If you are in business or entrepreneurship, you must understand what a unique value proposition (UVP) is. A unique value proposition is also known as a unique selling proposition (USP). Some also call it a unique selling point(s). This all refers to a real or perceived benefit of a product or service that differentiates it from competing brands. In essence, it is that which offers a prospect a basis to prefer yours over others. A UVP or USP is central to your marketing efforts. Here are some things to note to help you enhance your unique value proposition:
Importance Of Buyer Personas
The foundation and the heart of your unique value proposition are tied to your buyer persona. A buyer persona is a detailed description of what you consider your target or ideal customer. This is one of the bases of what makes an effective digital marketing campaign. Having a buyer persona guides you in targeting your digital marketing efforts accurately.
A buyer persona is informed by your own market research along with any relevant data. The research usually seeks to understand people’s pain points. It is also informed by calculated assumptions on what exactly your ideal customers would need. You need to know and periodically update your buyer persona when the needs are. Buyer personas enable you to easily capture your ideal customers.
Truly Understand What Your Unique Value Proposition
You have to be absolutely sure what your unique value proposition is. Once you know it, it becomes easy to define it and propagate it to your customers and prospects. How will people benefit from the products or services you offer? What pain points are you addressing and how exactly are you solving them? In those two regards, how are you different from other players?
These are the 3 of the questions whose answers constitute your unique value proposition. Thus you need to sit down and truly understand what your unique value proposition is. Remember your unique value proposition is something people will hold over your head if you under-deliver. It has to be something you can guarantee to every customer.
Incorporate Storytelling
You have always heard me underscoring the importance of storytelling in business nowadays. It is now one of the most important skills to master in business. No wonder why those with writing skills are now sought after globally. When communicating your unique value proposition it should not be dry. For instance, it is not merely just about saying ‘buy from us because of…’ You have to communicate your unique value proposition using storytelling. Storytelling is more engaging than just the generic propagation of information.
Storytelling brings about the much-needed relatability that will draw prospects in. It is all about appealing to the psychology of the people. That is why the use of testimonials can be instrumental here. Such real-life stories will convince prospects more than you ever could. After all, more and more people trust social proof more than what a business says. That is why it is best to have a satisfied customer share their user experience. That will be a more compelling storytelling approach to enunciate your business’s unique value proposition.
Define Your Scope
Never make the mistake of making your product or service offering open-ended. You cannot do all things as one business. There will certainly be things you cannot do. In your unique value proposition that should be apparent. It is also important to ensure there is no ambiguity. There should be nothing in your unique value proposition that can be misinterpreted or misconstrued. Confine what you offer to what you can truly do. That will present you as a business with integrity.
Most businesses may not want to scope their offerings for fear of losing money. It is inevitable that there will be money you lose because you cannot serve certain prospects. You should be honourable enough to not pretend to do what you cannot do just because you want money. Let your business scope be clear in your unique value proposition. As you put on more capacity and skills, you can always update your unique value proposition accordingly.
Iterative A/B Testing
The operating environment is dynamic. Consumer buying habits can also be dynamic. In Zimbabwe, the operating environment is quite mercurial. This means that it is almost impossible for a genuine unique value proposition to remain the same. You will need to always test it as informed by the prevailing circumstances of the times. With every test, you need to build on the past as you launch into the future. This means a culture of testing and iterating your unique value proposition should be common at your business.
Remember you will be active on social media as well. Use data analytics to also test and iterate your unique value proposition. There is rapid change nowadays. Stay abreast and stay ahead by using iterative A/B testing. Read the article I wrote called How to effectively do A/B testing in social media. You will understand more about what this is all about and apply it to enhance your unique value proposition.
Your unique value proposition is central to the success of your business. It is what answers the question of why people should buy from you not others. You have to define it and continuously perfect it, informed by empirical data. In 2023 you must take a more serious approach regarding your business’s unique value proposition. You now have the knowledge; it is time to put it to work.
