Creating a unique value (or selling) proposition (UVP) is difficult. However, your UVP is crucial if you aspire to grow your customer base to the point you have the wind at your back and reach the tipping point when scale. In order to build something, you need a valid pain point that your ideal customer recognizes and will pay good money to you for solving it for them.
Identifying your UVP involves honing in on and communicating your product or service’s unique benefits and value to your target customers. Keeping your focus on value will aid significantly on selling. Here are the steps you can follow to create a strong UVP:
- Define your target market: Start by understanding your ideal customer. What are their needs and pain points? What motivates them to purchase a product or service like yours? Walking in your ideal customer’s shoes will help you understand what type of value proposition will be most effective. In short, are you going after a large enough segment of a market that will support your dreams of scale?
- Research your competition: Identify your direct and indirect competitors and analyze their value propositions. Look for gaps in the market that your product or service can fill. Knowing your competition better than they do themselves is crucial in all aspects of your GTM.
- Identify your unique benefits: Determine what makes your product or service unique and different from your competitors. Uniqueness could be features, benefits, or even your brand personality.
- Develop your value proposition: Use your research to craft a clear, concise, and compelling statement that communicates your product or service’s unique value to your target market. Your UVP should answer the question, “Why should I choose your product or service over your competitors?”
- Test and refine: Once you have a draft of your UVP, test it with at least 10 target customers through recorded interviews to see if it resonates with them. Use their feedback to refine your message and make it even more effective.
- Litmus test: If your product were to disappear tomorrow, would your customers be screaming for that one thing your product does for them oh so well? Iterate this process until you find the sweet spot. You win when your product effectively scratches your customer’s hard-to-reach itch. Your customer experience creates a positive desperation that keeps paying users loyal to your brand as they receive immediate value with each use.
Creating a unique value proposition is an iterative process involving understanding your customers, researching your competition, and communicating your unique benefits. A strong UVP can help differentiate your product or service in a crowded market and attract and retain customers.
If you would like a consult on your UVP, I am here and at your service to help build out your GTM blueprint that will build irreversible momentum.
In tomorrow’s post, you’ll learn how to build a Go-To-Market plan. Stay tuned!
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P.S. If you would like to collaborate on your UVP, feel free to schedule a 15-minute brainstorm .
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