Our target customers are:
Identifying the problem and our target customers are the first two steps in Ash Maurya's 20-minute business model. The next step is to define our Unique Value Proposition (UVP). In his book Running Lean: Iterate from Plan A to a Plan That Works, Maurya defines the UVP as why you are different and worth getting attention. Simple enough right? The clock is ticking, so here we go!
Before we can solve a customer's problem and create value, we must first get their attention; the UVP articulates our attention-grabber. Ash suggests we should:
We can see those thoughts reflected in the early Amazon Kindle marketing:
Amazon: Low price, wide selection with added convenience anytime, anywhere.
Another approach is to use this formula:
[End Result Customer Wants] + [Specific Time Period] + [Address The Objections]
Ash quotes the Domino's Pizza slogan as an example of this:
Domino's Pizza: Hot fresh pizza delivered to your door in 30 minutes or it's free.
Other UVPs include:
BMW: Ultimate Driving Machine.
Google: Find what you want quicker.
In Avondale's potential venture, we want to help dissatisfied investors link up with businesses that want to grow but require capital and management transformation. What is our UVP?
We had previously brainstormed a short list of ways we can add value in this space:
After some quick discussion, we centered on the following:
High-Level Concept: We are private equity without the drawbacks of the traditional fund model.
UVP: We create compelling investment platforms, help you to invest in them flexibly, and actively manage them on your behalf. We bring decades of experience building and growing businesses and a top-notch network to our platforms.
In the next article in this series we will discuss our proposed solution to realize our new UVP.
What is your Unique Value Proposition? Why do you deserve your customer's attention? Please let us know your thoughts at firstname.lastname@example.org.