Developing a successful marketing strategy is important for all businesses. But if your business does not have a brand image, you may find it difficult to create a loyal customer base. The Unique Value Proposition method is an age-old technique to build a loyal customer base and consistently increase your sales.
What is a Unique value proposition?
Value proposition often called a unique value proposition is a value or quality that a business promises to deliver with its services or products. Therefore, when a customer opts to buy the business’s products over their competitors, they are guaranteed this particular quality or value. Value propositioning has been a part of developing a marketing strategy for decades.
The unique value proposition meaning is often simplified to a declaration of intent. With this value proposition, you are telling your customer what they can expect when they buy your product. The declaration of intent can introduce your brand to the customer and show them what your business stands for and how it will benefit them.
Why is Unique Value Proposition important?
There are various advantages of integrating a unique value proposition in your marketing strategy:
One of the most prominent advantages of a unique value proposition is that it defines what your business stands for in simple terms to understand. Instead of printing long advertisements or redirecting customers to websites, your value proposition should explain to the customer about your business. This way when a customer-first approaches your business, they don’t have to scroll through ten pages to understand what you do.
The best way to differentiate from your competition and stand out is to create a unique value proposition. Instead of following a unique value proposition template, create a statement that reflects your business idea. A good value proposition will help your customers differentiate your services and products from those of your competitors.
A powerful value proposition helps your customers get an insight into your business. They can understand the value of your business, the products, and the services you provide them. This increases the overall engagement of your business and can also increase your customer base. It helps your customers see how they would benefit by using your services and products. Once this understanding is made, you can expect them to turn to you for answers.
A strong value proposition makes your business 100% clear to your customers. By reading the unique value proposition, your customers can understand what you do provide and what you don’t provide. Therefore, this should be included in all your products, services, social media handles, accounts, webpages, and all digital and print media.
How do you write a unique value proposition?
Creating a value proposition is not a simple task because it can stick with your business for years to come. If you wish to create a unique value proposition for your business, here are the steps that you can follow:
The first thing to do is understand what services and products you provide to your customers. You should objectively evaluate what your business stands for and the ethics that your business follows. What space do you fill in the market? What makes your service stand out among all competition? The answer to these questions cannot be generic. Instead, look for objective, realistic and factual answers.
Understand your customer base
Researching your target customer base is required. You must analyze a general customer base to understand what demographic you would target. Are you targeting only women or men? Or is your product age-specific? Once you’ve fine-tuned your customer base, you should work on determining what they desire and what they find attractive.
Complete competitor analysis
Once you’ve completed the first two stages, you should complete a thorough analysis of all your competitors. It is also a good idea to look at international competitors and how they’ve phrased their unique value propositions. This will help you understand what you cannot use for your business if you want to stand out.
It is almost impossible to get the unique value proposition correct on the first go. Instead, you may have to engage in a fair bit of R&D and trial and error to figure out what does and doesn’t work for your business. You can also consider trying your unique value proposition on focus groups if you wish to understand the impact before rollout.
The best unique value propositions
Over the years, there have been various unique value propositions that stand out from the competition. Some of the best are:
The unique value proposition of Uber is “Always get the ride you want.” With this statement, the user gets a clear understanding of the business’ services without actually having to go through any web pages. Their statement is clean, unique, and shows you what the business stands for.
The value proposition of Duolingo is “Learn a Language for Free. Forever.” With this statement, the user gets a clear understanding of the benefits of using their service. The word “free” grabs the attention of the user while the word “forever” encourages engagement.
Amazon’s value proposition varies from service to service. However, the value proposition of Amazon’s Kindle stands out, “Easy to read on the go.” The simple statement does not require any addition because you understand the benefits of the service, what the service is, and why you should get it.
These are the three most popular value propositions currently in use. As you explore the process of creating your business’s unique value proposition, remember less is more. Instead of writing long sentences that dedicate everything about your business, opt for less. Opt for a value proposition that is clear, concise, and to the point.