The concept of the Unique Selling Proposition (USP) has been enshrined in marketing and sales circles for decades. Advanced by advertising executive Rosser Reeves in the late 1940s and 50s and then introduced into the lexicon in his 1961 book Reality in Advertising, he called on brands to extend their product advertising from product features to the specific unique benefits their product delivers to consumers.
Every required element of a business is a cost of doing business, and thus subject to cost pressures. Organizationally, finance may not be in charge, but finance gets a big say.
The war for talent has been relentless, even before the so-called Great Resignation and quiet quitting that followed the pandemic. Silicon Valley perks were all about attracting scarce talent. The power of employees has been most evident when it comes to corporate purpose.
Consumers no longer expect brands to merely market their products, but to provide reliable and accurate information, take a stance on social issues, and make a positive contribution to society and the community. At the same time, people are increasingly concerned about the spread of fake news, which impacts their perception of media channels, social media platforms, and brands.
Having a higher purpose connects your mission to your vision, serves collective well-being, and goes beyond just making money. It’s a reason for being that inspires and motivates employees, customers, and all stakeholders to invest in you. A higher purpose provides a competitive advantage and helps you create passionate brand believers. Most importantly, when implemented correctly, a higher purpose connects your incredible work to measurable social and environmental impact.
