3 Ways to Know If Your Business Has A Unique Value Promise

May 9, 2018

 

 

 

 

 

 

 

 

 

Unique Value Promise focuses on emotional meaning, personal benefit, and clear customer outcomes that will capture and keep customers. Regardless of your industry, it's tough to stand out in any marketplace, whether it's local national, or global.  And even if your business is the only one like it, your business needs a distinctive presence.  Without one, your business is vulnerable to the first competitor that arrives, and trust me they will arrive. Scaling a business in a crowded marketplace with each business thinking that they are "different" immediately invites competitive comparisons.  Consumers measure and evaluate so-called difference against their other options.  To many businesses think they are distinct because they see themselves as different but its the customer that must see your business as different.

 

1.  Best-In-Class-A business that creates a distinct presence based on the buyers perspective will be perceived by customers as best-in-class.  Think about some stellar brands like Nordstrom, Whole Foods or Disney.  Reaching new customers and convincing them to buy is more difficult every day.  As a result nearly every business, profession, and organization, has been placed into a commoditized grouping by the customers.  Most customers feel that every business in the market looks, sounds, and likely act the same.  Does your customers think of your business as Best-In-Class?

 

2.  Buyer-Centric-Is your business buyer-centric or customer-centric?  When a customer is deciding to buy, they have one focus: they want to know how doing business with you will be good for them.  Every customer asks-"Why should I do business or even think about working with this company?  Are they all about themselves or do they really understand why I want to make a purchase?  Most businesses list why you should do business with them because:  good service, years of experience, low prices, great selection, or solid warranties.  This is a great list of reasons why, but do they really speak to the customers emotional need?  Attributes or features do not create a distinct presence in the marketplace either.  To determine if your business is customer-centric ask these questions like: is your marketing, customer service all from your perspective or the customers' perspective.  This is more than What's In It For Me WIIFM-Creating a customer-centric requires a deep understanding of what the consumer's perspective truly is, and a commitment to communicate and operate within that perspective relentlessly.

 

3.  Have You Asked Your Best Customers?-Most businesses rely on their Brand Equity only when it comes to standing out.  But When is the last time your really interviewed your best customers to see why they purchased or continue to purchase from your business.  I don't mean a survey feedback form, but really sat down with them face-to-face or Skype to see their expressions and asked the hard questions.  This is more personal than a focus group, because you want the customer that has already purchased and your looking for the emotional bond.  One company assumed their customers purchased  for safety, and after interviewing their best customers found out it was because of their cutting edge technology.  The were first to set the trend, so they begin to marketing that first, instead of what they thought customers wanted.

 

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