an understatement to be covered in a small write up like this.
Unique selling proposition is the ‘edge’ enjoyed by the product with respect to competition. For example, a ‘black’ diamond will be an USP for a small business when all others are selling diamonds. The ‘blackness’ is the USP here. Once the market is infested with many more black diamond sellers, this seller may have to change the USP for his products.
One has to keep on reviewing the ‘uniqueness’ of product on offer and change in accordance with appeal. USP is different from positioning, which is reflection of the image. Positioning is something done to the mindsets of the target audience while USP is something associated with the product itself. There is a strong probability of positioning statement being sourced from USP itself, but vice versa is not true.