How to create a unique value proposition
Brands that fail to recognise and emphasize what differentiates themselves from their competitors have failed in one of the fundamental aspects of marketing.
One of the key strategies to ensure that customers have an incentive to choose your brand over your competitors can be through the implementation of a unique value proposition (UVP). A unique value proposition helps to determine how your customers perceive the potential benefits your business can provide, from its products or services. Furthermore, a UVP illustrates how this addresses their needs and can provide solutions to problems in a way that cannot be replicated by any other product or service on the market.
By effectively adopting a UVP into your business, you can differentiate your offering from the rest of the competition. Providing current and potential customers, a greater reason as to why they should choose to engage with your specific business.
What should the ideal unique value proposition include?
There is no single correct way to create a UVP rather you must construct a strategy that is relevant to you and include the key points you want consumers to take away when interacting with your business. It can be communicated through several key statements that push forward several easily understandable concepts that talk about the specific differences your product or service can offer.
It all starts with a statement
Your UVP should begin with a short surmising statement about your business that is backed up by the key benefits provided through your product or service.
Directly following the statement should be a small paragraph about how these key benefits address the consumers’ needs or provide them with solutions. Within this paragraph, there should also lay mention to the differentiating factors that separate your organisation from the rest of the market. Utilising an image or visual that directly relates to your business is another optimal way to promote an engaging value proposition for your audience. As research has proven we only read 20-28% of what we see on a page making the incorporation of images a very powerful tool to develop understanding with your audience.
What format should your value proposition be presented in?
Your value proposition will be typically found on the home page of your business’s website. It should be the first thing a customer sees when going to interact with your business, setting a direct expectation from the onset of the first contact. The UVP itself should be clear-cut and succinct allowing customers to extract only the key information they need about your company and your products to justify choosing your organisation.
How to enhance your value proposition
Here are some key pointers to help ensure your value proposition is working optimally for your business:
- Include key information that consists of more than a tagline but keep it concise and easy for customers to read.
- Do not over generalise what you’re offering towards consumers, be sure to include key benefits that elevate you above the competition.
- Avoid using trivial statements or fluff language, stick with direct points that promote your value, and address the wants and needs of the consumer.
- Don’t make promises you can’t keep, although you may want to sell yourself as much as possible, deliverable promises are worth their weight in gold.
How to know your value proposition is working
What good is creating a great UVP if you can’t track its impact on your business?
Here are two ways to make sure that your UVP is tried and tested. Firstly, try implementing an A/B test (essentially a method of placing two or more versions of something against one another to understand which performs better). For example, create two different versions of a landing page with two separate propositions. The page that can generate more conversions or click-throughs will help determine which is your best UVP.
A second method to try is cold outreach.
Simply build a landing page and set up a cold email to launch the outreach campaign from. If your UVP can deliver conversions without establishing any prior contact, then you have successfully created a strong value proposition.
When looking to create your unique value proposition here are the essentials to include:
- Your business’s key benefits
- How you address key consumer wants and needs
- Differentiating factors from other competitors
Your UVP should ultimately demonstrate clear reasoning as to why customers should choose your business above the rest. If implemented correctly an efficient UVP can help your business improve consumer engagement, retention and create a more meaningful customer experience.