Or Why Should Anyone Buy From You?
If you don’t know what unique qualities you offer your customers, your business may be in trouble.
How do you find out the answer?
Some will tell you only need to focus on your UVP or unique value proposition.
Others will concentrate on your USP or unique selling proposition.
Still others will point to you Product Differentiation, Emotional Selling Proposition or any other number of marketing theories that are out there.
It is my professional belief you need to understand both – the unique value you offer as a company (UVP) as well as the uniqueness in your products (USP). As I see it, each is the flip-side of the same coin and it is when these two aspects merge that the real marketing magic happens.
But first, let’s talk about why you should make an effort to do either.
Why Should You Bother with a UVP and a USP?
How can these tools benefit you, a local business owner, a retailer, a sales or service professional? Working through these exercises will help you and your business in several ways.
- You crystallize what you want to accomplish in your business AND how your customers see you.
- This, in turn, shows you where the opportunity gaps are in the marketplace – opportunities for growth.
- Highlights the connections between your company, your products and your prospects wants.
- Gives you focus on the business aspects that will deliver the biggest impact.
- Stop wasting time, money and energy on marketing efforts that don’t deliver.
- When done right, these tools can give you the exact wording for your marketing messages.
- You have more confidence in your marketing because you know your why AND what you are delivering.
If these benefits sound interesting to you, then read on.
What is a Unique Value Proposition?
Returning to my coin analogy, one side of our coin is getting clear about your WHY (your UVP).
- Why are you in business?
- What do you hope to achieve for your customers or clients?
- Who are you as a company?
- What specific values do you hold and how are these values reflected in your operations, your staff, and your products or in your customer service?
- What do you do better than anyone in your industry?
Think of your unique value proposition as a mirror of your internal reality. It’s a reflection of you, as the business owner, your unique personality and identity, your staff and what you want to accomplish with your business.
A UVP serves as constant reminder to you and your team of what your company is all about and can guide you in your decisions through changes, challenges, and opportunities. It also acts as an implied promise to your customers.
This is who we are and that is why we do what we do.
The other side of our coin is your external reality. These are the perceptions the market holds of you, your company, your industry and of your products.
The USP, unique selling proposition, is all about why your audience should care about who you are and what you offer. In raw terms, your unique selling proposition is where you explain WIIFT (what’s in it for them).
To do this, you need to:
- Use your insights and understanding of your audience, your personas, what makes them tick, their wants, their desires.
- What are the needs or challenges your audience faces that your business solves?
- What are the unique benefits your customers receive when they select you and that makes your products stand out?
- Use these benefits to explain why your products or services are important to them and why they should choose you over another company.
Combining Your Unique Qualities (UVP+USP) or the Jab, Jab, Jab, Right Hook
A great USP+UVP should create an emotional craving for your product or service. It should cause your audience to instantly feel that they need to check out your company and your products.
Think of this combined concoction (your UVP and your USP) as an expression of Guy Vaynerchuk’s recent book: Jab, Jab, Jab, Right Hook Vaynerchuk describes it this way…
“Great marketing is all about telling your story in such a way that it compels people to buy what you are selling.”
This is also what Simon Sinek is referring to when he talk about ‘marketing with meaning‘.
A great example of this is TOMS. TOMS isn’t just another shoe outlet. TOMS is offering a feeling that one gets when they purchase a pair of shoes, eye-wear or a bag of coffee and knowing that another pair of shoes, pair of glasses or clean water will be sent to those without.
TOMS unique promise is – to help improve lives – translates into the ‘giving’ emotion it generates within its buyers and the message they send with their One for One purchases.
People don’t purchase TOMS products because they are the greatest. They purchase TOMS products because of what these purchases say about them as people…what they value…what they believe in and want to support.
This brings us back to the initial question: Why you?
What unique qualities do you offer your customers?
How can you combine your UVP and USP to move your company forward?
What’s stopping you?
Let me know how can I help?