Let's talk about Unique Value Propositions, and how they are important when you're formulating your Digital Marketing Strategy.
What is a Unique Value Proposition?
According to Wikipedia, A unique selling proposition (USP) refers to the unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors. The unique selling proposition must be a feature that highlights product benefits that are meaningful to consumers.
For the purpose of our discussion, a Unique Value Proposition is what makes your company's product or service different from the competition, different from what's already out there or different from what your customers may already have access to that makes it compelling for them to choose your product vs. the exisiting solution or competitor's product.
When you're thinking about your unique value proposition, you want to look at the industry, where you are considering what your competitors are putting on the table and what other options your customers may have available to them. After that, you want to look at your prospects and customers and understand from them what exactly they're looking for in the product or service in your category, so that you can provide something that's better or at least at par with what your competitors are offering.
The last area you want to research when you're looking to understand and document your unique value proposition is your own product. How does it stack up with the competitors & how does it solve the problem that your customers are trying to solve in their day to day lives.
If you can create a valid and sensible answer to these questions, you'll be sure to put together a product that's better than your competitors whether it's based on features, benefits or cost. Understanding and documenting your UVP is vital to putting together a successful Digital Marketing Strategy because it will help you formulate the right messaging to target your audience.
I'm Sandeep with this week's Digital Marketing Moment. If you enjoyed this tip, please subscribe to our YouTube channel where we will be posting a new tip every Monday.