There are so many businesses that are continuously trying to market and grow their business. However no matter what they do they just can’t seem to bring in as many customers or sponsors as they would like.
Many businesses seem to go through the same issues initially when growing their businesses and that's why it's so vital to understand what a Unique Value Proposition (UVP) is and how it applies to your business. In saying this, the UVP should be in the forefront of your marketing strategy, which steers and informs your customers of specific benefits they will receive because of your product’s or service’s unique strengths.
Using just a few sentences, a UVP explains the reason why potential customers should purchase your company's products and services and will let your customers know why they want you instead of your competitors; it differentiates you especially if there are many competitors within your industry.
For example, eBay’s UVP is its low price and its wide selection of products with added convenience of anytime and anywhere. eBay created a service around a UVP not the other way around. They discovered a wide gap in their market and capitalised with a business which presented a clear value and solved a real problem.
WHAT IS YOUR UNIQUE VALUE PROPOSITION?
If I were to ask you for a 30-second explanation of your business, what would your response to this question be?
It's a lot tougher than most could ever imagine to answer this using a few sentences but as a base, you need to think about the attributes below in formulating your response:
Your target market
The top benefit your product or service provides to your target market
A description of your product or service
What makes you unique in your market place.
Here are some handy tips to developing your UVP answer above:
Bring in all your business’ stakeholders together (your advisers, employees, mentors, friends, business coaches etc); those who have an understanding of your business and what you deliver to your customers
Discuss with them all your main demographics (customers) and stereotypes which best describe them
Place yourself in their shoes and what they might say about your competitors in your industry
Make two lists – 1) describing your customers and 2) describing what they might say about your competition (both negative or positive attributes)
Now discuss and list your business’ products and services and make a 3rd list detailing how it is different to your competitors (see the next step)
Now that you have all 3 lists completed, you will be able to develop your business’ UVP.
But before you can do this, you will need to ask your team the following questions:
Why would the customer buy from you and only you?
What can you offer to your customers that competitors cannot? (e.g. guarantees, special services, expertise, cheaper prices etc)
How can you solve a customer’s problem to a given situation through the use of your product or service?
How will your customer benefit from doing business with you?
Now that you have all three lists competed and you have answered the above questions, you can now truly develop your business’ UVP into a singular benefit orientated, specific, simple, direct and 30 second pitch about your business. Your UVP can also be used in your marketing materials, proposals, emails, business cards, correspondence and advertising to attract more customers and sponsors to your business.
Remember however that there will always be a competitor who can deliver your product or service cheaper than you can; your UVP will go beyond price and place your business in a class of its own. However, to stay on top you must proactively improve and change your UVP over time based on your market’s needs.
I'm busy working on my blog posts. Watch this space!