Understanding the Value of Your Unique Marketing Point – 17 Tipshttps://secure.gravatar.com/avatar/?s=96&d=mm&r=g
Understanding the Value of Your Unique Marketing Point – 17 Tips
Your unique marketing point (UMP) differentiates your business giving it specific identification traits in the marketplace. Put in another way, it is what makes a customer prefer transacting with you as opposed to a competitor.
That said, UMPs have varying values and the one with the highest value typically wins out in a marketplace chockfull of similar products from similar business. Here are 17 tips on how you can better understand your UMP.
Adopt clients’ viewpoint
The most important value aspect of your UMP relates to client perception. Therefore, try to walk a mile in your customers’ shoes. To nullify any effects of bias, try the research approach where you actively get feedback from relevant random persons on what most stands out about your enterprise.
Competitor points of parity
The more distinct your UMP is compared to what your competitors avail in the market the more valuable it is and the more customers will come your direction. Compare your value proposition to your competitors’ to identify the similarity percentage.
Prevailing market conditions
Markets are dynamic and what was a great UMP a few years back may be obsolete as a utilizable unique selling point today. With time, UMPs tend to become dilute meaning that you have to continually factor in the existing market climate to arrive at a precise present value.
You may offer something unparalleled that competitors are light-years behind in figuring out but if it lacks financial sensibility from the customer’s end, its value diminishes significantly. The best UMPs offer exemplary value at reasonable price points.
Sales are the ultimate UMP test that matters. If your UMP does not translate to better sales, then, your value proposition may not be as good as you thought it was.
An easily imitable UMP means that competitors will be on your case in no time as they try to level the playing field and dilute the edge your value proposition actualizes. The harder to imitate your UMP is, the better.
Level of protection
If you can manage to protect your UMP via a patent, copyright, or any other form of protection, its value to your business and the related financial benefits you can enjoy increase exponentially. Strive to protect your value proposition but if possible, not at the expense of instituting sound business systems.
A unique marketing point can only be protected for so long. Even patents have a shelf life. Sooner or later, competitors will catch up but it is the quality and value of your UMP that determines how long it will take before others start matching your offer.
Points of irrelevance
In a bid to achieve absolute distinction, some go overboard by offering features that the competition does not offer but consumers do not really need. The value of such UMPs become diluted due to lack of touch with the market.
The best UMPs are extensively tested such as by using beta testers before implementation. If such tests make financial feasibility in your case, you should carry them out.
If extensive testing to arrive at a more accurate UMP value proves insurmountable, second opinions from trusted parties can do the trick especially if combined with a real market test run.
Brand image improvement
Some UMPs over time can improve or diminish a brand’s image therefore impacting value. For instance, quality offered at higher price points will ultimately boost brand image while the opposite is also true.
You may develop an excellent UMP but with prohibitive implementation costs. In such a case, though the UMPs value will remain high, the fact that you cannot financially maneuver it to your benefit will ultimately decrease its value to your enterprise.
Needs or wants
Ask yourself whether your UMP addresses a need or a want. If it is a need, the value therein will, obviously, be more pronounced but if a want, the value will be less so.
The easier your UMP marries with your funnel to maximize conversions, the better. Some UMPs, though great, are hard to convert into substantial financial benefit in a conversion funnel setting which decreases their value.
Customer demographics accessed
A winning UMP should appeal to a wide audience in the niche of interest. If only a particular demographic will find it appealing, its value compared to one that may charm multitudes will be less.
Get an appraisal expert
If your budget can allow, get an expert to appraise your UMP. It may be costly but you will have peace of mind knowing that you know the exact value of your UMP. Moreover, a good consultant may offer excellent actionable insights.
You can only improve on something by first knowing its value and this is why understanding the value of your UMP is so critical. As a parting shot, keep in mind that what ultimately matters is the client’s viewpoint and not yours.