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How do you leverage your competitive analysis to create and communicate your unique value proposition?

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Competitive analysis is a vital skill for any business that wants to stand out from the crowd and attract more customers. It helps you understand your strengths and weaknesses, identify opportunities and threats, and craft a unique value proposition that showcases your competitive edge. But how do you leverage your competitive analysis to create and communicate your unique value proposition? Here are some tips to help you.

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Stanley Malyszka

Advertising Director at Pittsburgh Business Times

1 Define your target market

Before you can compare yourself to your competitors, you need to know who you are serving and what they want. Your target market is the specific group of customers that you aim to reach with your products or services. To define your target market, you need to conduct market research and segmentation, and create buyer personas that represent your ideal customers. These personas should include demographic, psychographic, behavioral, and situational characteristics that influence their buying decisions.

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Stanley Malyszka

Advertising Director at Pittsburgh Business Times
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This is one of the most important aspects of developing a value proposition and marketing plan. You need to understand who your customers are. You need to know their behaviors and habits and understand what is important to them. Understanding what drives their buying decision will allow you to create a unique value proposition that resonates with them.

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2 Analyze your competitors

Once you have a clear picture of your target market, you need to identify and analyze your competitors. Your competitors are the other businesses that offer similar or substitute products or services to your target market. To analyze your competitors, you need to collect and evaluate information about their products, prices, features, benefits, strengths, weaknesses, market share, customer satisfaction, and marketing strategies. You can use various tools and methods to conduct competitive analysis, such as SWOT analysis, Porter's five forces analysis, or value proposition canvas.

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Susan Coelius Keplinger

CEO at Force of Nature | Performance Marketing at Scale
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Identify key players in your market and evaluate their strengths and weaknesses. Tools like SWOT analysis can be insightful. Look for gaps in their offerings or areas where customer needs are not fully met. For instance, if competitors lack personalized customer service, this could be a potential area to differentiate.

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3 Create your unique value proposition

Based on your competitive analysis, you need to create your unique value proposition (UVP). Your UVP is a concise statement that summarizes how your products or services solve your customers' problems or needs, how you differ from your competitors, and why your customers should choose you over them. Your UVP should be clear, specific, relevant, and compelling. It should highlight your unique selling points, your core benefits, and your value drivers.

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Baskaran Jayaraman

| Strategy | Marketing | Customer management | Leadership | Coaching | Multicultural | Angel investor |
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In addition to UVP, one has to create a moat around the product/service. This could be a high entry/exit barrier, the stickiness of the product

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4 Communicate your unique value proposition

After you create your UVP, you need to communicate it effectively to your target market. You need to make sure that your UVP is visible and consistent across all your marketing channels and touchpoints, such as your website, social media, email, ads, landing pages, and sales pitches. You also need to tailor your UVP to different segments and stages of your customer journey, and use storytelling, testimonials, and visual elements to reinforce your message and appeal to your customers' emotions.

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5 Test and refine your unique value proposition

Finally, you need to test and refine your UVP regularly to ensure that it remains relevant and effective. You need to measure and monitor how your UVP performs in terms of attracting, converting, and retaining customers, and how it compares to your competitors' UVPs. You also need to collect and analyze feedback from your customers and prospects, and use it to improve your UVP based on their needs, preferences, and expectations.

Competitive analysis is not a one-time activity, but an ongoing process that requires constant attention and adaptation. By leveraging your competitive analysis to create and communicate your unique value proposition, you can gain a competitive advantage and grow your business.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Alan Hale

Consulting and V.o.C. research in b2b markets leading to insight and actionable strategies and tactics. Providing marketing research for b2b. This makes market research actionable and enables better business decisions
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You start with customer insights on needs and pain points. Then you position against other competitors. Ideally you should be different and add value. Plot self against competitors in a variety of matrices like price, value, innovation, and a host of others. Use market research to identify strengths and weaknesses of yourself and each of the competitors.

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How do you leverage your competitive analysis to create and communicate your unique value proposition?

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1 Define your target market

2 Analyze your competitors

3 Create your unique value proposition

4 Communicate your unique value proposition

5 Test and refine your unique value proposition

6 Here’s what else to consider

Competitive Analysis

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