What is a Unique Value Proposition?
A Unique Value Proposition (UVP) is more than anything, a promise made by you about your business to the customer about what it has to offer. A UVP is meant to give your customer an excellent reason to buy from you and not from your competitors. It is meant to differentiate you from your competitors and explicitly state the reasons why your business is unique. Why do you need a Unique Value Proposition?
As a small business owner, it’s not enough that you believe in your business. It is equally important that your customers should believe in your business as well. You are aware of the unique strengths of your business, but is your customer aware as well? More than anything, a Unique Value Proposition answers the question that a customer has for you – “What’s in it for me?”
How should a good Unique Value Proposition be?
The Unique Value Proposition should be relevant. It should explain very clearly what your business does, how it solves a particular problem and how it offers value to a customer. It should not just be a general statement of intent, but should go into specific details, such as the benefits and features that your business offers which makes it so special. More than anything else, a Unique Value Proposition should explain why your business is different from the competition, why it is special. How a customer is better served by favoring you rather than the competition.
Why is a Unique Value Proposition so important?
A Unique Value Proposition is important because it converts a prospect into a lead and a lead into a paying customer, and a paying customer into a loyal customer who sticks with your business for a long time to come. Essentially, it explains to the customer what your business really does.
A UVP is mean to grab attention for your business in a crowded marketplace. A Unique Value Proposition is not only meant for your customers, but also to pitch your business to investors or venture capitalists, potential business partners and to the media as effectively as possible.
How to create a great Unique Value Proposition?
It’s not easy to create a great unique value proposition that justifies the tag “unique”. What you should do first is to study the competition very closely, find out what they do differently from you, what they do better or worse and the areas where you are different from them.
You should study your target customer, their needs and desires, their dreams and motivations. Your UVP should be directed at satisfying their greatest desires or expectations. On writing your Unique Value Proposition, you should get it tested on small groups of audience on the social media and gauge their reaction to it. Some will like it and others won’t. If people don’t like it, find out why and revise accordingly.
Once you finalize on a great Unique Value Proposition, display it prominently on your landing page. It should be the first thing visitors to your site see when they land on it.
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