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Your Products or Services
Describe each of your products or services with a particular focus
on how it will be used. Go into as much detail as necessary for
the reader to get a real flavor for what you are selling. What
are the applications and the end uses? Underscore the specific
features or variations that your products have.
Stress Your USP
Be sure to emphasize your USP - Unique Selling Proposition. Your
USP is the proprietary information that sets your product or
service apart from your competition. If you are using your
business plan to solicit funds, this is what your reader will want
to see. If it is an internal document, your USP will be critical
to your sales and marketing strategies. Without a USP, your
product or service will appear drab and there will be no
compelling reason for people to buy it.
What would some USPs be? For a food product, it could be a
proprietary recipe (like Kentucky Fried Chicken's secret recipe)
or a special way the food is served (like Boston Market's
hand-carved turkey). OXO Good Grips, a maker of kitchen gadgets,
set itself apart by using ergonomically designed grips and handles
on all its products. Tower Records' USP would be its broad
selection of all types of music and its knowledgeable floor staff.
Take a look at the Sample Product Description
for more details.
Tips
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Focus on your success factors. In other words, think about
how you are going to turn a buck. Why will your products or
services be successful in the marketplace? There are any
number of reasons you can use - it's a well-organized
business, we use state-of-the-art equipment, our location is
exceptional, the market is ready for our product, its a
great product at a fair price, etc.
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If you are selling a product, you may want to include full
specifications. If available, include a quality photograph
as well.
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One of your challenges will be to keep the "unique" in your
USP. If there is a chance your competition will begin
offering products or services that also have your unique
features, then you should also discuss how you plan to
remain ahead of the pack.
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Be specific in describing your competitive edge. Don't
just say something like "we intend to provide better
service." Explain how you will do so, and why that sets you
apart from your competitors.
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> Learn how OPEN: The Small Business Network from American Express can help your business. |
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