Unique value propositions. Do you need one? How important are they in the overall success of building and owning a strong brand?

Well, let’s start by defining the word unique. According to dictionary.com, unique means “having no like or equal; unparalleled; incomparable. Also, existing as the only one or as the sole example; single; solitary in type or characteristics.

So, is it always possible to truly own a unique value proposition? Well, the short answer is no. And, the good news is that it’s not as important to own one as we once thought!

The fact is, there are many successful, thriving companies and organizations that do not own, or even claim to own a unique value proposition.

For far too long, marketers have been hung up on identifying or creating their “unique” value propositions, believing that if they don’t own one, they wouldn’t be able to adequately confront the competition head-on.

The anxiety over defining one’s Unique Value Proposition has been on the decline for quite a few years as many CEOs are discovering that the process of unearthing a value proposition that is truly unique is not always achievable. 

And even when it is, nearly all Unique Value Propositions are susceptible to one or more of the following issues or risks:

One. If the unique value proposition fails to align with what customers value the most, it won’t be relevant. 

Two. Some unique value propositions, no matter how strong or compelling are at risk of losing their appeal as soon as a competitor launches a superior product or service. 

Three. The pressure to own a unique value proposition forces some brands to create or define one that orbits around customer service or superior product quality; neither of which is unique due to its vagueness and nearly identical claims made by competitors. 

Take the case of a company boasting the unique value proposition that its new CRM system is the most user-friendly on the market. 

Although a seemingly strong unique value proposition, its relevance and significance in the eyes of customers are based on three variables:

One. The company must provide proof of its claim by citing its source. It’s the most user-friendly based on whose input and what legitimate source? If it’s self-proclaimed, the value proposition is meaningless. 

Two. Assuming the claim is legitimately endorsed by a respected third-party, the value of the company’s proposition will be directly proportionate to how much money the company will supposedly make over time in terms of increased productivity and efficiency. 

Three. If the CRM system does in fact lead to increased productivity and efficiency, it must also closely match the performance and capabilities of competitive systems, such as offering an easy-to-use mobile app and top features users want and value the most.

And four. Most importantly, the unique value proposition will only be relevant if the company has a strong reputation, offers fanatical customer support, plenty of online training and is highly reliable in terms of uptime. 

So, are unique value propositions overrated? Absolutely not. Owning one or more plays an integral role in attracting new customers and retaining existing ones.