blow away the competition
A UNIQUE VALUE PROPOSITION IS ONLY GOING TO GET US SO FAR IF WE DON'T HAVE A GREAT PRODUCT BEHIND IT.
Our products and services need to live up to our brand promise, surpassing others on the market and providing our customers with unique benefits.
REVIEW YOUR RESEARCH
Take the side-by-side comparison you completed in the last module, along with your sales data and customer feedback, to start seeing where you stand apart from your peers.
When looking at this data there are a few important questions to ask yourself:
- Do your current products and services uniquely address your customers' and fans' needs?
- What exactly is unique about your offerings that sets them apart from others available to your audience?
- Where do your products and services fall short? Wherever there's a weakness, this is an area you can focus your energies on improving.
- How can you offer a solution that your competition isn't offering?
NEW OR IMPROVED?
At this point, you'll need to ask yourself whether you can make improvements to your offerings or if you need to develop something entirely new.
Your analysis of weaknesses, along with customer feedback and sales figures, will help you decide this. Sometimes, your current products can simply be repackaged and sold with the new UVP.
If you need to develop something new, you can use your old product's weak points as the basis of the new product's brand promise. For example, you have a program that a number of your customers complain is complex and counter-intuitive. After you rebuild the program so that it's more user friendly, create a UVP that highlights its ease of use.
LASER-TARGET YOUR MARKET
One good way to differentiate your business is to choose a more specific sub-set of the market. Take a certain demographic of your audience and laser-target on it.
For example, if your services appeal to an age group that stretches from twenty-somethings to those over fifty, focus on one small part of that spectrum—such as those in their early twenties. You can focus on a demographic subset based on anything: geographical location, language, economic status, occupation, family structure, etc.
TODAY'S KEY LESSON: find their secret sauce
It's critical that we use all of the tools at our disposal to research our competitors (or more established brands) to help us figure out what makes them unique. And pay specific attention to how well they tailor their message to their target audience... or don't.
HOMEWORK: bring it all together
Review all of your data and answer the following:
- What do you already offer that's better than your competitors?
- What aspects of your competitors' or peer's businesses can you improve?
- What needs of your target audience are not being met... that you can fill?
- What sub-sections of your audience are being ignored? How are their needs different?
- Which of the above areas take advantage of your strongest skills and resources? Which ones allow you to be seen as the best?
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