What are USPs (Unique Selling Points) in Product Management?
USPs, or Unique Selling Points, are the features or attributes that set a product apart from its competitors. They are the reasons why customers would choose your product over your competitor’s. In Product Management, identifying and leveraging USPs is critical to success in the market.
The Importance of USPs in Product Management
Why are USPs important?
USPs, or Unique Selling Points, help Product Managers differentiate their products in a crowded market, communicate the value of the product to potential customers, and increase the chances of a successful launch. As a Product Manager, the better you understand your target customer and their paintings, the more accurately you’ll be able to identify Unique Selling Points that will matter to them.
How to Identify USPs
Identifying USPs requires both product knowledge and customer insights. Finding USPs typically begins with market research, analyzing customer feedback, and gathering data on competitors. Once the target customer and their pain points are identified, you can make an assessment of your product's features and benefits to determine what sets it apart from your competition. Once you know what this is, you can build on your strengths and compensate for weaknesses.
How to Leverage USPs
Now you know what matters most to your customers, you can leverage this, both in your messaging and in your Product Development. Prioritize features that support your Unique Selling Points, and make sure these points are well understood organization-wide. The better Product-Adjacent roles like Product Marketing, engineering and design understand your USPs,
the more customer-centric your organization can become. This will result in greater customer satisfaction and unlock opportunities for Product-Led Growth.
When to Use USPs
USPs are important throughout the entire product lifecycle, from ideation to launch and beyond. Identifying and leveraging USPs early on can help ensure that the product meets the needs of the target customer and stands out in the market. As the market and customer needs evolve, your Product Management team should continue to assess and refine the USPs to ensure that the product remains competitive and relevant.
USPs in action
”Our product's USP is its unique ability to integrate seamlessly with popular third-party software tools, which no other competitor in the market offers. This feature sets us apart from our competitors and has been instrumental in our growth and success in the market.”