What is Your Unique Value Proposition?
So, who are you anyway? If you don’t know what your business is all about, your clients certainly won’t either. This goes beyond “My company is XYZ Insurance and we specialize in home insurance and employee benefits.” Plenty of businesses do what you do, so why should someone choose your agency to take care of their insurance needs? What makes you special? It’s time to consider your Unique Value Proposition (UVP). Your UVP is just like it sounds – it is what sets you apart from your competition and what you can do for the customer that no one else can. No one goes in to business hoping to be mediocre and just like everyone else, so it’s important to pinpoint what you do, why you’re good at it and what kind of value you can bring to the table. Before you start to brainstorm ideas, keep this point in mind: UVPs should be short. Really short. You need to tell people in about 2 sentences or less why you rock and why you’re unique. Popular examples are M&Ms’ “The milk chocolate melts in your mouth, not in your hand” and Domino’s old UVP, “You get fresh, hot pizza delivered to your door in 30 minutes or less – or it’s free.” This may seem easy, but there are a few questions you need to ask yourself and answer before you formulate the perfect Unique Value Proposition.
- What does your agency do well? Don’t be afraid to toot your own horn; you’ve earned it. Forget being humble and write down every single thing you think your company excels at.
- What makes your different from your competitors? You may have a ton in common with a lot of the local insurance agents, and that is totally normal, but there has to be at least one thing you have that they don’t. Figure out what that is and make it work to your advantage.
- What do my customers value? Step outside of your world where you understand insurance and the important part it plays in helping folks secure their assets. Now, pretend you are one of your potential clients. What do you think matters the most to them? Your agency’s reputation? Your ability to get them the lowest rates? Outstanding customer service?
Now that you’ve answered all of these questions, it’s time to put your thoughts together in to a successful Unique Value Proposition. If your agency already has a UVP, please feel free to share it in the comments section of this blog!