Everyone understands the importance of having a UVP in business. The problem is, finding something that makes your brand unique is a lot harder than it actually sounds. You can’t make broad statements and consider them unique. There’s a process your startup needs to go through to define and communicate your UVP. If you follow these tips, you’ll be on the right track.
Consider your Audience
Simply saying ‘consider your audience’ is hardly a ground-breaking piece of advice. The issue lies in the lack of understanding startups often have about their target demographic. It’s not enough to simply declare a specific age group, sub-culture or gender. You need to understand what makes your audience tick. What are their buying habits? Do they get your product/service elsewhere? How will they purchase your product? What social media platforms do they use? How will you get your brand voice heard by them? Once you get to the crux of this, you’ll appreciate your position in the market. You may even happen upon a unique selling point.
“Know your audience – know what they care about, know what matters to them and what makes a difference to their lives – only that way will you understand which are the problems that are worth solving, where you can make a difference and where you can truly do something new and innovative.” – Mark Johnson, Head of Digital Marketing, KTN.
Solve a Genuine Problem
Before beginning work on a resolution, you need to understand where the problem lies. Ideally your product is going to be offering something valuable to your target audience. This could be something as simple as saving time or money. If there’s an issue which you want to conquer, research it first. Get a solid grasp of why it exists and how it affects your consumer. Why hasn’t someone come up with a resolution already? An understanding of the problem gives you more ammunition in producing an effective counter. Trust us, plenty of startups have crumbled because their product offers an answer to a non-existent struggle.
“For many technology based companies, it is critical to avoid focusing on the development of the technical solution before first getting a real in-depth understanding of the problem to be solved. Talk to customers. Reduce their problem statements to simple jargon free language. Test the problem from different stakeholder perspectives and quantify the potential impact.” – Darren Ragheb, Head of Business Development, Centre for Process Innovation.
Take a look at the features of your product/service. Which of these are unique to you alone? Furthermore, which of these directly affect your target demographic? Ideally brand will be the only logical choice. If you’re entering a crowded marketplace, it’s worth spending money on communicating these unique benefits.
Get Early Adopters ASAP
Validation is essential to your startup. This is simply about proving there’s a market demand for what you’re offering. If you can get early-adopters and paying customers on board immediately, you’re proving there’s a gap in the market. When your brand enters the market, don’t wait for customers to come to you. Encourage new interest via promotions and an active social media presence. Validation will make your company irresistible to investors.
“Validation ASAP is essential to see if your business has got traction. Get out there with your product or service and make sure people actually want to buy it.” – Stefano Marrone, Managing Director, Nuccobrain.