Give your idea wings – your UVP
So you have this great idea for a business. You can see it taking off big.
But the cemetery of broken dreams is full to bursting with great ideas. And it’s not just dead businesses – the undead are simply grinding on, not growing, not making a good living, but feeding off their owners’ lives – zombie businesses, in fact.
Thinking about your UVP turns your thinking from ‘about us’ to ‘about the customer’. This will help you create products and services that people want.
Is your idea a goer? How do you get from that idea to success? Here’s Rod Richards, Manager, Business Enterprise Centre Sunshine Coast, to get you thinking about your unique value proposition.
Your key message
A unique value proposition (UVP or USP) is your most essential message.
It’s a concise statement that describes how your product or service is unique, positions your product or service in the marketplace, and differentiates it from the competition.
It explains:
- how your product solves a problem or improves a situation
- what specific benefits it provides
- for whom
- how you do it uniquely
Thinking about your UVP turns your thinking from ‘about us’ to ‘about the customer’. This will help you create products and services that people want.
And if you’re having trouble defining your UVP, think of how difficult it is for potential customers. How will they know what makes your product or service different and better than your competitors – and thus whether your product is suited to their needs?
There are only four types of benefits, according to Anthony K Tjan in Harvard Business Review:
- best quality – e.g. Stradivarius violins
- best bang for the buck – e.g. Ikea
- luxury or aspirational – e.g. Rolex
- must-have – basic goods or foods that people can’t do without
Have you written down your UVP? Now practise saying it in one sentence that rolls easily off your tongue.
Next: fleshing out your idea
