Explain the importance of having a unique selling point (USP)

A unique selling point (USP) is a differential factor, which enables the business to distinguish itself from other competitors in the market place. As such, a USP is important as it provides more value for money to consumers who would be swayed towards opting for better goods or services. Moreover, a unique selling point allows the business to create a distinct image and as such is an enabler into boosting sales efforts as the product is stronger in itself. In saying so, a unique selling point can be applied to any aspect of the marketing mix, for instance the promotional offers held by the company, which may be different from those of other competitors in the industry, or the features of the product itself.