Benefits of a UVP
Having an effective and unique value proposition (UVP) is of critical importance as it distinguishes your business from your competitors. A UVP should uniquely identify the value of your business to your customers and should resonate strongly with your customers.
For example, if you offer a product or service for the price of $10, and your competitor offers the same product or service for $11, what stops your competitor from stealing that customer if they lower their price? While price is considered a UVP, unless it is tremendously lower than the competitors, you need to offer better and more UVPs.
UVPs may include:
- Better product quality
- Better location
- Better customer service / hours
- Better warranty / guarantee
Dr. Elijah Clark (February 23, 2016). Does your product have a unique value proposition? [Web log post]. Retrieved from http://elijahclark.com/does-your-product-have-a-unique-value-proposition/