When researching B2B sales tactics, you'll probably encounter the use of a unique selling proposition. B2B companies of all shapes and sizes use them to drive sales. With a unique selling proposition, prospective buyers or sales leads will understand how a specific product differs from similar products on the market, which typically results in a higher conversion rate and more sales. So, what is a unique selling proposition exactly?
The Basics of Unique Selling Propositions
Also known as a unique selling point, a unique selling proposition is a message that distinguishes a product from similar products on the market. It tells an audience how a specific product stands out from similar products and why they should choose it. Unique selling propositions are designed to educate prospective buyers about a product and how it's distinguished from other products sold by competitors.
Unique selling propositions have been around since the 1940s. Over the years, however, they've become increasingly popular among B2B companies. B2B buyers will often research multiple products before making a purchase. A unique selling proposition simplifies this process by telling them how your B2B company's product stands out from its competitors.
How to Create an Effective Unique Selling Proposition
To create an effective unique selling proposition for a product, you must investigate similar products sold by your competitors. After all, the fundamental purpose of a unique selling proposition is to convey why a product is unique, as well as better, than similar products on the market. This is only possible if you research your competitor's products.
After researching your competitor's products, think about what makes your B2B company's product stand out. Maybe it's constructed of higher-quality materials, or perhaps it comes with a longer warranty. Regardless, these are things on which you should focus when creating a unique selling proposition.
If you're struggling to create a unique selling proposition for a product, take a few steps back to determine why buyers choose it. Reading through some of the product's reviews or testimonials from past buyers can provide insight into why buyers choose it. Better yet, have a conversation with a couple of customers. They will be happy to show you how they use it, why they chose it and how it affects and improves their business. You can then apply this information to create an effective unique selling proposition.
Now that you've worked diligently on creating a selling proposition, test it out. First, go back to your customers and have them read or hear you say it. Their feedback will help you to determine if you're on the right track. If they don't perceive what you are saying to be true, then you need to question why and make any necessary adjustments.
When it's ready to go, use it where it matters most: on identified projects. If you recall, SalesLeads provides identified projects within your industry. This allows you to contact the right person and through your discussion or marketing, keep reinforcing your unique selling proposition. This can help you to open the initial conversation and get you into the sales funnel that brings you to the next step or further down the sales funnel.