You will now complete your secondary market research and consider what
distinguishes your company from your competitors, their products, and / or the
price of their products and services.
The key word in Unique Selling Proposition (USP) is “unique.” There are very
few products or services that are truly one of a kind. In order to target the
demographic for your company, you need to pinpoint what makes your business
standout among the competitors (e.g., Charles Revson, founder of Revlon, always
used to say he sold hope, not makeup. Neiman Marcus sells luxury and customer
service. Wal-Mart sells bargains. Amazon is earth’s biggest bookstore.)
Internet to research two (2) of your favorite companies and two (2) companies
that are similar to your company. Identify the USPs of these companies, and
consider what the USPs mean to you. Next, prepare to create a USP for your
creating a USP for your company:
yourself in your customers’ shoes. Consider
what your customers really want. Consider what could make them your repeat
customers and instead of your competition‘s.
what motivates your customers’ behaviors and buying decisions. You
need to know what drives and motivates customers.
the real reasons why customers buy your product instead of a
owner of a start up, ask people why they buy your future competitors’ product.
This will help you uncover why they might buy yours. Ask yourself the following
does our product or service do better than anyone else?
is our business model different from that of our competition? How could our
product or service be different?
market category or niche is not being served by our
four to six (4-6) paragraph journal entry in which you:
the target market and your secondary market for your company. Note: Be as specific as possible (e.g.,
women 30-45, with a high school education and some college; people working full
time and living in the Midwest, etc.).
your unique selling proposition (USP). Explain the key factors that make your
company different than competitors within your industry. Describe the primary
way in which the USP for your company targets the two (2) markets you identified
in Question 1.