Unique Selling Point or Unique Selling Proposition (USP)

USP refers to the special characteristics of the business that gives it an edge over its competitors in the industry. It can be referred to the unique set of operations, special characteristics in the final product or the raw material used or lower cost of operations as compared to the competition in the market.

A company having a USP can use it in its marketing strategy to attract more customers and retain their existing customer base as well. The concept of USP becomes more important in case of products that are available or sold in similar categories and are not as different in their ultimate use. A business having USP can have a favourable pricing policy that can ultimately benefit its bottom line and help in creating a niche for itself in the market