Unique Value Proposition (UVP) and why it Matters for your Brand
There were once two roadside apple traders who capitalised on the ever crowded Eastleigh bust-top for constant flow of customers. They generally sold the same type of fruits, and judging from the box stacks, they originated from the same place too. They, therefore, had the same product, same location and same customers. One of them, however, decided to increase the value of his apples, he would bring with him a handheld sprinkler and spray on his apples some water. The apples in turn looked fresher than his competitors and this translated into more sales.
In business, the importance of realising, defining and implementing a unique selling point (USP) or unique value proposition (UVP) for your products cannot be underestimated. This is because, in any industry or sector, there is always a likelihood of another business providing the same goods and services as you. Therefore, you are all competing for the same market for your products.
A UVP enables you to go a step further than your competition, making you more conspicuous to your target market. A UVP also helps retain clients, birthing brand loyalty to your brand. Just like the man in the example, his apples now seemed to have more value because they not only looked fresh but in the eyes of the customers they looked clean, healthier and appealing.
Developing a unique selling point for your products is intentional. It basically means asking yourself questions such as, how is my business different from my competitors? What makes my product unique? What extra value does my product offer? However, you have to remember that your UVP must be true and relevant to your the customers. For example, you can say you deliver to the clients for free, or your farm produce is GMO-free.
Your marketing strategy must, therefore, centre on your unique value proposition. This sets you apart from your competitors and attracts potential clients.Examples of some popular Unique Value Propositions include: The First ever product of its kind, the lowest cost, free shipping, money back guarantee, same day delivery and many others. UVPs act as hooks to your market and improves brand credibility.
When you are advertising on mainstream media, the internet or social media, make sure that you include your UVP. A customer would naturally want to know, why he or she should pick you over your competitor and your advertising must answer that question.
Article by Denis Mbau, Content consultant, Brand Integrated Consulting