USP: it's what makes a company succeed.How does a company grow from being a small, family-owned operation to having 20,000 employees and sales of $2.8 billion? It's all because of the acronym acronym: see abbreviation. A word typically made up of the first letters of two or more words; for example, BASIC stands for "Beginners All purpose Symbolic Instruction Code. , USP USP - unique sales point . It stands for "Unique Selling Proposition The Unique Selling Proposition (also Unique Selling Point) is the marketing concept that was first proposed as a theory to explain a pattern among successful advertising campaigns of the early 1940s. " and all successful organizations take the time to carefully craft and fine tune their USP so that tangible and intangible qualities of the product make it clearly stand out from the competition. Too many companies try to be like each other, and offer nothing unique to set them apart. In the clutter of the marketplace, the most well known and the least expensive tend to win out. Many products and services are commodities today. In a mature marketplace, the companies that succeed focus on their USP. It starts by doing research. It starts by listening to clients to see what they want. In the late 1960s Frank Perdue Frank Perdue (May 9, 1920 – March 31, 2005), born in Salisbury, Maryland, was for many years the president of Perdue Farms, now one of the largest chicken-producing companies in the United States. was struggling to grow his business and his profit margins. He raised chickens. Once he made the decision to cut out the distributor (middleman mid·dle·man n. 1. A trader who buys from producers and sells to retailers or consumers. 2. An intermediary; a go-between. ), and sell chickens directly to grocery stores and butcher shops, he set out on the road. Frank spent six months traveling. Unlike most of his competitors, he didn't hit the road selling. While Frank knew in his heart that his chickens were better than those raised by his competitors, he needed verification and validation Verification and Validation (V&V) is the process of checking that a product, service, or system meets specifications and that it fulfills its intended purpose. These are critical components of a quality management system such as ISO 9000. . He went out and listened to his clients, past, present and future. He asked them what qualities were important in the chickens they sold. The responses varied widely. He heard they wanted yellow chickens, so Frank fed the chickens a grain that gave the meat a golden hue. Butchers didn't like the little golden hairs left on the wings after the plucking Plucking describes the process of removing human hair, animal hair, or a bird's feathers by mechanically pulling the item from the owner's body. In humans, this is done for personal grooming purposes, usually with tweezers. An epilator is a motorised hair plucker. was finished, so Frank's engineers developed a torch that would singe the hairs off. His clients wanted more white meat, so Frank cross-bred chickens to give them the desired results. Each item on the list represented an opportunity and a challenge. The opportunity meant more sales. It also meant better relationships. The challenge was that each item would take valuable resources, including time, money and would mean forgoing other opportunities. The end result was that Frank could not only sell more chickens, he could sell those chickens at a higher price. He just didn't believe that his chickens were better; he bad done research and acted upon what he heard. Kenneth W. Keller is President of Renaissance Executive Forums North Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County. He gathers top executives and business owners together to help them "work on their businesses, instead of working in them." KKeller@ExecutiveForums.com or (818) 882-2001 |
|
||||||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion