Thanks for coming back for more information about online marketing and how to make the most of it for your business. This week, we are starting to get down to business with the product, targeted market and Unique Selling Proposition (USP)…
Now the previous emails have been pretty easy to follow with little or no jargon at all but, as you can tell from the title of this email, this is a little different. Do not let these technical terms scare you though. You NEED to know the jargon to make the most of online marketing but there is nothing complex to confuse you here, just simple information that you can follow.
The Product
This term is pretty self explanatory. It describes the product or service that you will be selling to the public. If you have a business or are in the middle of establishing one then you probably already know exactly what your product is.
However, having a product is not enough today. You have to be able to market it effectively to sell it, which leads us on to…
Targeted Market
In effect, a targeted market is who you are going to attempt to sell your product to. It is not enough to simply put advertising out there because it may not appeal to anyone if you generalise its benefits. As such, you must identify a niche market to which to sell your product to and you can do this by asking one question – who does your product primarily appeal to?
A targeted market can be defined by age, gender, consumer needs or other similar methods but it should be well defined if you want to use an effective online marketing strategy to sell your product.
Unique Selling Proposition (USP)
In order to identify your targeted market, you will need to perform market analysis. This will help you to establish their wants and needs as well as discover your Unique Selling Point, or USP as it is commonly known.
A USP is a feature of your product or service that sets you apart from the competition. It is the point that will sell what you are offering above all others. It is the main benefit you are offering your customers. It will also give you that unique marketing headline to attract customers in the first place and form the basis of your online marketing strategy.
As you can see, learning about product, targeted market and the USP is not that difficult at all and the jargon is easy to understand. Now all you need to do is put the information here into practice.