“Marketing Made Easy:
A Beginner’s Guide to Growing Your Business”
Step 2
Starting a new business involves a lot of work and planning and sometimes those involve areas you might not feel confident in. Marketing is often one of those areas.
Last week we focused on Defining Your Target Market and why that is so important. It is actually the foundation for everything else you will do in creating your marketing strategy.
We asked you to analyze your products and/or services and list the features and benefits. Then you were to identify the problems that they solve to help you understand who you would serve.
Then you were to analyze your competition and see who they are targeting and how they are doing it.
Finally, you were to identify the demographics and psychographics of your target market.
Now that you have done that, we move to Step 2, which is crafting your Unique Value Proposition that will make you stand out from the competition.
Crafting a Unique Value Proposition (UVP) is crucial for new entrepreneurs as it helps differentiate your business from competitors and clearly communicates the unique benefits your product or service offers.
Step 2- Craft Your Unique Value Proposition
Highlight What Makes You Different
Look back over what you learned as you did a SWOT on your business and what you learned as you studied your competitors. What do you do better, or differently, that makes you stand out?
Using the Competitive Analysis Worksheet here can help you see how you compare to your competitors and what areas you stand out it.
Here are some things to take into consideration as you compare what you offer to your competitors:
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What sets you apart could be unique features, superior quality, better pricing, exceptional customer service, or other distinguishing factors.
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Look for innovative aspects of your business that solve problems in a new or more effective way than competitors.
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Look for gaps in the market where customer needs are not fully met by existing solutions. Your UVP should fill these gaps.
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Use customer feedback and reviews to identify areas where competitors fall short and where your business can excel.
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Note any specialized expertise or experience that adds credibility to your offering.
Guidelines to follow in crafting your UVP
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Your UVP should be easy to understand and remember. Avoid jargon and complex language.
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The value proposition should clearly state the benefit to the customer without requiring further explanation.
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Make sure your UVP is relevant to current market trends and the evolving needs of your target audience.
Checklist for Crafting Your UVP:
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Who is my target audience?
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What specific problem or need does my product/service address?
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What are the main benefits my product/service provides?
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What makes my solution unique compared to competitors?
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Is my UVP clear, concise, and easy to understand?
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Is my UVP relevant to current market conditions and customer needs?
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Is my UVP consistently communicated across all marketing channels?
By carefully considering these elements, you can develop a UVP that effectively communicates the unique value of your product or service and resonates with your target audience.
Practical Exercises
Exercise 1: Competitive Analysis
Use the attached worksheet to first identify your products and services.
Then identify your top 3 competitors. In each column list their products and services. Notice where you offer the same things and how you differ.
At the bottom, identify your strengths and weaknesses compared to each competitor.
As you analyze what they offer, look for gaps in what they are offering. If they represent an opportunity for you, note that at the bottom.
Crafting a UVP usually takes a little time to get it just right. It is also something that should be revisited and revised as the market changes and your business changes.
Next, we will look at creating a simple website to make your business searchable.
For more help with this, contact us at rhondaloweconsulting@gmail.com
