Business
Do you really need a unique value proposition? According to dictionary.com, unique means "having no like or equal; unparalleled; incomparable. Based on this definition, it won't always be possible to own a "unique" value proposition. And, the good news is that it's as essential as many marketers think it is.You can confront the competition head-on and win new business without a unique value proposition! Many growing, thriving, successful companies do not own or even claim to own a "unique" value proposition .The urgency and anxiety over defining one's unique value proposition has been declining for quite a few years as many CEOs are discovering that the process of unearthing a truly unique value proposition is not always achievable. And even when it is, many unique value propositions are susceptible to one or more of the following issues:· If it fails to align with what customers or channel partners value the most, it'll be meaningless. · Some unique value propositions, no matter how compelling, risk losing their appeal as soon as a competitor launches a superior product or service. · The pressure to own a unique value proposition forces some brands to create one that orbits around what their formidable competitors are saying, which is nothing more than "me too" marketing. Take the case of a manufacturer boasting the unique value proposition that its gear drive is the most reliable in the industry. Although a seemingly strong unique value proposition, its relevance, and significance in the eyes of customers are based on four variables1. The company must provide proof of its claim by citing a legitimate source. If it doesn't, customers will be skeptical. 2. Assuming the claim is valid, the value of the proposition will be directly proportionate to how much more reliable their gear drive is compared to competing gear drives. And this must also be backed up with evidence. 3. If the gear drive is, in fact, the most reliable, it must also closely match the performance and capabilities of competitive systems, such as technology, power, and ease of maintenance. If not, the value proposition is again meaningless.4. Most importantly, the unique value proposition will only be relevant if the company has a respectable reputation in the industry.So, are unique value propositions overrated? Absolutely not. Owning one or more plays an integral role in attracting new customers and retaining existing ones. However, if you struggle, you have several options to help build a compelling brand that attracts customers:First, group your top three or four value propositions and focus on how you can enhance each to the point where they far exceed customer expectations.The second thing you can do is think of positive experiences you've had with companies in your personal or business life, and how you may apply similar experiences to customers in your business. Also, you can and should build a culture where people love to come to work every day inspired to perform at their best. Delivering exceptional service and manufacturing great products require it. Next is to know what your customers want and value the most, and give it to them. And finally, focus on developing and nurturing your personal brand and those of everyone at your company who touches customers to add value to the overall customer experience.If you devote yourself to focusing on these areas for the next 6-12 months, you'll be surprised at how much stronger of a competitor you can become, and how many more customer relationships you will win. Owning a "unique" value proposition is only one component of the equation.