A Unique Value Proposition (UVP) is a clear and concise statement of the unique benefits your business offers to its clients.
The “Value Proposition” defines the value a business creates for its customers, as well as what makes the business different from others.
The UVP establishes your standing in the marketplace and is a benchmark for:
Operations
Marketing
Selling
Client relations
Production
Day-to-day problem-solving
Knowing your UVP is crucial to creating a sustainable and successful business.
How to create a Unique Value Proposition
The key role of a Unique Value Proposition (UVP) is to set your business apart from the competition. After all, you want your business’ offerings to stand out.
Therefore, when creating your UVP, it helps to see things from your client’s perspective.
Follow these steps to create your UVP
Step 1: Identify your ideal client
If you have multiple buyer personas, you need to create a UVP for each one.
Step 2: List your business’ unique benefits and value
After listing all the ways in which your products/services will benefit your target client, the next step is to identify how your product differs from the competition.
Step 3: Focus on clarity
Ensuring your buyer can easily understand your message is important when compiling a UVP. Straightforward language is the best way to accomplish this.
Step 4: Test and optimize
To test and optimize your UVP, your marketing and sales teams should interview a focus group.
The group should evaluate the elements of the UVP, such as the unique benefits and what sets the business apart from the competition.
Rounding up their initial impressions and utilizing their feedback will help you revise and improve your UVP.
Another way to create your UVP is to run an A/B test with two versions of your statement to discover which performs better.
How to find your Unique Value Proposition
1. Identify your client’s needs and desires
Your UVP should help your business connect with its target audience. Thus, you must identify your audience to discover the values that will help you form strong bonds.
Narrow in on who your prospective clients are: who is willing to pay the price to benefit from your business?
By defining exactly who your target audience is, you will know who to target with your proposal.
2. Define what makes you unique
Accurately identifying who your competitors are can help determine what makes your business unique and identify the value you can provide.
Evaluate why existing clients purchase from your business rather than your competitors.
Be objective and back your reasoning with evidence. Surveys with clients are a good option to collect this data.
Finally, create a list of factors that distinguish your business from competitors to help determine the uniqueness of your offerings.
3. Recognize the pain points of your business
Now that your audience knows what is unique about your business, it is time to identify the problems you solve.
Your UVP should address the pain points of your audience—and how it can solve problems differently than your competitors.
4. Consider what you stand for as a business
Your UVP is not just a declaration of what you can solve. It should also include what you stand for.
Thus, your UVP should also demonstrate your mission, and if present, your Corporate Social Responsibility (CSR) goals.
It is important to have different goals from those of your competitors, to showcase why your organization is unique for clients and the community
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