Business Idea? Here's the One Thing You Can't Afford to Ignore

Entrepreneurship & Startups
March 1, 2023
Contributed By:
Stephen Smith

Thinking of starting a new business?

Or maybe you've been in business for a while but are struggling to stand out from your competitors. In either case, it's crucial to identify your unique value proposition (UVP). Your UVP is what sets your product or service apart from others in the market, and it's what customers will ultimately be drawn to.

One common misconception among entrepreneurs is that their idea has to be entirely new in order to be successful. However, this is not necessarily the case. Many successful businesses have been built around existing ideas but with a unique twist or approach. Take McDonald's, for example. They didn't invent hamburgers, but they revolutionized the fast food industry by creating a unique system of efficiency and consistency that customers have come to love.

Image by Emslichter from Pixabay

Similarly, in the automobile industry, Henry Ford didn't invent the car (Carl Benz takes that claim), but he was able to make it affordable and accessible to the masses by implementing the assembly line. These examples demonstrate the importance of identifying what makes your product or service unique and using that as the foundation for your business.

As someone who used to work in the music industry, I can attest to the importance of a UVP. When I was an A&R executive, my job was to help develop artists and identify what made them stand out from the countless other musicians in the industry. Each artist had their own unique voice, style, and story to tell. Two entirely different artists can record their own version of the same song. Although singing the same song, the difference is clear. This is their UVP. This is what ultimately sets them apart from their competition and makes them successful.

So how do you go about identifying your own UVP?

Start by asking yourself some key questions:

Once you have the answers to these questions, you can begin to craft your UVP. It should be a clear, concise statement that communicates the unique benefit your product or service provides to customers. It should also be something that your competition can't easily replicate.

Remember, your UVP is not just about what you do but how you do it. It's about the experience you provide to your customers and the value you bring to their lives. By taking the time to identify and articulate your UVP, you'll be well on your way to standing out in the market and building a successful business.

If you're ready to take your business to the next level, subscribe to INVESMITH Insights+ for exclusive business information and tools to help you grow and thrive in today's digital landscape. We're committed to helping you achieve your goals and build the business of your dreams. See what we can do for you!

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