If you’re starting your own business or you are already a business owner, you should have probably thought about what sets you apart from your competitors in the market. This is why you need to come up with your unique value proposition (UVP) otherwise known as unique selling proposition (USP) in order to create a strong foundation for all your marketing messages and strategies for engaging new customers.
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Your unique value proposition (UVP) is the guaranteed value your customers expect from your business as it evolves over time. This is what separates your business from your competitors, it also explains how your product or service can solve your customers’ problems, the specific benefits it provides, and why your target customers should choose you over others.
Your Unique Value Proposition should include:
- How your product or service works.
- What makes it valuable?
- What makes it better than the rest?
A unique value proposition is a misleadingly simple but critically important part of every brand’s success, because it communicates why your brand is attractive to your most important target audience, and what makes it different from your competitors.
Your value proposition is designed to introduce your company’s brand to potential customers, because it defines what you stand for, what you do, how you operate, and why you should be chosen over the competition.
Benefits Of Maximizing Unique Value Proposition
- Increases Brand Communication: Business Communication is a central part of your brand strategy, because it makes what you’re selling, product or service, more compelling to your target audience, thereby, increasing the attention of your customers, which in turn increases your sales rate. However, without a unique value proposition, a brand or business organization is bound to underperform and may never realize its true potential or commercial value. A strong value proposition helps you sharpen your brand strategy and brand communications, making it more effective and also more painless, because it enables you to avoid costly mistakes.
- Clarity on Key Elements of Your Brand Strategy: One of the major benefits of having a unique value proposition is that it compels you to make deliberate and careful consideration for the elements of your brand strategy. Articulating your unique value proposition increases your ability to achieve higher revenue and brings a lot more clarity around all elements within your brand strategy.
- Stronger Sales Conversions: Most business organizations consciously work hard to generate a unique value proposition, because it makes them a preferred brand over others and increases their loyal customers, thus, leading to higher sales conversions.
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How To Create A Unique Value Proposition
- Define Your Target Customers
You cannot create a value proposition when you haven’t identified your target market or customers. First, you need to figure out who your customers are, because not everyone can be your customer. If you try to appeal to everyone, your business and product will get lost in the noise.
- Explain Your “Why”
To separate yourself from your competitors, you have to clearly state why people should buy from you instead of others. You can only set yourself apart if you know what has already been done. This means that you have to conduct proper research on your competitors to know what makes you different from them.
- Explain The Problem Your Product Or Service Solves
Your product or service is bound to solve a problem for your target audience, and this has to be stated clearly in your unique value proposition. Take some time to figure out how your product meets the needs of your target audience in a way that your competitors can’t.
- Draft Your Message
At this point, you’ve carried out your necessary research on your business in general and you’ve been able to pinpoint what makes your brand different from the others. However, the last thing you want to do is overcomplicate communications. Therefore, you have to focus on communicating one key value that connects to your customers’ pain point. Also ensure you hook their interest so that they want to explore what else you have to offer.
In conclusion, a strong value proposition is what differentiates your brand from your competitors and gives your customers a compelling reason to buy, so you can achieve higher-margin sales.
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