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7 reasons why a unique value proposition will help you stand out from your competitors

How important is it to have a unique value proposition? What makes you different from your competition? Is it enough to have a good product or service? Or does having a solid brand also matter?

A unique value proposition is a way to differentiate your company from its competitors. It's a statement of who you are, what you stand for and what you bring to the table. It helps customers choose you over other companies because you offer something they need, they connect with or they understand.

Having a unique value proposition is essential for businesses today. People buy from people and in this b2b age it has never been truer. No matter how easy it is to subscribe, it’s easy to unsubscribe. Retaining that customer is key. A business buyer is responsible for someone else's budget - so does the product offer the business value, will he get recognised for it, and will he be able to use it.

While to succeed, you need to communicate what sets you apart from your competitors. You must also define your business in a compelling message that resonates with your target audience.

In this article, we'll discuss 7 reasons why a unique value proposition will help you stand out from your competitors.

  • What is a Unique Value Proposition (UVP)?

  • What does the unique value proposition consist of?

  • What is the purpose of a unique value proposition?

  • How do you find your unique value proposition?

What Is A Unique Value Proposition (UVP)?

A unique value proposition (UVP) is more than a statement that describes what makes your product or service different from other similar products or services. It's also not just about describing features or benefits; nor explaining how your product or service is better than others on the market.

The UVP should describe your product or service in such a way that potential buyers can easily understand the value it will offer them and their business. What success looks like and how you reassure them that you’re the right partner.

What does the unique value proposition consist of?

The value proposition is the promise that you're making to your customers. It includes what you're offering them, what value or return they’ll get, and why they should choose you instead of someone else.

A good value proposition makes your product stand out from the crowd. It shares your story. Your business personality and values.

You want to make sure that your value proposition is clear and concise. But, on the other hand, you don't want to confuse your customer by using too much terminology or confusing terms.

Remember - it delivers the first impression on your prospective buyer. If he doesn't understand what he's buying, then chances are he won't buy anything at all.

What is the purpose of a unique value proposition?

This statement should be concise and include benefits for both customers and businesses.

The purpose of a unique value proposition is to convince people that you provide something worth paying for.

7 reasons why a unique value proposition will help you stand out from your competitors

1. Your product or service has a higher quality level than your competitors-

Your unique value proposition should highlight that your product or service offers more value than your competitors.

If you have a high-quality product or service, then your customers will feel confident that they're getting their money's worth. What defines quality is up to you; is it in the expertise you offer? Design innovation? The sophistication of technology? The pedigree features? The vast capabilities? The insights you provide?

2. You offer better customer support than your competitors -

You can show your customers that you care about their needs when you have a unique value proposition.

Customers appreciate being treated like valued clients rather than just another number on a spreadsheet. Really put your end customer at the heart of the value, at the end of the day if your product is going to be perceived as having value, it is by your customer. Word of mouth and referrals are the most valuable form of marketing. Huge amounts of time and resources are being put more into brand ambassadors, and ensure the value of your product is given to them - the stronger the connection.

3. You offer a lower price than your competitors -

Offering a lower price than your competitor means that you're willing to give up some profit margins to attract new customers.

The value is obvious, you’re basing your position on price - and you’re expecting customers to compare prices. Going in with a price or discount offering will put a more ‘budget’ label on your brand, but it can also help you massively scale.

4. You offer additional benefits over your competitors -

These could include free shipping, extended warranties, or even discounts for referrals. Certainly by talking about the value add you may in fact distract customers from the fact that your product may not be as feature rich as another. Value adds can really help you win the war on customers.

Think about the values that cost you little.

5. You offer a more comprehensive range of options than your competitors -

If you have a wide variety of options available, then you're giving your customers more choices. Think about how you can speak to your customers needs and requirements and the type of organisational profile that you are targeting.

Often the more expansive your product and offering the more opportunity there is to target larger businesses, and then you can sweep the smaller ones up on the way through. By undertaking market research and understanding target customer pain points, you can create a value proposition around that.

6. You deliver faster than your competitors -

You deliver faster than your competition means that you can get things done sooner. Be conscious of your messages are around how you deliver on this and ensure it is one that you can live up to. As the business grows and scales, does the model do the same thing - if not, could there be negative impact on brand if you don’t meet delivery promises?

Speed is of the essence, and can really capture people’s attention.

7. You offer more flexibility than your competitors -

Flexibility allows you to adapt to changing circumstances without worrying about losing business. When you allow more flexibility, you attract more customers. This is particularly important if you are targeting a wide and diverse customer base or market base. How does your product or service wrap around different customers, models and segments?

Flexibility can be key to a customer that needs responsive partners, and can be a true win for long term relationships.

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