Slack started as a messaging app large teams could use to get work done faster. It was successful because it was simple to use and, therefore, more effective than other communication tools. However, even though they had an extensive market, they didn’t have a specific market positioning. But that changed in 2016.
Slack launched multiple features, including bots and app integrations, to make managerial responsibilities easier. It called out directly to a new audience – managers with its iconic tagline. The result? Slack increased its revenue from $20 mn to $100 mn in the same year.
Today, Slack is the app for office collaboration. And that is all thanks to its clearly defined Unique Selling Proposition (USP).
This blog explains what a USP of a product is all about and how you can find yours.
B2B Unique Selling Proposition: What is it?
A Unique Selling proposition (USP) is everything that separates your product from your competitor’s in a single sentence. It is the reason you expect your customers to choose your product over your competitor’s.
Keep in mind that a USP is typically internal to a company. Founders develop it during the initial stages of a business to position the product in the market. If it is effective and drives business, it is also used to develop marketing and sales approaches.
For example, if your product USP is an easy-to-use project management tool, marketing and selling your product can help you stand out in a market of “best project management tools.” Moreover, your product will appeal more to your target audience, which values simple workflows. This will bring you success not only in your marketing efforts but also in sales.
To get these results, you must have a clear USP in place. So, how do you determine it?
How to Find the USP for your Business?
1. Know customers (ICP)- market research Look at Your Customers
Your prospective customers will come across your USP and decide if they want to purchase your products. So, it makes sense to consider their wants, needs, and pain points when developing your USP. Ask questions like-
- Who is your target audience
- What are their common characteristics
- What are their needs and preferences when buying a product in your niche
- What is their average spend
- What features are they looking for
Answers to these questions will guide you in developing an effective USP. Alternatively, you could take a look at your ICP to understand your target audience’s broad motivations to buy a product.
Another critical step in developing your USP in business is to know your product inside out. This includes the product’s features, drawbacks, and alternative use cases. Also, note product pricing across various seasons, past customer reviews, and client testimonials. Doing this will give you a comprehensive understanding of your product.
3. Know competitors and differentiators
Next, look at your competitor’s offerings across the market. Start by analyzing the products of your direct competitors. These are companies that cater to an ICP similar to yours. Ask questions like-
- How does the company position itself on different platforms?
- What are the common features of products?
- What are the common objections when using your competitor’s products?
- What do good reviews look like for them?
Answers to these questions will help you understand your competitor’s selling points. Now find gaps in your competitor’s offerings that your product can fill. This will help you narrow down your USPs and ensure they are distinctive.
Create a Snappy, Unique USP
Keep in mind that your teams will use your unique selling proposition in marketing and sales apart from internal communication. So, it isn’t enough to narrow down to a few possible USPs. You need to have one that is sticky yet stands out. And you want to collaborate with your team’s copywriter for this.
Don’t have a copywriter on board? Here are some tips for creating a USP that ticks all those boxes.
- Talk exclusively to your ideal customers: Your customers will buy your product if it caters to their needs. So, it makes sense to appeal to them and talk directly to them. Talk about their unique problems and the wins they will get on using your product. This is more likely to grab their attention.
- Have a brand voice that sets you apart: You have fewer than 6 seconds to grab your customer’s attention. And a unique brand voice can help you do this faster by setting you apart from your competitors.
Use a voice that is uncommon in your business. For instance, if you’re in a market that capitalizes on trust. You could change your brand voice from authoritative to helpful and stand out from your competitors.
- Capitalize on how your product can help your buyer: Your USP isn’t a product catalog. So skip the feature list. Talk instead about the tangible benefits your buyers get upon using your product.
- Condense all of the above to a single sentence: Double-check to ensure your USP is clear and rolls off the tongue easily. This is key to making your USP memorable for your buyers.
What is a USP example that uses all of the above principles? Here’s one for you.
The USP of Google Workspace, for instance, is that it allows teams of all sizes to connect and collaborate on its platform. It has a defined target audience – teams of all sizes, and an ambitious yet clear intent – becoming the place of collaboration for them. Google also repeats this USP in its website headers, subheaders, and marketing campaigns. It positions itself as the future of remote working.
Don’t Forget to Update Your USP
The above tips should help you find your company’s unique selling point more easily. But keep in mind that finding a USP isn’t a one-and-done job. That’s because your clients interests and needs will shift with time and the market trends will change. So, you will need to update your USP frequently to keep up with them. This is the only way you can stand out from your competitors.