Something that a lot of people overlook when running or creating a business is the Unique Value Proposition.
Over 25% of businesses fail, simply because they go into business for the wrong reasons. They didn’t understand their customer. For the remaining, 90% will only stay alive for the next 5 years. The fact that your customer remembers you is important and It can actually take you to the top 10%.
I will talk about what a Unique Value proposition is and its importance. Following will be the elements of a good UVP.
What Is a Unique Value Proposition?
A unique value proposition (UVP) is a statement that explains how your business is different from everyone else in the market addressing the benefits and the value you are adding to your customers.
Your UVP essentially tells them why they should buy from you instead of from your competitors.
Determining the UVP as anything else is a process. It takes some creativity to come up with a compelling UVP, but it is the biggest decision you’ll ever make for your business.
Why do you even need a Unique Value Proposition?
Simple; you need your customers to remember you. Think of yourself when you are making a buying decision, who would you go to? More likely your answer is the one you remember.
Your business is no different. Your customer is more likely to buy from you if they remember the value you are giving to them and it is clearly stated.
So, the simple reason that you need a UVP is that no matter what product you’re selling to which market, there are other companies you’re competing with, and you need to stand out.
You want your market to think of YOU when they need your products or services. If you create a good Unique Value Proposition, it will stick in their memory and put you above the rest.
The Elements That Will Make Them Remember You
A UVP has 3 main elements in which you will address everything your customer needs to know about you.
- You must be a utility and a problem solver. Your business must have something they can’t live without. You are the solution to their problems. You will make their lives easier.
- You must be memorable. You can create an experience that they will never forget with the words on their UVP. This is not a slogan, but it must be short enough to remember it.
- Can you feel their pains? Can they feel you?. You must address the reason why they can’t live without your product or service appealing to their senses! Good UVP’s speak to the fears, worries, desires, and frustrations of your target market.
You are in a tough environment where there are too many competitors. Make sure your UVP is clear and strong to beat your competition.
How Do You Create a UVP?
You have to work on it. Plain and simple. Your unique value proposition won’t appear out of thin air.
This is an important decision that will shape your whole business around it. The whole strategy and tactics that you have will work around the Unique Value proposition.
Since this is such an important decision, it is a process that takes some time. However, it is not difficult to come up with the right message if you follow certain steps. Pay attention to your market, check out your competitors, and analyse your products to find their unique selling point. If you put in the time and refine as necessary, you can create the right UVP for your business.
I’ve prepared an infographic to illustrate the process of coming up with your UVP.