Definition:
The unique value proposition (UVP) extends the idea of the unique selling proposition (USP) to include the benefits derived by the customer. Customers raise themselves, “Are the unique features of this product definitely worth the price?” Customers interact during this features–value weighing for all purchases. Augmenting your USP with a strong value proposition creates customers’ desires to trade their hard-earned dollars for your product.
This model, the value Proposition Builder, creates six stages for value proposition analysis:
- For what market is the value proposition being created?
- What will the market value the foremost — the value experience or the customer experience?
- What products are being offered?
- What benefits can the customer derive from the product?
- What alternative options exist?
- What proof substantiates your value proposition?
Further Reading:
Book: Running Lean by Ash Maurya.