How To Growth Hack A Value Proposition When Your Offering Isn’t Unique

By on March 31, 2015

How To Growth Hack A Value Proposition When Your Offering Isn’t Unique

Your unique value proposition is key to converting audiences into clients and growing your business. Which is all great if you’re Elon Musk and inventing the world’s only badass electric car, but what if you’re starting a business development and consulting business? Or you’re a digital media startup? A new podcast? There are a lot of crowded industries out there that are growing like crazy and in all that competition it can be hard to determine just what is so unique about you to your audience. And remember it should be what’s unique about you to your audience, not to you, because at the end of the day your audience’s perception is all that matters when it comes to sales.

So how do you stand apart when you’re standing in a crowded marketplace?

There’s an effective three-step process for helping you determine your unique value, even if you’re similar to others. You’ll need to take the time to be diligent and honest in your discovery process through the three steps, but with the right effort you’ll find there’s absolutely something unique about you and what you do.

Step One. Research Your Competitors

A boxer would never step foot in the ring without first studying his competition. Likewise every football team that’s ever taken the field has spent countless hours learning about their rivals. You have to do the same thing and really devote some time into knowing your competitors. This is a step that can go awry quickly for two reasons; either you get overwhelmed by the competition and want to quit or you underestimate your competition and don’t learn from them. Either move is a folly. Competitor research is a valuable tool that can help you learn where your competitors are weak (and thus where you have the opportunity for advantage). It can also help you see where they’re succeeding so you don’t have to reinvent the wheel and can learn exponentially from their growth. What pitfalls have they already made that you can learn from and not have to experience? What shortcomings do they have that you can use as a feature or benefit in your offering to help craft your unique value proposition.

Your competition can help you grow! Think of how many retail chains there are. Hotel options and airplanes. The markets are crowded in many of the top growing industries in the world so don’t be discouraged the crowd, use them to catapult your success.

Step Two. Conduct Your SWOT

You probably have heard of and maybe have even done a SWOT analysis already. You’ll often see this word associated with business plans and venture capital meetings because it shows you’ve taken the time do the research and critical thinking necessary to be successful. SWOT stands for strengths, weaknesses, opportunities and threats. If you’ve thoroughly completed step one, you’ve already got the opportunities and threats portion of your SWOT analysis done, as these two pieces of the puzzle are really about identifying what opportunities and threats exist externally from your business. Knowing where your threats are can help you determine the opportunities.

Step Three. Use that to arm your value prop

When you finish the SWOT with your own business strengths and weaknesses, you’ll have a complete analysis that you can not only use in your operating and business plan, but also to more clearly narrow down your unique value proposition. What you do different from your competition is your unique value proposition. From conducting the research and completing the SWOT, you should have a clear view of what everyone else is doing, and an even clearer view of what your are doing and can offer. So how do you stand apart? Is it the speed at which you do what you do? Is it the customer service? Don’t fool yourself into thinking that your unique value proposition has to be something crazy and unheard of: odds are good you could do something exactly the same as everyone else in your market but with one small twist and still have a unique value proposition. Zappos built an entire online retail business on nothing more than amazing customer service. Amazon has built an empire on their massive index of offering and super efficient, affordable shipping. There are plenty of small ways you can really stand apart.

 

Knowing and identifying your unique value proposition will help you blow the lid off your growth. You’ll be able to easily tell customers what it is that you’re doing different, just that one tiny thing like, “Delivering wow!” that will catapult your success!

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Adam Toren

About Adam Toren

Adam Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Matthew. Adam is co-author of the newly released book: Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.