A unique value proposition is a short statement about why your potential buyers should choose your products and services over competitors in the market. When you narrow down your business to the niche you belong to, you’re sure to find there’s a lot of competition surrounding your business. This is where the unique value proposition comes in as more than just a product description.
Indeed, the unique value proposition is also considered one of the most vital conversion tools. This means that potential customers look at your unique value proposition as the deciding factor why they’ll purchase your product at the end of the trip to your store or your site. Given the hefty weight of importance it does, it should be easy to see now how it’s a must to come up with an excellent unique value proposition.
You’ll read about four tips you can try out for a unique value proposition in this article.
1. Check For The Three Main Factors
Your unique value proposition should meet the following:
- Differentiation. You should know how to tell and convince your customers why they should buy from you and not from the competition.
- Relevancy. Explain how relevant your products are in solving your customers’ problems.
- Quantified Value. Be sure to deliver specific and quantifiable benefits of your products and services.
Although a unique value proposition is not strictly limited to these three factors, make it a point to at least meet them. When you tick those off your list, that’s when you can rest assured that your unique value proposition is a good one. This is especially necessary for good branding, particularly for startups.
2. Identify Your Ideal Customer
Identifying your ideal customer is likened to creating a buyer persona. This means painting that picture of whom you’re marketing your product specifically. For example, several target customers need to have separate unique value propositions for each buyer persona.
The key to successfully identifying your ideal customer is through studying the demographics of whom you think will purchase your products and services. Suppose you’re in the business of selling mattresses. An individual buyer looking for a bedsheet for their bedroom will have different needs from a hotel chain shopping for a bedsheet in bulk.
Honing who exactly your target market is can help you draft unique value propositions that will sit well with your target market.
3. Define The Specific Pain Points Solved By Your Products
Pain points refer to why your target market will need your products. Without those pain points, they won’t even find a need to buy them. Therefore, your unique value proposition should include all those specific pain points you’ll have to address.
To start with, you may want to answer the following questions:
- What feature does your product have that makes it a must-have for your target customers?
- Does your product offer something that other brands don’t?
- Are your products more affordable than a direct competitor’s?
This step is crucial, as it’s natural for every business to think they offer the best products. It’s up to you to prove your claims.
4. Complete The Elements Of A Value Proposition
Writing a unique value proposition also entails mastery of the key elements it must have. If you have a physical store, your unique value proposition may appear somewhere near where you’ll display your store registration and other essential details.
If you have an e-commerce business, this statement will often be on your home page. The position will dictate how important it is to satisfy the elements of a value proposition. If not, your potential customers may not even make it beyond your home page.
These are the most crucial elements to have in a value proposition:
- Headline. This element must describe the customer benefits after purchasing your products. It should be clear, concise, catchy, and creative.
- Paragraph. This is where you can explain, in full detail, what your company is all about and who your customers are.
- Visual Element. This can be a video or infographic to explain more through graphics what you can’t explain in words.
Conclusion
Marketers and other co-entrepreneurs may have shown you repeatedly that unique value propositions are crucial in any business. In simpler terms, a unique value proposition will explain why potential buyers should choose your products and not that of the competitors. Through this proposition, you can clearly show the benefits of your products right from the outset. With the tips mentioned here, you can avoid having unique value propositions that hold no value but are only full of buzzwords.
