When you are in the process of creating a product (or service), one of the main things you need to nail down early is your value proposition. More specifically, your UNIQUE value proposition.
The question you have to ask yourself is “Why does someone want to do business with me, rather than someone else”?
The reasons you want to put aside are for strategic or scarcity reasons i.e. we are the only option, or people will buy from us because we are part of a larger brand etc. Those types of reasons will not help you innovate and will lead you down the road of complacency and stagnation.
The kind of questions you want to be asking are “What makes my product so special against product X?” or “What am I doing different, or extra, over my competition?”.
Sometimes your product may actually be identical to another and you may actually be reselling someone else’s offering. In that case, it will all be down to the service you offer around the sale, both before AND after.
Remember that the entire sales process from end-to-end is important. I know that I’ve personally bought more expensive goods because I’ve preferred the ‘buying process’ from a particular shop or website than the one with the cheaper offering.
Convenience and how you are made to feel as a customer is a great way to stand out from the crowd and to attract repeat business.
Three things you should be able to vocalise regarding your Value Proposition:
How does your product or service UNIQUELY solve a problem?
Be specific with what BENEFITS your customers can expect from your offering and what VALUE does your product bring them?
Be clear WHO your target customer is and WHY they should pick you over the competition.
Smart Alternative Reality Area Ltd has an ambition to deliver “Measurable Wellbeing Benefits” through a passive immersive experience that has been both peer reviewed and medically endorsed. This alone will make for a very powerful value proposition that would also be unique within the industry.
If you don’t have (or know) your value proposition, I urge you to spend some time figuring it out. Without one, you are in a far weaker position than your competition who probably does!