By Solomon Thimothy, founder of Clickx
As an entrepreneur, having and knowing your unique value is crucial for creating a business that is both sustainable and successful. Unfortunately, identifying and creating that differentiator doesn’t always come easy.
A unique value proposition (UVP), or unique selling proposition (USP), is a concise, straight-to-the-point statement about the benefits you offer customers. In other words, it’s an explanation of what makes you different. A UVP or USP is not, however, a slogan, catchphrase or positioning statement.
Instead, it describes your value, to whom you provide that value and what makes you different from your competition. Take Slack, for example, which is “committed to making people’s working lives simpler, more pleasant, and more productive.”
Here’s how you can find your own.
1. Identify your target market.
Your unique value proposition should help you connect with your target market. In order to create a proposition that builds that relationship, you first need to identify who that audience is.
Look at who is buying (and who isn’t buying) your products or services. Who do you believe could benefit from your services? Rather than assuming everyone can be a customer, narrow in on the individuals who already are.
Focusing your messaging to showcase the unique value that you can provide that group can make your marketing more effective. By identifying exactly who your target audience is, you’ll know who you should be targeting with the proposition you create.
2. Define what makes you different.
No matter what space your business is in, you’re going to have competitors. Properly identifying who you’re competing with can help you determine what makes you different, and what value you can provide that other companies cannot.
Once you know who your competitors are, consider why customers might purchase from you instead. Be as objective as possible. Back up your reasoning with facts. Just stating that you’re “better” won’t get you very far.
Create a concrete list of distinguishing factors that sets you apart from the crowd. Visualize the ways you’re different -- even if it means admitting a certain competitor is better in one area of business than you.
3. Recognize the pain point that your product solves.
Now that you know your audience and what makes you stand out from your competitors, it’s time to find the unique problem that your product or service can solve. Rather than just “making their life easier,” you want to get specific.
There might be a number of different problems that your product solves, such as costing less or saving time. However, when determining what your unique selling proposition should be, think about pain points in relation to your audience and your competitors.
Think about the pain points your audience needs to solve that your competitors can’t fix. Look for the open gaps that you’re able to fill.
4. Consider what you stand for as a company.
Your unique value proposition isn’t just a declaration of what you can solve. It should also display a message about who you are. In other words, it needs to link back to what you stand for as a company.
Your unique value proposition should be an all-encompassing explanation of who you are, what you can provide to your customers and why you are different from your competitors. It will likely take you a few different tries to get this messaging correct.
Make sure your unique value proposition fits the image you’ve created for your brand. It should sound as if the UVP comes from your brand’s voice.
A unique value proposition is a great way to stand out from your competition and attract high-quality customers who truly identify with your business and brand. However, creating your UVP takes research and a clear understanding of who your brand is and what you can provide your audience.
Nailing down the right UVP takes trial and error -- but with the right strategy, you can create a proposition that clearly shows the unique value you can provide. If it doesn’t feel right, try and try again.
Solomon Thimothy is the founder of Clickx, a marketing intelligence platform that helps businesses and agencies with marketing attribution.