This post was originally published on September 26, 2023 on LinkedIn

Caught Up with the Copycats 

You’re good at your job. You follow the best practices, you hunt for new ideas, you drive efficiencies. You do exactly what you need to do in order to lead a standout product at a standout company. 

There’s only one problem. Your counterparts at competing companies are doing the exact same thing. 

Despite your hustle, brain power and killer team, your differentiation strategy doesn’t seem so different any more. And that creates a problem when your annual growth targets keep going up. 

Where Did Your Competitive Advantage Go?

I recently stumbled upon a term that should be on every business leader's radar—strategic convergence. It’s what happens when competing companies start mirroring each other's strategies and practices, turning unique selling points into industry norms. Sure, imitation is the sincerest form of flattery, but not when it jeopardizes your competitive edge.

The Art of Differentiation in a World of Strategic Convergence

If you've noticed that your offerings’ once-unique features are now common among competitors, you might be caught in the whirlpool of strategic convergence. But don't panic; here’s how you can break free.

What Is a Unique Value Proposition and Why Should You Care?

Your unique value proposition (UVP) is more than a buzzword. It’s the compass that guides every business decision you make. Think of it as the benefit you promise, the thing that makes customers pick you over others. When you need to separate yourself from the pack, start there. 

A Roadmap to Refresh Your Unique Value Proposition

Ready to get to work? Let's walk through the steps to refine your core promise.

• Clarify Your Existing UVP: What does your product or service claim to offer that no one else does? Distill it to its essence and write it down. Keep it simple because you need to get feedback on it. 

• Talk to Your Customers: These are the folks your UVP is designed to attract. Get their views and validate if you're on the right track. What value do they see in your offering? What does it help them accomplish? Do they agree with your UVP, or would they change it? You may be tempted to skip this step, but don’t. You will learn something unexpected that will impact how you think about your value proposition moving forward. 

• Data, Meet Intuition: Balance what you hear from customers with quantitative data. Take a look at purchasing behaviors, feedback surveys, online reviews, etc. to identify what your customers love most. Let these insights shape how you’re thinking about your UVP.

• Scope Out the Competition: Knowing what you're up against helps. Dive into your competitors' value propositions and see where you can truly differentiate. Keep an eye on indirect competitors too. They can easily become the next big thing. 

• Capitalize on Your Strengths: List out what your company excels at: great talent, great processes, great offerings… get everything on the table. How can these be used to further improve what your customers love about you?

• Craft Your New UVP: Based on everything you've learned, rewrite your UVP. Make it succinct, straightforward, and compelling. Prioritize what your customers love about you and lean into any white space. 

• Big Picture Check: Make sure your redefined value proposition aligns with your company’s overarching mission and vision. Tweak it if needed. 

• Test the Waters: Put your new value prop out there and see how it resonates with your target audience. If you hear back: “Yes! This is exactly what I need!” then you know you landed it. 

• Constant Communication: Once you've got a UVP that sticks, make sure everyone from the boardroom to the front lines knows it by heart. 

• Reassess Regularly: Keep your eye on what’s happening out there. People change, markets change, and goodness knows, if you start pulling ahead of competition, those companies will be tripping all over themselves trying to copy you. 

Onwards to a New Chapter of Differentiation

With your revamped unique value prop, you'll be well-equipped to carve out your own lane in an otherwise crowded marketplace. Remember, your UVP isn't just a slogan; it's why consumers love you. Keep it front and center, and you’ll find it easier to navigate the next steps of bringing it to life across all aspects of your business. 

This article was supported with AI and edited by the phenomenal Ann Maynard at Command+Z Content (because that human touch also deserves a citation)