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Posts Tagged ‘USP’

Product – One of the Elements of a Well-Conceived Marketing Matrix

April 19, 2010 2 comments

In creating a marketing plan, you must first be absolutely clear about your Product (or service). Exactly what do you sell?

A common mistake made by many businesses is to define their Product in terms of what it is. “We manufacture photocopying equipment” or “We specialise in the sale of computers and related products” or “We offer a wide array of legal services.” or “We sell women’s clothing.” But people do not decide to purchase from you based on what you are selling but rather what your Product will do for them. First, they must have a perceived need. Second, they must be convinced that your Product will fill this need more easily and/or economically than that offered by your competitors.

Ask yourself this question: “What need is satisfied by my Product?” Stated differently, you might ask, “What problem does my Product solve?” or, “What pain does my Product remove?”

Always define your Product in terms of the benefits it offers the consumer. The most beautifully designed Product, the most brilliantly crafted service, will sell only if it fills a perceived need.

Business Success Tip: Study Your Competition

March 30, 2010 1 comment

A third question posed regarding clarity in your business was this:

Who is your competition?

Who determines the prices you charge? Your level of sales? Your market share? Many people answer, “my customers.” Others claim, “myself.” Certainly both are key determinants of your ultimate business success. But the primary determinant is neither. It is your competition in the marketplace. For this reason, it is essential to thoroughly research your competitors and know them as well as yourself. Read more…