If you are manufacturing products or providing services in a crowded marketplace, how do you stand out from your competitors?
If your customers cannot differentiate between you and your competitors’ products and services, chances are you will always be fighting a price war with them.
While creating an industrial marketing strategy, I’ve seen so many manufacturing companies struggle for sales as they don’t tell their customers how they are unique and different from their competitors. Their website is all about their company and not about the difference they can make in their customers’ lives.
A unique value proposition for your manufacturing company will help you define how your company is different and how you can outshine your competition.
Creating a Unique Value Proposition for all your products and services is challenging enough and that too distilling it into a 10-word sentence is even tougher. In this article, we will cover
- What is a Unique Value Proposition?
- How to create a Unique Value Proposition for your manufacturing company.
What is a Unique Value Proposition?
A Unique Value Proposition (UVP) is a brief statement that tells your customer what value you are providing them and that you are the best choice for them amongst all similar products and services.
If you can tell someone in one sentence why they should buy from you and not from the competition, what would you tell them?
Your customers aren’t interested in you or your products – they’re interested in themselves.
- They like what you can do for them.
- They like how you make their lives easier.
- They like the way you make them feel about themselves.
- They like the way your worldview matches theirs.
- They like what your brand says about them.
- They like how you can change their world
A value proposition is a reason behind why a customer buys a product or service.
Your customers are not excited by your product or service but are excited to know how it will make their life better.
A value proposition is one of the first things they come across when discovering your brand, and your prospective customers use it to evaluate your company.
Your value Proposition has three key elements, and they relate to each of the three words
Unique: What is unique about your product and services, and what differentiates you from the competition
Value: What benefit your customer will have after buying your products and the tangible results they can expect after using them.
Proposition: What particular product or service you offer to your customer and how they solve their pains or problems.
How to create a Unique Value Proposition for your manufacturing company?
As a part of our industrial marketing strategy services, we help customers craft their value proposition. Here are four questions we can ask our clients to help them define their Value Proposition
Who is our target customer?
Figuring out your customer or target market is the first step to create your value proposition. If you are a company providing industrial IoT services, you need to focus on companies that want to track operator efficiency or looking for remote maintenance assistance.
The biggest mistake you can make is to think that all manufacturing companies are your customers. If your marketing message is for everyone, then it is for no one. Drill down and focus only on the niche you want to target.
What are our target customers’ needs and pains, or what problems are we trying to solve for our target customers?
Suppose you look at the above example of the Industrial IoT integrator. In that case, their target market has a pain that they want real-time production traceability, operator efficiency data, or machine downtime data in real-time.
Companies that maintain manual records find it cumbersome to get this data quickly. Industrial IoT can solve this problem and save the company a lot of money.
What are we offering in the way of products and services that can resolve our customers’ problems?
Again, we use the same example of IIoT integrator as above. They sell IoT sensors, but the company also consults customers to set up these sensors, monitor data, create and analyze the reports to help the company improve their productivity.
Why should the customer buy from us and not our competitor (How are we different from our competitors)?
The IIoT integrator can differentiate themselves from their competition by finding out more about their competitor’s value proposition.
They can use the benefits of their products and services to differentiate and show value to their customers. Their expertise and their unique approach to consultative selling can also be a differentiator.
The UVP for IIoT integrator can be something like this:
“Keep the pulse of your shop floor in the palm of your hand using our IIoT integration services. We help increase your productivity by 30% through our easy-to-use solutions to get you the most needed information.“
The secret to winning over customers is understanding their needs, requirements, and fears, then learning to speak to them in a language they will understand. All salespeople know this
- Know your customer
- Pitch to them a product or service they will love
- Remind them that they have made a good decision by buying your product or service
A good value proposition leads to happy customers, and satisfied customers help you create a strong business.
What are the elements of a good Value Proposition?
- Headline: Your value proposition should have an attention-grabbing headline that quickly gives talks about the ultimate benefit of using your product/service
- Sub-Headline: The sub-headline should explain your offer in detail and why and for whom the offer is.
- Bullet Points: The bullets should list all features and benefits
- Visual Element: The final part is a visual element that could be a video or an image related to your offer.
We have helped other manufacturing companies create a Value Proposition for their business. Contact us to know how we can help you develop an industrial marketing strategy for your company.