Value proposition -- The value you incorporate in your
product. It is a believable collection of the most persuasive
reasons why people should notice you and take the action
you’re asking for.
Innovation -- introduction of something new in your product
or service. This may be a new idea, a new method, or a new
device.
Unique Selling Proposition (USP) -- factor or consideration
presented by a seller as the reason that one product or service
is different from and better than that of the competition.
How to discover your USP and how to use it to increase your
sales and profit:
1. Use empathy: Put yourself in the shoes of your
customers. Always focus on the needs of the target
customers and forget falling in love with your own
product or service.
2. Identify customer’s desires. It is very important for you to
understand and find out what drives and motivates your
customers to buy your product or service. Make some
effort to find out, analyze and utilize the information that
motivates the customers in their decision to purchase the
product or service.
3. Discover customer’s genuine reasons for buying the
product. Information is very important in decision making.
A competitive entrepreneur always improves their
products or services to provide satisfaction and of course
retention of customers.