We don’t call it the Unique Value Proposition for nothing. It’s got three elements:
If your value proposition is not unique, it means that you are offering the same value as your competitors. And that means your customers could just as easily buy from them. That’s a problem.
What makes you unique?
- Is it your price? Do you offer a lower price than your competitors?
- Is it your service? Are you more hands-on with your customers?
- Is it your location? Are you closer or more convenient?
Whatever it is that makes you unique, that needs to go into your value proposition. It is the thing that distinguishes you from all the other companies that your customers might go to instead.
If there is nothing unique about your company in relation to the competition, you don’t have a reason to exist. You can’t just do the same thing as someone else and think you deserve to grow and take market share from them. You have to be different to survive and succeed.
What should you do if you don’t have a unique value proposition?
The first thing you should do is be honest about that fact internally. Call together the decision makers and start talking about it. That’s the only way to move forward affectively.
Next, you should decide as a group what your strengths are relative to the other companies that you are competing with. Are you able to improve your product or service without adding any cost that would be shared by the consumer? Are you able to lower your prices (without starting a price war with your nearest competitor)? Are you able to make the buying process simpler for customers? Are you able to offer a higher level of service?
The key to creating a unique value proposition is to leverage your strengths. It needs to become a core piece of who you are, and exist as a part of your overall strategy. It’s not easy to be the price leader or the most convenient.
“But I Know My Company is the Best”
It’s true, you know your company better than anyone else. And that means you know your company better than your prospective customers.
But that’s not always a good thing, because it can be a blinder. It can cause you to miss critical issues because you’re not seeing your brand the way they are.
The best way to determine why people buy from you (in a sense, what makes you unique) is to ask them. Surveys and focus groups can help you uncover a unique value proposition that you didn’t even know you had.