Every business should strive to identify its unique value proposition (UVP)—a vital step that shouldn’t be skipped or cut short. A UVP is more than just a competitive edge or doing the usual things better than everyone else. The UVP should be that one thing that overtly addresses, benefits, and satisfies the strongest unmet need of a business’s ideal clientele.
Often, a business’s UVP is conceived from outside of their industry or market. A wise business owner may see something another company is doing for its customers and adapt the concept to deliver it to theirs. Otherwise, to determine that “strongest unmet need," the business may need to do some simple yet important surveying of a select sample of their best customers. It could be as short as a one multiple choice question survey that asks, “What is the one thing that we offer/do that prompted you to do business with us today?” and then provide a list from which they can select ONLY ONE choice such as:
a. Our low price
b. Our superior quality/workmanship
c. The way you were treated before the purchase (aka our salesmanship)
d. The promise of excellent after-the-purchase service, support, warranty, etc.
e. Our guaranteed on-time delivery
f. Our innovative, one-of-a-kind, custom-made design work
g. The convenience of placing your order (i.e., our location, hours of operation, online store, ease of transaction, etc.)
h. Our current promotion or sale
After collecting several dozen responses, a recurring pattern should emerge to pinpoint your business' UVP. The UVP should also have clear and immediate credibility/believability in the eyes of any prospective buyer. Finally, the UVP should be something that is different or innovative—something your competition doesn’t know how to do, doesn’t think to do, and/or isn’t willing to do.
Source: Vince DiCecco