A unique value proposition, or UVP, is crucial because it allows you to stand out from your competitors who are also trying to sell their products or services. Your UVP will help you maintain a competitive advantage over other companies in your industry or market by letting people know why they should buy from you instead of other companies.
The key is to make sure that everything about your brand and business—from the design of your website to the packaging on your products—reinforces the same message that’s given by your UVP. This ensures that customers don’t just remember what you do but also how you do it.
A unique value proposition helps you attract customers, but it also helps you cut through all the noise. The internet has made it easy for anyone to say they do what you do, but how are they different? What sets them apart? Is there something specific they offer that you don’t?
Today we’ll discuss how a brand can define its UVP that supports its business.
Define who your customers are
To create a compelling, unique value proposition, you need to know your customers. Narrowing down who your customers are will help you focus on what they want and need, making it easier for you to create a relevant and compelling message that resonates with them, thus making them more likely to do business with you.
When you have a target audience or focus in mind, you can begin by asking yourself why someone would choose to work with you over your competitors. What makes you different? What would prompt people to seek out your services instead of those offered by other businesses? If there’s not something unique about what you do, then that’s where your unique value proposition should begin.
Identify your competitors
If you’re working in a competitive industry or market, you know your key players very well. They’re the ones you see competing for customers and fighting over your target audience’s attention every day. But it’s important to think beyond them and cast a wider net so you don’t misplace any opportunities.
Think of it this way—those other companies may not be direct competitors, but they are indirect ones if they can offer potential customers something similar to what you do. And with the rise of social media and content marketing, more and more kinds of businesses can now compete for an ever-growing number of marketing channels. And we’re not only talking about traditional advertising, but also social media sites like Facebook and Twitter, video streaming services like YouTube and Vimeo, blogging platforms like Tumblr and personal websites or blogs, and email newsletters. This is why being aware of how your particular strengths can set you apart from the competition is so crucial.
Know what problems you are solving
Pain points, also known as customer pains or customer problems, are areas where your customers feel difficulty in their everyday lives. Are they unable to do something they want to do? Do they have trouble accomplishing a task? Does the cost of doing business with you put them at a disadvantage compared to your competition?
Pain points come from a variety of sources. It could be the technical side of your product or service. It could be that their lives are hectic and you want to give them an easy way to access your product or service. Identifying their pain points will help you know where to position yourself and your business.
Simplify your benefits
Most companies’ benefit statements are long and confusing. They’re written by people who know the intricacies of a product, but they don’t know how to explain it in plain English. And they often use jargon that is hard for customers to understand.
The downside of having a benefit statement that is too long is that it can make it difficult for customers to understand what exactly sets your business apart from the competition. This can lead to misdirection, missed growth opportunities, and confusion among employees about which aspects of the company deserve their focus.
The ultimate value proposition is a simple yet effective business tool used to promote the benefits of your products and services. It can be presented in various ways: as part of your website, your sales letter, or part of your product packaging. Whatever form it takes, each UVP should reflect what you want to present to the market and differentiate your company from the competition.