Page 47 - MICROHUB Handbook - ENGLISH

Based on all the above mentioned, you would now be able to distil your

unique value proposition. This is all about what gives you an

advantage ahead of the competition, about how your offering addresses

the customer problems better than current direct alternatives or

substitutes. For example, in terms of specific quality and experiential
elements, better price or sale/payment channels, cost and time

efficiencies (due to better delivery channels or revenue models), side
perks, otherwise. Best to try to come up with a single and compelling

sentence that would make everybody understand why you are far better

than the competition. That could become your business slogan.

Please bear in mind that the customers are usually incurring some cost

to switch from one product to another (at a minimum that of evaluating

a different product, changing the place and way they get it, risking

disappointment). Therefore, if your product features and benefits are

similar to the ones of the competitors, this puts you on par with the

competition. The latter already has an advantage by just being in the

market before you (for example, extra knowledge of the customers,

industry collaborators, experience). Hence, what really matters are your

points of differentiation. What is it that your overall offering provides

that is of benefit to the target customers, that is not provided by the

alternatives? Moreover, it is important that your point of differentiation
cannot be easily copied, so that you can sustain (at least for a while)

your unique advantage over the competition.

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