September 30, 2015
Business Cut Through – What it Takes to Stand Out
With more competition and highly meticulous shoppers, what can you do to stand out? There are three common themes that come up when looking at successful cut-through businesses:
They have a Unique Value Proposition (UVP)
A unique value proposition is a promise to bring value to the customer through the product’s features or service. It usually is represented in the form of a statement or statements that summarise the reason(s) why the product and/or service is valuable and special – aka why customers should purchase it. Below are some essential questions to ask when identifying and articulating (often forgotten!) your UVP.
- Who is your target market? – The value proposition should be aimed at meeting the needs of certain or specific groups of people within an industry.
- What needs will your product/service satisfy? – The product or service is designed to meet a specific need of the customer.
- Who are your competitors and what do they offer? – The product or service should be different, ideally better in specific areas, than those offered by the competitor.
They execute their Promise
The thing about a UVP is that it doesn’t really mean anything unless you deliver. Below are the three most important things to aim for when carrying out your promise.
- Quality– There is no doubt that quality is high on the list of the things customers look for in products. Quality goods and services (relative to the price point) satisfy customers and encourage them to become loyal to your business.
- Value for Money- Whether or not the economy is thriving or takes a downturn; one thing that is constant is the desire of customers to get bang for their buck. Customers want to know that their hard earned money will be worth it regardless of the price.
- Customer Service– People like to hear and feel that they are important. Having a customer-centric business is one of the most powerful ways of generating word-of-mouth, a free and most effective marketing tool. Your product may not be the best but if your customer service is superb, it can be enough to keep them coming back.
They Market the UVP and Promise Well
So you have a compelling UVP and you execute your promise to a T, but without marketing your product/ service, you may well disappear into the background and even worse, be forgotten. To ensure that your product/service stays top-of-mind with your customers, consider these marketing strategies.
- Consistent Branding – It is important to display consistent branding across all marketing channels. The purpose of which is to differentiate from competitors, increase customer recognition, and reinforce brand identity.
- Establish an Effective Online Presence – Studies show that digital marketing can no longer be ignored. A study conducted by Google and Shopper Science found that shoppers are most likely to switch from ‘undecided’ to ‘decided’ while researching online. To have an effective online presence it’s about determining the where, when and how your customers look for information and then presenting them with the right ‘what’ regarding your product or service information at those critical research points.
- Collaborate with Influencers – Since influencers are viewed by people as credible sources of information, the tendency is to listen to their suggestions and opinions. Collaborating with influencers can potentially increase brand awareness and transfer credibility if you’re in a particularly difficult market to crack.
These are by no means exhaustive, but they offer a place to start!