A unique value proposition is a statement that describes the benefit of your offer to your client, how you solve your client’s needs and what will distinguish you from the competition. Your marketing strategy should focus on this statement.
The value proposition is formulated around your business objectives and it answers these basic questions;
- How your product or service solves/improves problems?
- What benefits customers can expect?
- Why should customers buy from you over your competitors?
Mary and John have been business partners for the last 2 years. Their business recently broke even faster than expected when they created a new niche for their business. They run a retail bakery shop on the first floor of a commercial building. Mary is the chief baker, John does most of the retail and marketing. Sounds like a normal business? Right?
In the last 6 months, John created a new and unique niche for their business through the delivery of their freshly baked bread, scones and cookies to the adjacent office buildings very early in the morning, and when the office hours come to an end.
Businesses need a unique value proposition to get traction in the very competitive market they find themselves in. The value proposition for Mary and John’s bakery is the aspect of delivering freshly baked cookies to office buildings. In a few months, they will definitely expand their business. The delivery aspect distinguished them from their competitors.
What is your unique value proposition? What have you or will do differently to attract clients and customers to your business? A unique value proposition is not necessarily complex in regard to planning and implementation. The client just needs to see your product or service as a convenience to them.
The main question as an entrepreneur you should ask yourself is, “Why my potential clients will buy from me rather than my competitors?” The response to this question should ideally be a strategy, a process of operation or a business plan!
What do you think was our case study’s unique value proposition? For different clients with different needs, the value proposition may vary.
Focus your marketing strategies on your unique value proposition and avail your products/services.