UVP Before MVP
Why a Unique value proposition (UVP) is important
Businesses that are human-centred, or customer-centric are more adept at thriving in our world of accelerated change, increased competition and unlimited information. Our customers need to have a compelling reason to purchase from you. There is a myriad of businesses out there trying to disrupt their industries, and there are even more businesses out there (some trying to survive their first or even five years in business) doing something similar to you. How do you stand out so that your customers can find you, buy from you, and ensure business success? The lesser known you are, the stronger your messaging should be.
You need a unique value proposition (UVP). A promise of value to be delivered to a specific audience that outlines what results or benefits that your business is best placed to deliver for them.
To develop your UVP, you need to have a deep understanding of the value your business provides, the needs of the audience and the outcomes you can create for them in comparison to competitors or closest alternatives.
Traditionally a product (or minimum viable product MVP) was developed first and then it was marketed. The creative team were engaged in the last stages before the product was ready to go to market. Now, a good creative team can create a great advertisement or marketing campaign for your product to make you believe that, say, a brown sticky drink is good for you and will evoke feelings of love. However, because the consumer now has access to so much information, they are more informed and are less likely to buy into something that has been spun on a very creative wheel (think Don Draper with the Kodak wheel - The Carousel).
What problem are you solving?
Our modern, more informed, less engaged world requires something different if we are going to evoke emotions in our audience so that they transform into brand evangelists (and promote your product to others for you). They want to know that you are solving a problem for them. This requires us to turn the process of developing a product/service on its head.
Think customer understanding and interaction first, then the development of your product/service. Ask, '‘What are the problems <insert relevant audience> encounter? What is it that people want?'. Then ask yourself, why are you trying to solve this problem for them, what are you trying to achieve (what's your purpose, what's your vision?), what value can you provide, and what makes you different?
Ah, but what if we need to get something in front of customers to understand it, such as an MVP I hear you ask. Where has the idea for the MVP been developed from, have you determined a problem that it solves and has that been validated first, I will answer.
Understand your market first
In understanding your market first, time and money can be saved on product/service development (as well as being able to create a website that actually attracts customers and a brand identity that speaks to your target audience).
In working through why you are the business to provide this you create a compelling story with a unique value proposition to those customers that will resonate with your values. This message can then be used in your marketing strategy. You can speak directly to your target customers, their pain, how you are going to help them, and what value you bring.
Steps to developing your UVP
Great brands do this really well, there is no reason why you can't do it in your business too.
The process:
Fully understand yourself/your business (what drives you, your vision, your purpose, what you’re really good at and can the best at)
Fully understand your market (who will find value in your awesomeness, what you’re great at - what are their problems, what are their needs, are they being met?)
Fully understand your competitors (who else is serving this audience or solving the problem, if you’re doing something new, there exists a current alternative to your offerings, how do you compare to that)
Answer the questions - What is the outcome/result of using your product, what problem does it solve, for whom, and why should they buy it from you
Develop your unique value proposition UVP (sounds easy when you put it into a sentence, it will take time and you will iterate on it several times, especially if you test it with your audience)
Communicate it - it’s no good on an internal document, get it out there for the world to see!
Having a clear and compelling unique value proposition is one way to maximise your efforts in messaging. Time and money are not the only things you will save in the long term, try it and see.
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