Unique Selling Proposition, (also: unique selling point, USP)
The term USP means a factor that a business possesses in order to differentiate from or to stand out against other market participants. It usually is understood as a feature that conveys unique benefits to the consumer(s).
It can be summarized by three parts, namely:
- The USP must make a proposition to the customer by each advertisement, i.e. the specific benefit which the product or service is bought for, has to be clearly stated to the customer.
- The USP proposition must be, as the name already indicates “truly unique”, i.e. one that is not or cannot be offered to customers by the competitors in the market.
- The USP proposition must be effective, i.e. it has to be able to attract new customers as well as potential customers.
Customer Relationship Management (CRM)
Customer relationship management (CRM) is an approach to managing a company's interaction with current and potential future customers. The CRM approach tries to analyze data about customers' history with a company, to improve business relationships with customers, specifically focusing on customer retention, and ultimately to drive sales growth.
In banks especially, customers tend to have products and services from multiple product areas across a bank. The actual challenge herein is to focus on the provision of multiple services in a way most convenient to the customer.An individual customer, for instance, might interact with one institution/brand about a number of products and services hence will go through several delivery channels and also might have “events” occurring (e.g. receipt of a very large payment).
In order to bring together the entire customer “contacts” and “events”, a group level customer contact system might prove an important aspect for providing sustainable service.
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