4. What unique value does our solution offer?

In our previous discussion, we explored how to determine the size of your market and target audience. Now that we understand why we’re building the product, who will use it, and how many people are likely to want it, it’s time to ask a critical question: What makes your product truly desirable? What sets it apart from the competition?

This question ties back to the fundamental reason for your product’s existence: Why does this problem need solving? However, the unique value your solution offers is so crucial that it warrants deeper exploration before moving forward with building your MVP.

A Case Study: Google Sheets vs. Microsoft Excel

Consider the example of Google Sheets. When Google decided to develop Sheets, Microsoft Excel was already the dominant player with a substantial market share. So, why did Google proceed? The answer lies in the unique value that Google Sheets provided.

At the time, Excel was a powerful tool but lacked efficient collaboration features. Sharing a spreadsheet required emailing it to a colleague, who would then update and send it back—a cumbersome process. Google identified this pain point and seized the opportunity.

The unique value Google Sheets offered was:

• Cloud-Based Collaboration: Google Sheets enabled real-time collaboration, allowing multiple users to work on the same document simultaneously, regardless of their location.
• Integration with Google Services: It seamlessly integrated with other Google products like Drive, making it part of a broader ecosystem.
• Accessibility: Being cloud-based, it was accessible from any device with an internet connection, without the need for software installations or updates.

  Why This Matters

  This unique value proposition was the driving force behind Google Sheets’ success. It’s what made people choose it over Excel, even though Excel was the established market leader.

For your product, identifying and clearly communicating this unique value is critical. It’s the main reason why people will choose your solution over others. This unique value should be front and center in your marketing—whether on landing pages, in ads, during sales calls, or in presentations. It’s the differentiator that convinces potential customers to choose your product.

Learn about all 7 of the The Why, Who, What, and How of Building a Product