All language subtitles for 5. UVP 1r

In this lesson, I'm going to show
you exactly how I go about creating

products that are different and
better than others on the market by

focusing on developing our products.

Unique Value Proposition or U V P.

It's your U V P that sets you apart
from other products in the market.

It's the what's in it
for me in your product.

A U V P is the promise that you
make to your customers to deliver

a unique and valuable experience.

It's a clear, compelling
message that states why you're

different and worth buying.

So it's important to have a U V P because
it's what differentiates you from your

market, and it's ultimately what will
add more value to your customers lives.

It's what makes your product
attractive to customers.

And you can see that if you don't
develop a U V P, then there's

nothing to differentiate you from
your target market or show how your

product will ultimately add value to
your customer after they purchase.

You'll look exactly the same as other
products, and you won't stand out amongst

the sea of other options on the market.

You're just gonna be competing
with players who already probably

have more capital, more customers,
and better exposure than you.

So it's your U V P that sets
you apart from your competition.

And I'm highly confident that
the main reason that the fifth

achieved the success that it did was
because of our point of difference.

At the fifth, we took an extremely
saturated market, which is the watch

market that had a lot of startups
and heritage brand key players, and

adopted a UVP that set us apart from
all of the existing competition.

Our UVP was that we'd only sell
our watches on the fifth day

of each month for five days.

In this way, we're able to be unique
based on time rather than price.

Whereas a lot of other fashion
and accessory companies gain their

exclusivity from having a high price tag.

So you can see this was one thing
where we're able to instantly separate

ourselves from our competition.

So before we get started on how
we come up with our U V P, I wanna

make something very clear to you.

There's a misconception in e-commerce
that you need a crazy new product idea

to be successful, something so out of
the box that it needs to be patented.

It's a top secret that nobody
can possibly know about until you

launch and bang instant success.

This is not true at all, and
actually a lot of the most successful

e-commerce brands are the ones that
have taken existing problems and

solved them in a different way.

It's as simple as that.

So what's important to note here is that
you don't need to reinvent the wheel.

So now that we've scrapped that
misconception from our minds,

I can tell you exactly how I go
about creating products that are

different and better than others on
the market by finding our products.

U V P.

This is what I refer to as my product
innovation framework and the underlying

thesis of my product innovation
framework is that by simply changing

a single dimension or one part of
a product, you can find your U V P.

Let me break this down for you.

So there are four main dimensions that
I look at changing and playing with

in my product innovation framework.

And these are my products,
design, function, price, and time.

Now let's go into some more examples
and detail on each dimension.

I'm going to use three very different
examples to highlight how my product

innovation framework can be used to
make any product different and better.

So let's take our mobile phone case,
for example, and look at how you

can make it different and better
by changing the products design.

Two big trends in design that aren't
going anywhere anytime soon are

customization and personalization.

While there's a difference between the
two, they pretty much seek to achieve the

same goal, a product experience that's
tailored to your customer's interests.

The difference between the two is
that customization is based on a

specific customer, and personalization
is dependent on a customer group.

An example of customization would
be monogramming or engraving a

customer's initials onto your product.

For example, in the case of
the daily edited in Australia

or away luggage in the us.

Whereas a great example of personalization
would be the Share a Coke with Coca-Cola

campaign, whereby they use common
names like Lauren, Dean, Sophie, or

Mark, and generic nouns like Mum,
dad, nan, or even champ or mate.

Another example from a startup brand
is the luxury drink bottle brand.

In Australia, I am swe who have
different bottles personalized with

four different word options on their
bottles for customers to choose from,

so their chic, zen fierce, or focus.

This helps your target customer profile
themselves and represent their unique

personality through your product.

Next lesson, I'm gonna show
you how to find your target

audience using customer personas.

So keep in mind how you could personalize
your product for your personas, but

I'll remind you of that at the time.

So if we think of our mobile phone
case or reusable straw concept, both

of these products lend themselves to
personalization and customization.

For example, each straw could be engraved
with your customer's initials, and that

would be an example of customization.

This would make the product feel
more like their own and could also

be a great way not to get your
straws mixed up with others around

the house or office, for example.

And the daily edited has some
great examples when it comes to

customization of mobile phone cases.

A word of warning on customization,
though I'm sure that you can imagine

that customization is a lot harder to
achieve than personalization as it's

on a customer by customer basis and
requires additional tech for both your

website and manufacturing processes.

Australian brand Shoes of prey was
centered around mass customization in the

shoe space, and it actually went outta
business recently, even after raising 30

million US dollars in investor funding.

So personalization will likely be
easier to go with to begin with, and

unless your entire brand is going to
be centered around it, customization

might be an idea to put to the side.

For now, we could use the I AM SWE
personalization example with our mobile

phone case or reusable straw, for example,
based off your audience's interests.

So now we wanna consider how we can add
value and create a point of difference

in our product through the materials
that we choose to make our product from.

Of course we wanna use high quality,
durable materials in creating our product.

But something else that you might
wanna consider here is sustainability.

Sustainability or eco-friendly
design can create an entire U

V P in itself for your brand.

Let's take our mobile phone case, for
example, here you might wanna create a

mobile phone case that's made of upcycled
ocean plastic, or from compostable or

biodegradable materials like Pelle case.

If you're looking into ocean
plastic, I'd check out the brand

Parley and some of their amazing
partnerships with brands like Adidas.

Our metal straw already meets the
sustainability criteria being made

outta metal as opposed to plastic.

So you can just focus in on some different
colorways, especially trending ones

like Rose Gold, matte Black or chrome.

So you can see that just by changing
that single dimension of your product,

its design, how we're able to start
creating something different to and

better than other products on the market.

So now let's move into arguably the most
powerful dimension of your product that

you have to play with, the function of
your product or how your product works.

Changing, adding, or even
subtracting functionality from a

product should always add value.

And to do this, The best way is
by solving an existing customer

pain point with your product.

A product pain point is a specific
problem your prospective customers

are experiencing with a product that's
their existing product solution.

So what you wanna do here is look at your
product and identify some of the existing

pain points with the product as it is now.

Think about what your product's
currently used for the problems of this

and how they could be improved upon.

A really good way to do some research
around this is to read the negative

reviews of similar products on Amazon,
or review websites like Trustpilot.

Ignore the one star reviews as
they'll just be people who have

had an unusually bad experience.

Instead, look at the two and
three star ratings in particular.

I did an Instagram post that resonated
really well with my audience,

and I said, want to know how to
come up with a new product idea?

Read the negative reviews of
a popular product, find the

most common and fix them.

That's some food for thought,
and it's another approach that

you can take when thinking about
how to add value to your product.

So now let's get back to changing the
functionality of our reusable straw

to solve an existing pain point.

So the first couple of things that
come to mind as pain points with

reusable straws are cleanliness.

You don't want a straw just floating
around in your bag all day and the awkward

shape of a straw to carry around with you.

So a functional solution to these
pain points could be designing a straw

that's retractable and able to be
folded down and fit in a small case,

maybe the size of a matchbox or so.

And in turn, this case had helped
protect your straw from dirt.

So maybe even making the case from
something antibacterial like copper.

So let's use our mobile phone case, for
example, here I've found three different

product pain points with mobile phone
cases and three different brands that

are solving these in a unique way.

And all of these relate to selfies
in one way or another, which is only

one potential use of a mobile phone.

So the first pain point is dropping
your phone while taking a selfie, for

example, and a brand that's solving
this is called Love Handle that sells

attachable handles to stick onto the back
of your mobile phone, which you can slip

two fingers through for extra support.

Another pain point could be
bad lighting for your selfies.

Lumi has solved this pain point
by creating a mobile phone case

that has an inbuilt selfie light.

And our final selfie pain point is needing
one or both your hands to take a selfie.

Goat case has solved this by
creating a mobile phone case that

can stick to almost any surface.

So you can see that simply by looking at
one use of your product, you can change

the functionality in multiple ways.

We can also think about how you
might combine the functionality of

your product with the functionality
of another product entirely, and

I call this product hybridization.

For example, the Looming case,
which is a selfie light crossed

with the mobile phone case or your
mobile phone case, could contain a

mirror or a quick fix makeup kit.

Or it could even connect via an app
on your phone that lights up when you

need to return a call, for example.

That one would be a little more
complicated, but you get the idea.

So think about some ways that you could
change the functionality of your product

by combining it with another product.

I know this is fun.

Just don't go too crazy.

Keep it relevant.

Nobody wants a lawnmower that doubles
as the baby prime, for example.

So now you can begin to understand
the huge number of ways that you can

change your product's functionality to
add value and differentiate yourself.