LPM Virtual Services, LLC
|Posted on May 1, 2020 at 1:00 AM|
WHY YOUR UNIQUE VALUE PROPOSITION MATTERS
In today’s hypercompetitive marketplace consumers have a lot of choices as to where they spend their money as well as instant access to online reviews and product information.
Whether you’re competing against big box retailers, Amazon, or other brick-and-mortar businesses in your area, your ability to uncover and articulate your unique value proposition will have a direct impact on your marketing campaigns, lead generation, and ability to grow your business.
STEP 1. ASK YOUR CUSTOMERS
When we work with clients we always start by pouring over customer feedback--a core part of our discovery process. We're looking for one of two things.
- ensure alignment between the company and the customer as it relates to value proposition
- uncover new areas of competitive advantage. We then distill all of the information down and share specific recommendations with their marketing team.
In cases where feedback is somewhat limited, we help to develop a process for soliciting input including organizing small focus groups, creating customer surveys, and conducting short phone interviews.
STEP 2. ASK YOUR EMPLOYEES
Although we often think of customers first, https://goo.gl/cVHptu" target="_blank">your employees should also have a seat at the table. They’re often the ones who are having the most face-to-face conversations with your customers and hearing what sets your business apart from others in your space.
Look for opportunities to gather structured feedback from your team.
STEP 3. RESEARCH YOUR COMPETITORS
Targeted competitor research can provide a treasure trove of information and give you an immediate sense of who and what you are up against.
Compare your listings in organic search results. AdWords campaigns. Website copy. Brochures. Any information you can easily get your hands on can help paint a clearer picture of your competition through the eyes of a potential customer.
Ultimately if you look and sound like everyone else, your marketing campaigns aren’t going to be successful.
When you’re competing in an overly saturated online marketplace, you need to be able to answer the question “Why should a customer buy from your business?” What makes you different? In many cases these are questions small businesses aren’t always equipped to easily answer.
Spend time exploring possible areas where you could provide added value.Use guided questions to give a launching off point during a brainstorming session. Then pull in examples from other online retailers in the space to provide tangible examples to show points of parity – an eye opening exercise for you.
STEP 4. ARTICULATING YOUR VALUE PROPOSITION
Once you’re able to identity the 3-5 key themes at the heart of your unique value proposition, you can leverage those insights to help shape your interactions with customers as well as your marketing message.
In most cases prospective customers won’t come out and directly ask “why should I buy from you?” but that doesn’t mean they’re not thinking it. Whether you decide to address the topic directly by including a specific “Why Choose Us” area on your website or intertwine your unique value proposition throughout your https://goo.gl/6fNoya" target="_blank">online and offline marketing campaigns, the key is to always have those themes top-of-mind during every customer touchpoint.
One point of clarification: a unique value proposition doesn’t mean you have to deliver something completely different from one of your competitors. You can just do it better. Customer service is a great example. Every business offers some https://goo.gl/cVHptu" target="_blank">level of customer service. That’s not unique. But what is unique is your ability to over deliver and turn a point of parity into a clear competitive advantage.
STEP 5. TEST
We can’t stress this step enough. With your unique value proposition identified, create a series of highly https://goo.gl/6fNoya" target="_blank">targeted marketing campaigns to see which selling features and messaging generate the best results. Similar to customer feedback mentioned earlier, this will also be crucial in helping you validate whether your points of differentiation are resonating with your target audience.
WHAT TO DO NEXT
Ask yourself what makes your business unique. If you can’t quickly and easily rattle off 3-5 (or as many as 7) traits, one of your competitors likely can and will.