How to Determine Your Unique Value Proposition as a Business
1. What’s truly “unique” about your value prop? (i.e., not “great customer service” but why do people really buy from you?).
2. There are likely multiple key factors (price, accessibility, selection, quality, integration, social proof), and you need to know all of them.
3. What stops people from buying from you? These might be places where competitors are better, might be places where your offering is week. Be honest.
Unique Value Proposition
After completing your evaluation of the marketplace, it's time to do some introspective research on the value that you're offering prospective customers and objections they may be facing. The first step is to start thinking about what is truly unique about your value proposition. Think past great customer service. Everybody says they have great customer service, but not any believe those claims. And even if they did, that doesn't mean people are buying from you for that reason. Instead, evaluate what really makes people buy from you. If you're looking for a good starting place ask questions like, what makes you stand out from the marketplace, what is the thing your customers value most about your offering, or what your company does better than any of your competition. By starting with these questions, you'll be able to begin building a value proposition that is unique to your business.
Building Your Value Proposition
To ensure that your value proposition is fully fleshed out, you'll want to explore a bit deeper. How do you know that you're providing value? During your research, you should have found places where the market was lacking, or where you can come in and provide value. Remember, this isn't just where you perceive there to be a lack in the market, but a true expression of the need from customers via forums, reviews or social posts. Where are you competing with your competitors? Is it price, accessibility, selection, quality, integration or social proof in the form of testimonials and reviews?
Remember, your unique value can be any one or combination of these things, but the difference between an okay value proposition and a great value proposition is being able to own whatever that value is. Doing one or two things better than your competitor is much more effective than trying to compete everywhere and doing so poorly.
Focusing on the positives are a great start, but you'll also have to consider places where your competitors are better which might mean admitting places where your offerings are weak. This means figuring out where your prospective customers may have objections and what stops them from buying from you. Once you're able to determine the things that might stop someone from purchasing, you need to be ready to systematically implement something to encourage customers to get over their objections.
Although you may not be able to eliminate all objections, some examples of common objection killing include offering a discount if you think there could be price sensitivity to your product or service; utilizing copy around urgency and scarcity can help to overcome hesitation stalling from your customers;
providing testimonials or reviews on your ads or site landing pages if you think there could be a lack of social proof or brand recognition; or having a mobile optimized website to provide a better user experience for your customers.
Don't Ignore Weaknesses
Throughout the whole evaluation process, the main key to success is being honest with yourself. If you're ignoring places where you're offering is weak because you simply don't want to admit it, you're hurting your potential for traction and scale. You also shouldn't be afraid to take a page out of your competitor's playbook. If you know something is working for them, feel free to adapt the idea and make it work for you too. Just because you didn't come up with the idea first shouldn't stop you. Of course, this doesn't mean copying it exactly, you're better than that. Instead, take that idea and make it even better by using the previous research you've done. A large part of creating and running successful Facebook ad campaigns is being able to iterate as you see things that need changing. This doesn't mean changing everything at once. As much as you may want to try to kill all objections in one brand new ad, iteration should take place in phases. This is the only way to know what the largest objection is and to be sure that you aren't jeopardizing the integrity of your brand.