Your next step is to do research to determine how your competitors have set themselves apart, as you obviously don’t want to use the same (or similar) USP as someone else.
Check the following:
What benefits/USP are featured in your competitors’ ads and sales letters?
What USP is reflected in your competitors’ branding?
What USP is prevalent in their content (blog articles, social media posts, newsletters)?
How are their products positioned?
Are these positioning statements strong/obvious? Are they known for these positions?
Cross off any potential USPs from your list that your competitors are already using. Now you have a “short list” of potential USPs. Move onto the next step…
The first thing to do is think about how your business and your products are different from everything else on the market.
But heads up…
You don’t need to necessarily have something about your product or business that no one else is doing. It doesn’t have to be something that’s never been seen on this planet before.
In many cases, all you need to do is find something interesting about your product or business that your competitors aren’t using as a unique selling proposition. In other words, you promoting this point is what’s unique (though the point itself may not be unique).
Let me give you an example…
Folger’s coffee separates themselves from their competitors with the selling point that their coffee is “mountain grown.” But here’s the thing: MOST coffee is mountain grown. As such, that means most of Folger’s competitors are also using coffee beans grown in the mountains. It’s just that no one else had ever mentioned (or at least emphasized) this fact in their marketing before.
Another example: United Airlines had a long running slogan, “Fly the friendly skies.” This unique selling point suggests that flying with United is a pleasure and that you’ll get good customer service.
Does that mean every other airline on the planet doesn’t strive to create a great flying experience for its passengers? Does this mean all other airlines have surly flight attendants that will ruin a passenger’s day?
Of course not. Most businesses know how important it is to provide a good customer experience. But the thing is, United knows that air travel can be stressful due to the delays, short connections and so on. As such, they grabbed the good customer experience mantle and ran with it (to great success).
So, the point is, however you end up setting yourself apart doesn’t necessarily need to be something that your competitors aren’t doing. If you truly have a unique component to your business, that’s awesome. But if not, then look for something in your products and business that your competitors aren’t mentioning, which in turn you can use to set yourself apart.
So, with that in mind, it’s time to brainstorm potential unique selling points…
Is my product created in an unusual way?
The Folger’s coffee example above is an example of creating a USP out of the way the product is made. Another similar example is Coors beer, which touts being brewed with pure Rocky Mountain spring water.
Now, if you’re selling information products, then you won’t have “ingredients” or methods like that to set yourself apart. However, there are still ways to do it.
For example, let’s suppose you have a product that was jointly created by some of the top experts in your niche (this might be a webinar, a video course, or even a report or ebook where each expert contributed something). You can then tout how the product was created by an entire team of the top experts in the niche.
Another example: let’s suppose your product is an in-depth case study. Instead of merely providing step-by-step information, you can set the product apart by claiming it’s like “Looking over an expert’s shoulder.”
Next…
Do I have a background or credentials that make me uniquely qualified to offer this product?
Your next step is to figure out what makes YOU different than your competitors. For example:
Do you hold any certifications or degrees in your field?
How long have you worked in your field?
Did you work professionally in the niche? For example, if you’re in a health niche, did you previously work in the medical field?
Have you received any industry accolades or awards? For example, if you teach people how to become better writers, have you won any reputable awards for your own writing?
Have you created results for yourself?
Have you created results for others? (How many?)
Do you have any endorsements from other well-known experts?
Next…
Is my product or business the “first” in some category?
Again, you don’t need to be the only one doing something in your niche. Instead, you might be able to set yourself apart by claiming to be the FIRST to do something. You might even drill down further and claim to be the first type of person to do, or the first person in a specific location to do it.
Let’s suppose you teach personal trainers how to get better results for their clients. And let’s suppose your methods rely heavily on some other field (aside from the typical nutrition and exercise science). For example, maybe you’ve developed a strategy based on psychology to help people stick with their diet.
You might then be able to tout yourself as the first to use this kind of technique to create fantastic results for clients.
Another example: maybe you’re the first of a certain group to work in a subset of your niche. This might be the first doctor… first Australian… first teenager… first octogenarian… first __________. Do some brainstorming to fill in the blank. Don’t worry about whether it’s relevant now (just create as big of a brainstormed list as possible).
Next…
Have I pioneered any new strategies for this product?
An example of this is anyone who’s developed a formula (such as the AIDA copywriting formula) or even a new name or twist on an old concept. While people may be teaching the same sort of information, you’ll be set apart if you have a new name for it.
Here you just list everything else you can think of that makes your product different from everyone else’s product. You may do some research to help you spot the differences.
Is my guarantee unusual in any way?
For example, maybe most people in your niche offer a 90-day guarantee, but you offer a year or even a lifetime unconditional guarantee. Or you might offer a “double your money back” conditional guarantee.
How is my pricing different?
This includes both lower and higher pricing. You might also set yourself apart by using payment plans.
How is my customer service different?
For example, do you offer phone support (while your competition offers online help only)? Do you offer 24/7 support? Do you do things like offer free installation and support for software?
Go ahead and brainstorm all the ways your product and other facets of your business could be positioned in the market. Then move onto the next component of this process…
The third question you need to answer is “Where is the audience?” – that is, how do you reach them with your advertising? Check all that apply:
Guest blogging. Be sure to choose guest blogging opportunities on high-quality, high-traffic blogs. Your name is going to be associated with this blog, so do your due diligence to ensure it’s the sort of place with which you’re proud to be associated.
Blog on your own site. You can get your own blog set up quickly and easily using WordPress.org. You can use your blog to distribute viral content, as well as content that’s been optimized for the search engines. As such, blogging is a great way to generate traffic and build relationships with your audience.
Use social media marketing. This includes using popular platforms like Facebook, Twitter, YouTube, etc. Check “S” for Social Media for more information on this topic.
Utilize email marketing. Use an exit traffic redirect script to direct prospects to an enticing lead page. Your goal should be to get as many of your visitors on your list as possible – because if they leave your site, they’re unlikely to come back on their own.
Start an affiliate program. Give your affiliates big commissions, high-converting sales materials, and perks such as affiliate contests with attractive prizes.
Get joint venture partners. Build relationships with other business owners in your niche first, and then start working with them in mutually beneficial ways to drive traffic and create content.
Produce viral content. Then post this viral content on your blog as well as social media platforms. Be sure to encourage people to share it.
Use paid advertising. This includes the Facebook ad platform, Google AdWords, niche advertising, and similar venues. It’s a good idea to start small, test your campaigns, and reinvest money in those venues that work the best for you.
Distribute press releases. You can do this both locally as well as using a service like PRWeb.com.
Hold a contest. Kick start the viral effect of your contest by using Rafflecopter.com.
Give away valuable content. This includes reports, webinars, memberships and other freemiums. This is a great way to generate traffic and establish your expertise.
Start a customer referral program. Give both the customer and the referral a reward, such as a 50% discount on their next purchase.
Advertise offline. You can do this in relevant offline niche publications, by giving local talks, or even by securing a booth at a niche expo.
One of the keys to a successful business is to focus on the quality of your traffic. The above three questions will help you focus in on a highly targeted audience!
The second question to ask yourself is this: which audience would be most interested in your product or service?
Note: the answer is not “everyone.” This is true even if “everyone” could benefit from your product.
Let me give you an example…
A restaurant serves food. Since everyone needs to eat, it would seem that their market is everyone.
But that’s not true.
A restaurant will find a targeted audience possesses the following characteristics:
Prospects are close enough to the restaurant to drive in and enjoy a meal (depending on the restaurant and where it is located, their target range may be a five-mile radius to a fifty-mile radius.
Prospects would enjoy the meal. For example, if someone drops a Thai restaurant in rural North Dakota, they’re going to have a hard time finding enough customers who enjoy Thai food to make it worthwhile.
Prospects can afford the meal. Again, this will depend on the location of the restaurant. If it’s an upscale restaurant, they’ll do better in a high-income area.
Those are just a few examples. Point is, no matter what your product or service, you should never target “everyone.” If you try to do that, you’ll appeal to no one at all.
As such, you need to be as specific as possible about your target audience. Do your market research to answer these questions:
How old is your ideal customer?
Male or female?
Where do they live?
What stage of life are they in? (E.G., just graduating from college, getting married, newly divorced, etc.)
What is their education level?
How much money do they make?
How much money do they spend in the niche each year?
What is their marital status?
Do they have any kids?
Where do they get their niche-relevant information?
What sort of products have they tried using before?
Why didn’t those other solutions work out for them?
What are their biggest niche-related problems?
What are their hopes and desires with regards to the niche?
What else do you know about your audience?
The more you know, the better able you’d be to create content and products that really appeal to your specific niche.
For example, let’s imagine for a moment that you have a weight loss product. And let’s suppose you really examine your target market and discover that most of your customers are middle-age women who’ve had children years ago and have yo-yo dieted ever since. They want to get fit and healthy again.
Now, if you assumed that your market consisted of 20-something men who want to get ripped for beach season, then your content isn’t going to connect with your actual market (middle age moms).
For example, imagine writing something like this to the moms: “Dude, the girls on the beach are going to be drooling over your abs this summer…”
That would go over like a lead balloon, right?
This may be a slightly exaggerated example, but the lesson is relevant all the same: be sure you truly understand your market so that you can create content that resonates with them.
The first question you need to do is fully understand your product. Ask yourself these questions:
What problem does the product solve? Be as specific as possible. For example, a weight loss product may not just solve the problem of helping people get rid of stubborn fat. It may solve this problem for busy people (e.g., the meals are quick and easy to create, and the workouts are also fast and can even be done at home, so no traveling to the gym required).
What are the product’s main features? The features are the “parts” of the product. For example, a feature of a copywriting guide is that it includes a sales letter template.
What are the benefits of these features? Most prospects tend to be persuaded by the benefits of a product rather than just its features. That’s why you’ll want to list the benefit of each feature of your product.
For example, the benefit of a sales letter template is that it makes creating a sales letter fast and easy.
What are the desirable outcomes of these benefits? You want to make sure you get at the “ultimate benefit” or outcome.
One way to do this is to play the “So What?” game as you list your benefits. You list a benefit, you ask yourself “So what?” and then you list additional benefits as you think of them.
Let’s imagine for a moment that you were making your list of benefits associated with toothpaste.
A feature of the toothpaste is that one of its ingredients is calcium carbonate. (You can see why many people don’t respond to features, as a lot of people won’t have any idea what calcium carbonate is.)
The benefit of calcium carbonate is that it helps whiten teeth.
Now we ask, “So what?”
The answer: whiter teeth create a more attractive smile.
Again we ask, “So what?”
The answer: when we like our smile, we feel more confident and attractive at work, at school, on dates, and in other social situations.
So, as you can see, calcium carbonate doesn’t just whiten teeth: ultimately, it makes the users more attractive and confident.
Which of these benefits are most important to your audience? Your product may have a lot of benefits, but not all of these benefits are of interest to your audience. That’s why you’ll want to do some market research (including surveys) to find out what it is your market wants and values.
Let’s take a look at another example of walking through the features, benefits and outcomes of a product. A feature of a dieting book is that it includes meal plans and recipes. The benefit is that these meal plans make it easier to stick to the diet. The outcome is that users lose weight while eating delicious meals. Indeed, the meals are so good that the whole family will enjoy them, which means the dieter doesn’t need to cook multiple meals (one for herself and one for her family).
Don’t limit yourself to one-way communications by only posting content on social media. Instead, be sure to be truly social by participating in discussions. This includes:
Interacting with people on your pages. This means liking and commenting on posts on your page.
Starting groups so you can interact even more. For example, you can start a niche group on Facebook to help establish your expertise. This gives you some measure of control over the conversation in your niche. For best results, start your group around a tightly focused topic (and become the “go to” source of information on that topic).
Encouraging people to comment on your posts. For example, ask a question such as “What do you think?” to get the conversations going. You may even specifically say something like, “I’d love to hear your opinion, so post it below now to join the conversation!”
Note that you may outsource your social media participation.
The bottom line is that your audience and your competitors are already on social media. Be sure you develop a big presence too so you can communicate with your prospects, customers and even your joint venture partners.
Once you figure out where your audience hangs out, then the next step is to plan your content strategy and start posting content. Let’s start by looking at some of the different types of content you may post:
Tips. Typically, people on social media have short attention spans, which is why a short, single tip will likely work better than posting a full-length article with multiple tips. However, this of course depends on your audience, as well as the platform you’re using (e.g., for Twitter you don’t have enough room to post anything longer than a short tip).
Note: For maximum impact, post your tip as an eye-catching image. For example, if you’re sharing a dog-training tip, then create a graphic that includes your tip alongside a picture of the dog. Be sure to post your web link on the graphic itself, as some people will copy the image and post it on their account (rather than using the share button) which preserves any text or links you post alongside the image.
Quotes. The idea here is to post a powerful quote that’s likely to resonate with your audience. You might post one of your own quotes, but keep in mind that this strategy may backfire if you’re not an established expert in the niche (as people may see you as pretentious or arrogant rather than a thought leader).
If you’re not sure if you should post your own quotes yet, then use quotes from famous people. You can search for relevant quotes on sites like GoodReads.com and BrainyQuotes.com. Just like the tips, you can post quotes on an attention-getting graphic.
TIP: Be absolutely sure you list the person to whom the quote is attributed. You’ll also want to check multiple credit sources to make sure you attribute the quote to the correct person. If you attribute to the wrong person, you’re likely to take a hit to your credibility.
Next…
Videos. You’ve probably noticed that videos are really popular across social media. Not just on YouTube, but on other sites as well. That’s why you’ll definitely want to experiment with posting videos in your niche.
Note: as mentioned above, people tend to have short attention spans when they’re browsing social media. That means two things:
Your video needs to capture (and hold) attention instantly. Now is not the time to go for content that slowly builds. Instead, your video should share attention-getting information and visuals right from the first frame.
Your video should be short. If people see that your video is 10 or 20 minutes long, they’re unlikely to watch it (as they have plenty of other things in their social media feed that they want to see). That’s why your video should be short. It may be as short as 20 or 30 seconds, but definitely keep it under three minutes.
Next…
Audio clips. This is a good type of content to post if the information benefits from having an audio. For example, if you’re teaching dog owners how to recognize the characteristic “goose honk” cough of a dog with a collapsing trachea, then obviously you should post an audio clip.
NOTE: In this particular example, a video clip would be useful to show the dog’s posture as they cough. However, if all you have is an audio clip, then post that. You might even decide to create a video, such as by overlaying the audio over one or more photos of coughing dogs.
Next…
How to content. You can post how-to content in either an article format or video format.
Typically, for social media you’ll probably get more interaction and shares if you post it in a video format. That’s because you can demonstrate the process while you explain it. For example, you can demonstrate how to do a kettle bell swing as you explain.
However, you can certainly post how-to articles as well. In many cases you may find that it’s better to take a full-length article and strip it down to its essential steps and tips. In other words, remove all the fluff and filler, as people who are scrolling through a busy feed don’t have time to read long articles.
List articles. People love lists, and lists are easy to post on social media (as even skimmers and busy people can glance at them to get the gist of what you’re sharing). For example, you might post a list of the top places to submit guest-author posts.
Memes. If you have personal social media accounts, then you probably see memes popping up in your feeds every day of the week. Start paying attention to these memes, and think about how you can capitalize on a popular meme to turn it into something relevant in your niche.
Comics. If you’re a creative, artistic sort (or you have the cash to hire someone who can draw comics), then you might create and share relevant comics in your niche.
To see an example of the type of comics we’re talking about, check out Off the Leash (for dog lovers): http://offtheleashdogcartoons.com/.
Infographics. Data-heavy or complex information can be hard to consume and understand in any venue. You may create infographics to boil complex information down into its simplest form (with data represented visually).
If you want examples of the type of infographics people are creating and sharing in your niche, search Google for the word “infographics” alongside your niche keywords (e.g., “marketing infographics”).
Charts and tables. While not as extensive as an infographic, a chart or table can be a quick way to make an impact. For example, you might use a pie chart to represent what diseases are most likely to be fatal to a particular breed of dog. This chart will definitely get your prospects’ attention, so you can then point them to a page that shows them how to reduce the likelihood that their dog will acquire the disease.
Photos. A photo is a great option for sites like Pinterest and Instagram, though they’re also really popular on other sites too (such as Facebook and Twitter). Let’s suppose you work in a cooking or baking niche. You might post a picture of a delicious meal, and then link to the recipe on your site.
Illustrations. This works the same as photos, except they’re drawings. For example, you might share an illustration or blueprint of how to build a chicken coop.
On which platforms does my audience congregate? For example, web developers tend to use Google+, while women who are planning their weddings are more likely to be on Pinterest. You’ll need to research these platforms and their demographics to determine which ones your audience prefers.
Which platforms best suit my needs? For example: If you’re planning to share a lot of photos and graphics, then you’ll want to include Instagram and/or Pinterest in your social media strategy.
Another way to find out what your audience wants is asking them directly. Here are three ways to do it:
Use Written Surveys. Use a tool like SurveyMonkey to create your survey. Then distribute your survey across your niche, including:
Sending the survey to your mailing list.
Posting your survey on social media.
Distributing the survey in niche groups on Facebook.
Asking your partners to share your questionnaire.
Advertising your survey using pay per click marketing or Facebook ads.
You’ll want to examine your survey-takers pool carefully to make sure you haven’t inadvertently surveyed a biased sample.
For example, if you distribute your survey in one place – such as in a very targeted Facebook group – you might believe that your audience is rabid about a particular kind of product. However, perhaps the truth is that yes, that particular segment of the audience is rabid – but it’s also VERY small. So, if you invested a lot of time and money creating a product for this market thinking you were going to sell a ton – but you sold a tiny handful because the actual audience is smaller than you thought – you’d lose money.
Point is, be sure your sample is an accurate representation of your audience.
Utilize Informal Methods. You can spend time talking to your market to better understand what they want. Examples include:
Asking questions in social media groups.
Posting casual questions on your social media platforms.
Talking to members of your niche offline (e.g., at niche meet ups).
Creating a focus group to get insight into what your audience wants.
3. Use Sales Tools. With this method, you don’t ask your prospects about what they want. Instead, you try to sell certain types of products to them and see if they respond favorably. Here’s how:
Create a “lite” version of a product. The idea here is to quickly create a stripped-down version of the product you have in mind. For example, if you’re thinking about creating an app, you might develop an app with limited features to see how it sells. Or if you want to sell a video course, you might offer an “overview” video course on the same topic.
If people respond favorably to your lite version, then there’s a good chance they’ll respond favorably to your full version too. (And better yet, you’ll have a list of customers in place who’re very likely to purchase your full product.)
Sell a related affiliate product. For this method, you don’t have to spend a single second creating a product yourself. Instead, promote an affiliate offer that’s as close as possible to the product idea you have in mind. If this affiliate offer sells well, then your product will too (especially if your product is superior to this affiliate offer).
Set up a “fake” sales letter. Here you don’t have to use someone else’s offer, nor do you have to create a product at all yourself. Instead, all you have to do is write the sales letter for the product you want to create. Except when people click on the order button, they won’t be taken to an order form. Instead, they’ll land on an opt-in page that tells them the product isn’t ready yet, but if they join the list they’ll be notified of when it is ready.
You’ll then look at how many people click on the order button and join the list, which will give you a really good idea of how popular the product is likely to be.
Take note: in all three methods mentioned above, the sales letter can have a big impact on conversion rates. You may start thinking that there is no demand for the product, when in fact you just have an ineffective sales letter. That’s why you’ll want to make sure you use a high-converting sales letter. In the case of your own product, it’s worth the investment to hire a professional copywriter (especially if you’re not knowledgeable and skilled in this area).
Bottom line…
The key to doing product research is to use as many of the above research methods as possible. The more you research your idea, the more confident you can be of your results.
Note: in some cases, you may notice that a fad has taken hold of your niche. If you invest all your time and resources into chasing this fad, you’re going to end up with a product that’s very likely to get outdated quickly.
On the other hand, you may notice that evergreen products (those with time-tested solutions) don’t have that crazy burst of sales as the fad/trendy products.
Here’s a potential solution: create a product that has mostly evergreen components, and then include some trendy components to boost sales. One of the best ways to do this is to create an evergreen main product, and then include related trendy products as bonuses.
The big benefit of riding the coattails of a trend using your bonus package is that it’s very easy to change your offer when that particular trend becomes outdated. In fact, you can even swap out the bonuses for a new set of bonuses that capitalize on the next rising trend.
Point is, you never have to change your main offer. Any time and money investment you make in creating the main product will pay off, because you can sell the main evergreen piece for years to come. And yet you can also enjoy that sales burst by creating “trendy” bonuses. It’s the best of both worlds!
If your competitors are investing their time and money into advertising certain types of products, that’s a good sign that those products are selling well. Check these advertising venues:
Run a Google search and check the sponsored ads.
Browse your competitors’ sites to check for banner ads and similar.
Read your competitors’ newsletters to check for promos.
Review your competitors’ social media platforms to see what they’re advertising.
Check advertising in the targeted subreddits on Reddit.com.
Review ads in the back of niche magazines and other publications.
Listen to targeted talk radio and watch targeted TV programs to see what’s being advertised.
Your best bet is to track the advertising over time. For example, a marketer might invest money into an ad blitz for a short amount of time, but if it’s not profitable then he or she will stop investing ad dollars. If you happen to see the ads during the blitz, you might get the mistaken impression that the product is selling well. But if you track patterns over time, then you’ll get a more accurate picture of whether a particular product is popular and profitable.