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Crafting Your Unique Value Proposition

Crafting Your Unique Value Proposition. Carlos E . Peña Senior Loan Officer 3/1/2017. What is a Unique Value Proposition (UVP)?. UVP is a clear statement that describes the benefit of your offer, how you solve your customer's needs and what distinguishes you from the competition

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Crafting Your Unique Value Proposition

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  1. Crafting YourUnique Value Proposition Carlos E. Peña Senior Loan Officer 3/1/2017

  2. What is a Unique Value Proposition (UVP)? • UVP is a clear statement that describes the benefit of your offer, how you solve your customer's needs and what distinguishes you from the competition • A value proposition is a business or marketing statement that a company uses to summarize why a consumer should buy a product or use a service. This statement convinces a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings • Ashort statement that encompasses the services you provide and how you differentiate yourself from your competitors.

  3. A Few Examples • Small Business Accounting Software Designed For You, The Non-Accountant (FreshBooks) • A Great Shave For a Few Bucks a Month (Dollar Shave Club) • We Help The World’s Biggest Brands Scale And Secure WordPress (Pagely) • The Easiest Way To Make a Website (Weebly) • Bring Everything You Need Without Checking a Bag (Tortuga Backpacks) • Send Better Email (Mailchimp)

  4. Why should I have a UVP? • Engage your consumers and deliver your message • Explain your business model to investors in a concise way • Understand what key activities drive your company’s growth • Effectively articulate your mission to potential partners • Formulate business strategy with a clear mission

  5. Business Model Canvas

  6. Template Canvas

  7. Example Canvas

  8. Exercise • Take 10 minutes and create a canvas for your business. • Create your canvas based on what you envision the business to be at its full potential (as opposed to in its startup phase) • Start from either the Value Proposition or Customer Segments boxes and then branch out (however you see fit) • Understand your customer segment. Ideally you identify your segment broadly but also identify early adopters (EA). Examples: • Pregnant couples (EA: first time parents) • Immigrants (EA: immigrants from a specific region/background) • Econ Development Institutions (EA: early-stage enterprise incubators) • If you can’t think of what to populate certain boxes with just leave the box blank.

  9. Canvas Exercise Continued • Which box did you start from? • What were the easiest boxes to populate? • Any blank boxes? It’s ok. • Canvas Exchange (optional)

  10. Creating a UVP • Where to start? • End-User Driven • Specify consumer, identify pain point, ideate product/service • Activity Driven • Select skill/role, determine pain point, narrow down user • Mission Driven • Commit to goal (which counters pain point), explain theory of change, highlight beneficiary • Components • Activity • Delivery • Target

  11. Value Proposition Canvas

  12. Takeaways • Which method did you take? • What insights have you gained? • Which (if any) of your assumptions has changed?

  13. Carlos E. Peña • Senior Loan Officer • cpena@accionchicago.org • 312-924-2185

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