Your Unique value proposition
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This document discusses how to create an effective unique value proposition (UVP) to win customers and influence sales. It begins by introducing the presenter and defining a UVP. It then explains that many businesses lack a complete UVP that focuses on both business value and personal value. The document outlines seven components prospects value and provides a tool to score a UVP. It stresses the importance of understanding customer personas and tailoring products/services to their needs and pains. Personal values are especially important to address as research shows they heavily influence purchasing decisions. The document encourages assessing one's UVP against competitors and identifying areas for improvement.
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Your Unique value proposition
- 1. How To Win Customers & Influence Sales …With Your Unique Value Proposition Profitkoach.com.au 2017
- 2. Your Presenter Brian Bijdeveldt • Founder of Profitkoach Small Business Growth Specialist • Service & Manufacturing Business Coach for 10 years • Specialities - Analysis, Strategy and Marketing • Certified with IBG,ICF • Certified in Copywriting & Email Marketing Profitkoach.com.au
- 3. DELIVERABLES • Transformation – The 7 Things Your Prospects Want • How To Score Your Value Proposition • Discover How Desirable Your Business Is to Your Prospects • The Importance Of Personal Value in a UVP Profitkoach.com.au
- 4. What Is A Unique Value Proposition? “The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition.” - The Entrepreneur.com encyclopedia Profitkoach.com.au
- 5. The Problem… • Many businesses do not have a unique value proposition • Those that do may have an Incomplete UVP • UVP focus is on business value – lacks personal value Profitkoach.com.au
- 6. Why Do You Need A UVP? • Makes you stand out from the competition • Makes your offer more desirable • If more desirable…more interest, engagement and conversions • Allows for easy qualification of prospects (better qualified prospects means higher conversions for the same effort) Profitkoach.com.au
- 8. Differentiation… 7 Things Your Prospects Want 1. Is your value proposition measurable? 2. Faster than competition 3. Easy 4. Simple 5. ROI 6. Significant benefit 7. Targeted Profitkoach.com.au
- 9. Your Value Score (46/70)*100 = 65.7% Aim for at least 3 of 7+ & > 50% Vague DifficultSlow Complex Can Measure Faster Easier Simple Insignificant High ROI Significant Targeted BroadLow ROI 1 2 3 4 5 10 Attribution: Leadsology.guru
- 10. • You need to understand your ideal prospect to create services and products that meet their needs • To measure desirability of your UVP you will measure fit of services and coverage against persona criteria Profitkoach.com.au
- 11. • Have you got them? • All about the pains, gains and jobs • One for each customer segment • List the customer must haves, wants & needs • Prioritize them Sources of information: • Interview current ideal customers • Online forums • Facebook groups • LinkedIn groups Customer Personas Profitkoach.com.au
- 12. YOURPERSONA The Pains What keeps them awake at night? What do they wish they could solve? What is it costing them? The Gains What do they hope to achieve? What does the ideal solution and benefits look & feel like? JOBS Consist of functional, emotional & social aspects. How they look to peers – how to perform their role effectively. GAINS/WANTS JOBS PAIN/ISSUES Profitkoach.com.au - Attribution Alex Osterwalder – Unique Value Proposition Design
- 13. Must address: •Personal value as well as business value •Fear of loss, failure, looking bad or making a mistake (guarantees/testimonials/case studies) Profitkoach.com.au
- 14. YOURSERVICESFIT The Pains Describe how your services take away each individual pain point… Rank from mild - severe The Gains Craft services to ensure benefits Rank gains from must have to nice to have Address personal value & business value. Address Fear, Obstacles & Risk – Rank High to Low. GAINS/WANTS JOBS PAIN/ISSUES Profitkoach.com.au
- 15. Why Are Personal Values So Important? Profitkoach.com.au
- 16. 68% The percentage of buyers who would pay a higher price when they see a personal value in the value proposition. - Executiveboard.com whitepaper (3,000)
- 17. 71% The percentage of B2B buyers who will purchase if they see a personal value in the value proposition. - Executiveboard.com whitepaper (3,000) Profitkoach.com.au
- 18. 48% Of B2B buyers said they have wanted to buy a new solution, but haven’t based on the perceived risk. - Executiveboard.com whitepaper (3,000) Profitkoach.com.au
- 19. X2 Personal value has twice the impact on decision making that business value has. - Executiveboard.com whitepaper Profitkoach.com.au
- 20. RECAP • Differentiation – The 7 Things Your Prospects Want • How To Assess Your Value Proposition Score • Discover How Desirable Your Business Is to Your Prospects • Personas • Importance of Personal Values In Your UVP Profitkoach.com.au
- 21. My Challenge To You! • Create or revisit your customer persona/s • Compare your services/product for fit/coverage • Use a tool like the value slider to score your services • Rank your services/ product of your top 3 competitors • Compare • Identify attributes of your UVP that need modification Profitkoach.com.au
- 22. QUESTIONS
Editor's Notes
- There are two main components to developing a good Unique Value Proposition. Creating differentiation Creating desire Let’s talk about differentiation…. Prospects are looking for transformational services and products. 7 main components to differentiate your business Needs to be measurable – have a significant benefit, high ROI, Faster, Easier to implement, Simple to understand, targeted How do you measure your Differentiation Value?
- Measurable – I’ll add $10,000 per month to your cash flow Faster - (2 weeks as opposed to 2 months) Easy – (do they have to change systems or train staff?) Simple – no complex procedures and technical barriers ROI – example accountant offers to increase cash in bank by ($10,000 per month for $2,000 per month) – on the surface a 5:1 return Significant - If the above scenario was a proposition to a company that turns over $12 ,000,000 per year represents a 1% improvement. Targeted – is the UVP tailored specifically for the prospect?
- Is your service of product proposition (outcome) measurable? Faster than competition (2 weeks as opposed to 2 months) Easier to implement – do they have to change systems or train staff?) Simple – complex procedures and technical barriers or (handled for them and simple to understand/use) Low or High ROI – example accountant offers to increase cash in bank by ($10,000 per month for $2,000 per month) – on the surface a 5:1 return Significant benefit? I the above scenario was a proposition to a company that turns over $12 ,000,000 Per year represents a 1% improvement. Targeted – is the UVP tailored specifically for the prospect? 7+ or better in at least 3 of these attributes for your offerings is the aim Divide score by 70 to get your percentage score. (46/70)*100 = 65% - Now score your competitors.
- You need to understand your ideal prospect to create services and products that meet their needs Need customer personas for each segment Have to define they pains. Gains and jobs. To measure desirability of your UVP you will measure fit of services and coverage against persona criteria
- You need to understand your ideal prospect to create services and products that meet their needs Need customer personas for each segment Have to define they pains. Gains and jobs. To measure desirability of your UVP you will measure fit of services and coverage against persona criteria
- All about the pains, gains and jobs. Customer persona – should have one for each customer segment List the customer must haves, wants & needs Give them a weighting of 1-10 in order of importance (in your customers eyes) List them in order of priority Sources of information: Interview current ideal customers Onlline forums Facebook groups Linkedin groups
- Compare your services/product against these criteria – what is the fit/coverage? Rank the services/ product of your top 3 competitors Compare Identify attributes that need review and modification Must address fear/obstacles/risks Fear of loss, fear of failure, fear of looking bad or making a mistake (guarantees/testimonials/case studies) Must Include personal value as well as business value (B2B) business owners, purchasing officers
- Compare your services/product against these criteria – what is the fit/coverage? Rank the services/ product of your top 3 competitors Compare Identify attributes that need review and modification Must address fear/obstacles/risks Fear of loss, fear of failure, fear of looking bad or making a mistake (guarantees/testimonials/case studies) Must Include personal value as well as business value (B2B) business owners, purchasing officers
- Transformational 7
- Transformational 7