Unique Value Proposition: What Makes You Different Than Your Competitors?
Starting a business is exciting but did you do your market research beforehand? If you want to be a leader in your industry and marketplace, you must have a unique value proposition.
Think about how many hair salons, restaurants, gym, etc. we have around us; you have to differentiate yourself, or your business will lack the value needed for success.
How will you differentiate yourself? Why will customers decide to pick your product or service? What makes you better than your competition? Your customers need to know that what you have to offer is unique.
If you have a highly competitive niche, your UVP (unique value proposition) is everything because your competition has built its following, so you need to distinguish yourself in a way that brings you to the forefront of your market space.
When you sit down to write your business plan, your first thought should be "why is my business better than the others?", "what makes my business special?" "how will I have a favorable impact on the industry?".
FDT 101: Do a business pre-launch before opening your official opening. Create the anticipation...the hype...the buzz! Ask your audience what they think of your ideas, ask your friends and family, ask anyone who will listen!
Creating a buzz excites people and that excitement can potentially convert those people into customers. It also gives you the opportunity to build a following early on and develop your own online community. Make it happen!
Remember, it's about your unique value - research your competitors and figure out how you can do it better!
Summarizing this article, keep in mind those 6 key points:
1) What’s your unique value proposition?
2) Investigate your competitors
3) How are you different than your competitors?
4) Create a better and greater solution
5) Do a pre-launch
6) Create the buzz!