Why is it important to have a unique value proposition?
In order to have a successful business you need to offer your customers one thing: a unique value proposition. This means that your product or service has to satisfy a customer want/ need in a way that is different from what the competition or the industry has to offer, it has to be perceived as more valuable to customers so that they purchase your product instead of someone else's.
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You have to offer the customers what they want: it is not about coming up with a product/service and then convincing people to buy it, it is about understanding the customers needs and then coming up with a way to satisfy those needs.
Think outside of the box! Is there a way to fix customers pain points or to better someone's life with a product or service? Can I do something better than the rest and if so, will customers want it?
Have a customer centric approach, ALWAYS put your customers first! (REMEMBER to put yourself in their shoes, try to see the product from the customers' perspective).
In order for your product to be valuable it has to perceived this way by the customers, so part of building a unique and valuable proposition includes positioning your brand strongly in your consumer's minds and building brand equity. - keep an eye out for a future article about this!
In order to differentiate yourself from the competition you need to have a deeper understanding of customers needs, you need to understand what they want and also HOW they want it.
BUT WAIT... what does it mean to be "customer- centric"?
It basically means that companies put their customers first and that they come up with products/ services that satisfy their core needs. To accomplish this you need to understand three things:
Customer jobs: knowing what are the things that your customer has to get done (functional / social / personal/ emotional) and the importance behind getting each thing done.
Customer pains: knowing what annoys your customer before / during / after getting the job done or what prevents/ blocks your customer from getting it done
Gains: the benefits that your customers want and the reason why they get the job done.
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