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Unique Value Proposition: How Are Your Products or Services Different From Your Competitors?

If you want your business to dominate your marketplace and your competitors you must have a unique value proposition or UVP.

Did you know that the biggest reason businesses don’t succeed is usually because they’re products or services they offer are just not that different from their competitors?

When you don’t have a UVP, your customers just can’t differentiate what your business has to offer over its competitors thus slowing your growth and/or having your business fail.

Your UVP is everything especially if you’re entering a highly competitive niche where there’s already some proven businesses with solid track records.  Without a UVP there’s just no reason for people to rush to your product or services and will not create any sort of buzz or word of mouth.

However the great thing is you don’t have to re-invent the wheel either, you don’t need to be the next Steve Jobs, Bill Gates, Elon Musk, etc. to build the next superior technology.  And you definitely don’t have to offer your products or services cheaper than your competitors.  In fact this may be the biggest mistake you can make.

Instead you need to figure out one or two things that will separate you from your competitors and turn your prospects into raving customers.

Here’s a few strategies that allow companies to create buzz and grow so fast.

  1. Deliver Superior Service
  2. Change How You Charge
  3. Reduce Risk

All of these strategies listed above have one commonality and that is they reduce or eliminate the customer or client pain points.

Remember you don’t need superior technology to compete in the marketplace against your competitors.  But what you can do is create a better solution than what your competitors are offering by researching how your competitors conduct business and what pain points their customers and clients are experiencing.

So the first takeaway from this blog post is to take a look at your business and ask yourself is your product or service different from your competitors.  And if it’s not so different then figure out a way to be different and stand out from your competition!

Think about ways you can make your products or services have a UVP or unique value proposition.

I’ll leave you with this question…How will you differentiate your business from its competitors?

 

Viral Loops – The Holy Grail of Marketing

By definition a viral loop is a type of marketing campaign used to promote a company or product. Named after our friends the viruses, a viral loop is meant to infect a person and cause them to share it with other people.

In case you didn’t know viral loops are designed to grow an audience or customer base from zero to millions of new customers in a very short period of time. As each new customer or user shares the content with their circle of friends or family it will then spread exponentially.

In some essence it seems social networks were built for this type of marketing campaign.  A viral loop will leverage consumers to become marketers within the fast-paced arenas of social networks.  Viral marketing is a great way to spread the word about practically anything.

Viral loops offer a cheap and relatively easy method for establishing a name and consumer base as customers end up doing most of the actual work for companies looking to drive growth.

In order to have an effective viral loop you must have an excellent product or service to offer which will become a magnet to the demographics of your audience being targeted.  However, that is only part of the equation.  If you don’t have the correct viral loop strategy your product or service will not get the exposure it should.

Practically any marketing we do online as Internet Marketers is effectively looking for possibilities of finding “loop holes” that can generate traffic for whatever we’re looking to promote or sell.

Just think about the last product you were offered or that you possibly purchased.  In all likelihood it was a “push button traffic solution” and I’m sure you’ve seen these products being created and promoted in our space.  Below are a few recent products I can think of that fit the bill.

If you’ve used any of the products above or similar, believe it or not you’re a “Growth Hacker” just like me.

Pretty cool, huh?!

That’s why after I did some research on the subject of “Growth Hacking” I came to the realization that I too am a Growth Hacker by definition and I’m extremely proud of that fact and you should be too.

Don’t get me wrong the term “Hacking or Hacker” has a negative connotation normally, but preface it with the word “Growth” and it takes on a whole new meaning.

It’s my opinion that if you want to be a successful Internet Marketer, you must continue to think outside the box and experiment with things you’re learning from myself and other marketers.  You may take something you learned in one product and another thing you learned in another product and then mash them up and discover something completely new that works like gang busters.  This is how new digital information products are created everyday.

So do you think you can put on your growth hacking cap and come up with a new viral loop that automates, simplifies or scales your marketing efforts?

 

Growth Hacking Defined – This is what it takes to be a Growth Hacker

Growth Hacking by definition from Wikipedia is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business.  Growth hacking refers to a set of both conventional and unconventional marketing experiments that lead to growth of a business.

Growth Hackers often focus on low-cost alternatives to traditional marketing, e.g. using social media, viral marketing, or targeted advertising instead of buying through more traditional media such as radio, newspaper, and television.

Now that we have that defined let’s really get into what “Growth Hacking” is all about and how you too can become a “Growth Hacker.”

But first here’s a little history about the term “Growth Hacker.”

A gentleman by the name of Sean Ellis first coined the term in 2010.  He is the founder and CEO of GrowthHackers.com and was previously the founder and CEO of Qualaroo.com.

Sean defined a Growth Hacker as “A person whose true north is growth.  Everything they do is scrutinized by its potential impact on scalable growth.”

I, on the other hand personally like to think of a Growth Hacker as someone who has cross-disciplinary skills with 1 goal and 1 goal only: to grow a startup or a business.

Now you may not agree with my definition and that’s OK, please write a comment below or contact me about it.  I am in now way saying that this is the be all and end all of how to define Growth Hacking; it’s just what I believe it is.

With that being said, let’s move on shall we?

Growth Hacking is not a magical formula or a few lines of code that you can inject into your website or application and get instant traffic.

As a Growth Hacker, your job isn’t necessarily to focus on quantity but rather you should be focusing on quality.

And in this case quality is defined as having customers/users who actually are happy with the product or service you or your company is producing.

Growth Hacking is a mix between marketing, engineering, data analysis, and creativity.

Growth Hacking is NOT the same as traditional marketing even if traditional marketing strategies are often used in “growth hacking.”

Growth Hacking is NOT unethical even though it can be used in an unethical way.

In conclusion, the ultimate goal of a Growth Hacker is to find a predictable, repeatable, and scalable growth process.

How do you define “Growth Hacking?” What ideas came to mind when reading this post to help you become a “Growth Hacker?”