Digg It - Business

Why You Need a USP

One of the first steps in creating a marketing plan is developing a USP, or Unique Selling Proposition (sometimes called a Unique Selling Point or a positioning statement). A USP is an ultimate statement of benefit, or the single most compelling reason why a custo

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

mer should buy from you over your competition. In a short, meaningful, specific sentence, a USP describes your primary distinguishing feature to your target market and lets them know what’s in it for them if they do business with you.

According to Rosser Reeves, the author of “Reali

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ty in Advertising” who coined the USP, the three requirements for a USP are:

1. Each advertisement must make a proposition to the customer: "buy this product, and you will get this specific benefit."
2. The proposition itself must be unique - something that competitors do

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ot, or will not, offer.
3. The proposition must be strong enough to pull new customers to the product.

Some of most well know USP examples are:

Domino's Pizza - "You get fresh, hot pizza delivered to your door in 30 minutes or less."

FedEx - "Your package absolutely, pos

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

itively has to get there overnight"

M&M's - "The milk chocolate melts in your mouth, not in your hand"

Wonder Bread - "It helps build strong bones 12 ways"

But what if such a proprietary advantage does not exist? What if your product is basically the same as your competition’s, wi

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

h no special distinguishing? Check this out: Once M&M established their USP: M&Ms melt in your mouth, not in your hand" - what could the competition do? Run an ad that said, "We also melt in your mouth, not in your hand!"? It reminds me of an example from the book Scientific Advertis

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ing by Claude Hopkins that has gone on to become a classic story used to describe USPs. It goes something like this:

“Schlitz Beer had hired Hopkins to increase their falling market share. At the time the beer companies were frantically buying bigger and bigger advertising space to

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

promote the word PURE. Everyone said their beer was pure, but no one bothered to explain to the public what “pure meant” this meant.

The first thing Hopkins did was take a tour of the Schlitz Brewery. He was shown plate-glass rooms filled with filtered air where beer was dripped ove

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

pipes to cool without any impurities. He was shown huge expensive filters that were each cleaned twice daily to ensure the products purity. He notices that each bottle was sterilized four separate times before being filled with beer. He was even shown 4,000 foot deep artesian wells

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

dug to provide the cleanest, purest water available, even though the factory was right on the shore of Lake Michigan (which at the time was not polluted and could still provide clean water).

After his tour Hopkins exclaimed, “Why don’t you tell people these things?” The company resp

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

nded that every beer manufacturer does it the same way. To that Hopkins replied, “But others have never told this story…” And Hopkins went on to create an advertising campaign that explained to people exactly what makes Schlitz beer pure. It was highlighted with the tagline “Schlitz

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

beer bottles – Washed with live steam”. He told the same story any brewer could have, but he gave meaning to purity. That is what took Schlitz from 5th place to tie for 1st place in market share.”

Creating a USP for Your Business

When developing the USP for your business it can be

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

helpful to try thinking in the customer’s point of view: why should they buy from you, not why you should sell to them. Your USP should state what the most important benefit is to the customer in the target market you are trying to reach. Trying to appeal to everyone will not give yo

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

an effective USP. Focus on the clients that are your greatest income makers and direct the USP to them. You want to attract the ideal client, not just any client.

Here are some questions that a USP should answer:

- What problem are you the answer to?
- What quality makes

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

you different, better or more desirable than the competition?
- What opportunity can you present to potential customers that others can or do not?
- Why should people buy from you?

When answering some of these questions, it is not enough to say “Our service is bette

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

,” or “Our product is better quality.” These statements are not compelling reasons to choose your business over any other business.

Also be sure to focus on a uniqueness that is actually meaningful to your customers. Building your USP around a feature is relatively unimportant to po

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

tential customers, and will not move them to try your product or service.

You can start by crafting a statement that defines what makes your product or service unique and special. You might want to start with a long statement of two or three paragraphs, and then work from there. If

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

you are already have an existing business, ask clients what they value most about the way you do business? And also ask yourself: "In what ways do I benefit my customers?"

Continue editing your statement until it is short, snappy, to the point and describes your uniqueness in a way

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

our customers care about. Once you get your USP finalized, start sharing it with your target market, and let them know what you can do for them. Plaster your USP in your marketing materials, at networking events, on your business cards, on your website and any other time you are give

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

n the opportunity.

Just remember, a USP is free, easy to duplicate and communicate, and above all, tells your prospects what's in it for them if they do business with you. Be sure to take the time to properly develop a USP that will work for you, your business and your target market

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/30576/diggit-How-To-Develop-A-Powerful-USP-for-Your-Direct-Marketing-Business.html">How To Develop A Powerful USP for Your Direct Marketing Business</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/30576/diggit-How-To-Develop-A-Powerful-USP-for-Your-Direct-Marketing-Business.html]How To Develop A Powerful USP for Your Direct Marketing Business[/url]

You too can eliminate the need for employees who call your former customers and attempt to lure the back. Your customers won’t leave in the first place if your customer service representatives are empowered to retain them.

It is great to be young and to have that entrepreneurial spirit. Many businesses have been made successful with this concept of youthful enthusiasm and mature approach.

Ask most people why they are in business and they will give you any number of reasons. Things such as wanting to improve the lives of others; make the world a better place; provide for their family; ...

Tags

Links

Digg It - How To Develop A Powerful USP for Your Direct Marketing Business

Related Articles: