With so many choices available, consumers need a specific reason why they should buy your product or service. It’s not enough to have “superior quality” or be a “good value.” People need a clear idea the value you provide them that they can’t get anywhere else. Use this tool to determine what that is. 1. Draw the above diagram on a whiteboard. 2. Write a list of all the benefits your company provides on post-it notes. 3. Rank where each benefit falls on the scale of relevance to your customers and uniqueness to your industry. 4. Place the post-its in the appropriate boxes.
- Boilerplate: Attributes that are relevant to your customers, but not unique to your industry. e.g. Banks that offer online banking
- Novelty: Attributes that unique to your brand, but don’t matter very much to your customers. e.g. A restaurant that serves a 50lb burger
- Trivial: Attributes that consumers don’t care about, but pretty much are universal with all companies in the industry. e.g. Cars with cruise control in Manhattan
- Singular Significance: The value you uniquely provide to your customers.