Turn your business on its head, and get the ball rolling with the strongest unique value proposition you’ve ever seen! These tips and pieces of advice will be sure to guide your company in the right direction.
What is a UVP?
Every business has its own unique value proposition, or UVP. If your’s doesn’t, chances are you are facing struggles in funding and customer support. Having a strong UVP can change the game for any company, because it ensures that customers are getting the products and services that they sign up for.
There are many steps to creating and perfecting a UVP. These include customer profiling, designing, prototyping, testing and evolving. All of these processes can take a long time, and they are proven to be successful when dedication is put into practice.
Building a customer profile
There are two parts that begin the entrepreneurial journey of building a strong UVP: customer profiling and value mapping. Starting with a customer profile will help clarify how the customer interprets your business. Value mapping will solidify how you will provide value for that customer.
The customer profile can be split into three categories: jobs, pains and gains. Conducting empathy interviews with customers will provide insight on what hinders them, bothers them or draws them into using your product. Your business should be taking a job that a customer finds bothersome in life, work or leisure; and alleviating all annoyance associated with that task.
Value mapping allows business owners to break down the ways their business hits each of the categories from the customer profile. You are one step closer to having a strong UVP when your value map hits every category of your customer profile.
Design and Prototyping
After understanding the needs of your customer, it is easy to begin designing a product that will be valuable. The prototyping and design process, however, can be one of the longest phases of developing your UVP. This is because of the constant testing and validation needed from your customers.
This process can be restarted many times because there is always something about a product that can be fixed. The phase will never truly be over, which is why companies like Apple come out with new versions of software and technology every year. You will know that your initial design and prototyping phase is complete, however, when your product is consistently outperforming its competitors, and is is difficult to copy.
After you have come up with a prototype that seems to be the highest-performing possible, it is time to begin testing. Testing your product within your customer segment will reduce the risk of coming up with a new and improved value proposition.
Take the Apple iPhone for example. Every design aspect of the iPhone is intentional. One of these aspects is the volume buttons. There are many other ways to control volume in this world of advanced technology. If Apple were to make its volume buttons voice-activated, they would probably find out during the testing phase that this new feature creates a pain for customers. So, Apple keeps the volume buttons on the side of the phone.
Testing all aspects of the product you have created, although it may seem tedious, is the best way to ensure you are prioritizing the customer and setting yourself up for success.
As stated before, there may be times where you have to restart all over in any of these phases of UVP design. Allowing your company to continuously evolve and challenge its previous success will bring relentless improvement, and your company will flourish.
For more information about value proposition design, and how it can impact your business, check out https://www.strategyzer.com/canvas.