With all the buzzword bingo in business circles, it’s hardly surprising that sales and marketing terminology means many different things to many different people.
The term USP has been around for many years, the Unique Selling Proposition (or Selling Point to some). Then we have the Elavator Pitch and Value Propositions. To new sales people and even the more experienced, the nature and role of each can be confused. Whilst everyone has heard these terms, how they are understood and deployed is typically much more inconsistent.
So what do they all mean? Are they just the same thing, dressed up in modern clothing?
They are very different, but equally very important in particular business situations. Here is a brief overview based on my experience of each and the role they play in your sales engagements in a B2B sales environment:
- Elevator Pitch. This is simply a short 10 second explanation of why you exist and what you do. There isn’t enough time to go into how you do it, but just what your mission is by being in business. For example at Stormcast that could be simply, we support businesses of all sizes to grow through transforming sales processes, developing their processes, technology and people. This pitch is designed for the short Elevator ride with an executive and only a short time to convey why they need to learn more and engage. Whether in an elevator or in a networking event, it is a essential tool to have in your sales pocket.
- Unique Selling Proposition (USP) – The clue is in the ‘U’. This is all about what makes your business unique and differentiates you from others in your market. For Stormcast, this would be that we specialise in the technology sector and we deliver training in a different way to our competition, which is part of our USP. A differentiator is key and this is the way to describe how you are different and should be leveraged once the customer is in buying mode. Often sales people make the mistake of leading with the USP too soon. This is best used when you need to make sure the buying decision is in your favour.
- Value Proposition – This is the parent of the Elavator Pitch and USP. The difference with the value proposition is that it clearly defines the outcomes and results that the product or service will deliver to the customer. At Stormcast, this could simply be that by streamlining of a sales process and aligning throughout a business, can help our clients achieve 34% revenue growth. This was achieved with company x in under 6 months.
So where do you start?
Start with the Value Proposition. If you can clearly articulate a consistent value proposition with the measurable and demonstrable outcomes, then the Elavator Pitch and the USP will be easier to create and provides the high level guiding outcomes that you need to support any Elavator Pitch or USP statement. The Value Proposition is the most impactful essential tool in B2B sales environments.
Don’t forget, you may need to revisit this by product or service, or as you bring a new product or service to market.
At Stormcast, we provide packaged services to help create these essential sales components and align throughout your sales teams for consistent messaging to your customers.
Please get in touch if you would like to a step-change in how your sales teams communicate your message www.stormcastsales.com