Value Proposition or (USP) is the only thing your user/customer will ever care about your product. The kind of value one can offer is what will decide whether or not they will stay with you and continue using your service.
Have spewed a few essentials about USP and its importance further down…
User 1: I am not pleased by your story!
User 2: Want me to try your product? Show how it can crack my 24/7/365 pain in the a** hardship.
User 3: Got something that shall enhance my business? Really? I’ll get back if it does.
Heard them before?
These are some of the cliches people use to drive away businesses. We know that people don’t promptly switch between options. Even if given high-class, ‘solely made for users’ type of products. Doubt not, we as a user don’t too. Once we feel a product is the wisdom, it’s sure going to be hard for businesses to convince us out of that deal.
To go beyond this barrier and to create history within one’s niche, a business must have a strong VP (value proposition).
“If your VP sells itself, your product will too”
How to know what exactly is your value proposition?
What is your service’s value proposition?
Identifying a unique and efficient value proposition begins with figuring out one exceptional value you offer that your competitors don’t.
Revolves around simple yet effective 3 step self-interrogation.
- What pain do I solve that competitors don’t?
- What extra do I offer that users can’t resist but buy?
- How addictive is my service?
Though offering every single value is your goal, there must be one precise value every product/business should excel in.
One utmost value
Having one such prime value for each of your services shall help you surpass other existing rivals within the market.
“Aids to attract an ideal user base/customers”
In many cases, the value proposition for the company and for the product will differ. Addressing them both shall strengthen your growth strategies and gain enormous trust from your onlookers (beloved prospects).
Using the upcoming 1–5 Value Proposition Prediction Scale, identify a qualifying unique value proposition for your business and your product.
4 crucial factors to evaluate,
- Market Value
- Market Size
- Competition Level and
- Level of hitches to access
Mark 1
The small market will have less value with less hindrance to entry but excessive competition.
Mark 2
The medium-sized market will have a considerable amount of value with bearable hinderance level. Limited competition.
Mark 3
Different services totally will have little competition, thereby less hindrance to entry.
Mark 4
A unique service/product with high value, made for the large market, holds high-level hindrance to entry. Services/Products that fall under this category shall claim for a patent or bar the access with limited accessibility.
Mark 5
A unique service/product built for a wider market, which is of high value and is made/available for the exclusive audience.
Considering the recommended scale explaining 5 typical value proposition measures, if your service doesn’t see 3 or more ticks, there’s a serious need of overhaul. Now that you’ve figured out your unique value proposition, how would you articulate it to your users!
“All your hard work will only matter if your value reaches your users”
How to convey your service/product’s value proposition?
Image Credit: Hearing Review
Communicating one’s value proposition always happens through marketing. The better the value proposition is, the better your marketers shall craft the messages.
Like other businesses, if all that you do is roll out messages and sit back waiting for something magical to happen? The money and hard work you invested will never get any returns.
Because?
People will least know about the value your service offers. And if you don’t show them the great reasons to take certain actions, your results will be low as bass!
“A successful VP it is, only if people understand the value of your service and if only they believe in it”
For some companies, conveying their value proposition becomes easier. The reason being, their service/product stands out of all others and is unique.
But so far with the analysis of simple vs complex product’s value proposition performance, it’s evident that even a simple sock selling company must have a remarkable USP (unique selling point).
Some of the companies had crafted it so well!
Here are they,
BELLROY — Sells wallets
USP of BELLROY
Look how they push their actionable target ads.
Jamaica Inn — Check In Whenever You Wish
MAILCHIMP — Helps Send Automated Business Emails
PAGELY — Takes Bigger Advantage Out Of WordPress’s Existence!
Well, go figure out what your Unique Selling Proposition is.
With the incredible finding, continue to prosper amidst your user crowd and also within the industry.
