Instructor: Now in the last lecture, you really finished
up on creating your buyer persona, and you got those
ace extra ways to gather buyer persona data
so you can really pinpoint and find your audience online
and fill out this for the information here.
Now in this lecture, what we're gonna do is move on
to the step two, which is to identify
your unique selling proposition,
and answer this key question really,
how will your products or service succeed
in the marketplace where others may have failed?
So this is a key question, just because you've identified
people who are struggling to get a solution,
are you sure that you can really create a solution
that's gonna solve their problem?
And so this is really very integrated with the first
question, but it's just as important.
It's a tough question, but it's not a small detail
that you can skip over,
it's really critical to your success.
So let's start by kicking off some of the theory
here once again, then I'll run through my example,
and show you exactly the thinking behind
how I developed the unique selling proposition
for this course that enabled it, you know,
to become pretty successful with over 10,000 students
in it now, and then we will really, you can fill out
the unique selling proposition for yourself
once you've got all that context,
and background, and understanding.
So what is a unique selling proposition?
Well this is the way that I like to think about it.
A unique selling proposition really defines
your position in the marketplace,
and lets you stand apart from competitors.
So this is the key thing, lets you stand apart
from your competitors.
And for example, I had question from a student,
she was talking about, I'm real estate in to buy
for luxury properties, what's my unique selling proposition?
And really, you know, there's a lot
of different categories there.
If you're talking about defining your position
in the marketplace, you know, even the luxury property
in Dubai, that's very, very broad.
Are we talking about commercial real estate?
Are we talking about people who wanna buy homes?
Are we talking about bachelors that wanna buy homes?
Are we talking about families who want to buy homes?
Are we talking about people who have 10 million dollars,
a million dollars, 100 million dollars to spend?
So you can see there's a huge range of categories there,
there's a lot of different positions that you could take
in the marketplace, so really think about that for yourself.
Another example that I had is in terms of,
I'm a restaurant, what's my unique selling proposition?
Well, you know, McDonald's is a restaurant,
that's about convenience, but also there's the fine dining
place in the city center, completely different experience,
serving a completely different position in the marketplace,
and very much standing apart from, say, the McDonald's.
So that's what you need to be thinking about, as well.
So how can you identify your unique selling proposition?
Well there's one real easy trick that I used
to develop this course, and I think that it can apply
to many, many of your businesses.
And that is just to fill the gaps left by your competitors.
So what you need to do is go on to, and read
the customer reviews on sites like Amazon,
the app store, Yelp, Trip Advisor, Fiverr, Udemy, Upwork,
whatever your product, and wherever there are
similar products being sold on these marketplaces,
or even just the review platforms like Yelp,
we looked at some of these in the previous lecture,
all you have to go in and do is read those reviews.
Filter straight to the third- and fourth-star reviews,
probably the five-star reviews, they're pretty happy,
so they're not gonna say anything.
One-star reviews can sometimes be a little bit biased,
too negative, so you want to look at those
three- and four-star reviews, and really look
for reviews that say something like this, you know,
I would have given it five stars if,
and whatever comes after that if is something
that you can add to your product to really be
a point of differentiation that you fulfill that thing
that the other product didn't, and that's where
you can really fill the gap in the marketplace.
Yes, you might only be improving the product
by 10, 20 percent, but if that's enough to get a sale,
well then that's all you need to do.
So here's an example of that, this is just a review
that I picked off Udemy, but you know,
it's just something that they would have wanted,
you can add that into your product,
there's just tons and tons of information out there guys,
I can't, you know people are like, I don't know
what customers want, all you have to do is go on
and read the reviews, it's really that simple.
So in terms of another example of this,
I've included a video here starting at the exact point
that they talk about it, between Tim Ferriss
and Noah Kagan, they're kind of well-known marketers,
business guys, very analytical in the way they think,
and Tim talks about here that how he used this same tactic
that I taught you here to really guarantee the success
of his book, The Four-Hour Chef,
and I think that ended up being like a New York bestseller.
So you can watch that if you want for extra context
and proof that this really is a good way to go about it.
So now that you've got that context
about what a unique selling proposition is,
that it defines your position in the marketplace,
let's look at some, you know, some of the questions here.
Or really my example, let's stat with that.
So, in terms of how will my products or service
succeed in the marketplace where others may have failed,
you know, this is something that I thought about
before I recorded a single lecture of this course.
There's tons of courses on Udemy, there's tons
of marketing courses, a lot of them have no students,
and they haven't really gone anywhere,
so how was I gonna be really different?
The product, I think, and service description
is something that you can really start getting
very clear on straight away.
So I was very clear that I was making a 15-plus hour
marketing course published on Udemy.
And you should be very clear about what your solution
looks like, what is it actually that people are buying.
Is it a course, is it an app, is it a consultation call
on Skype for 15 minutes?
Really get very specific about what is the thing
that people are gonna buy.
Is it an e-book, is it a book, a hardcopy book?
You know, get as clear as possible.
After that, I think it's good to define
what you're not going to do.
So one thing that I didn't want to do in this course
is make it very theoretical, I wanted to be very practical,
people could actually go through the process,
and replicate the results that I had.
So that's one thing that I said I wouldn't do
is make it very, you know, theory-based,
'cause I've taken those courses in the past,
they're not helpful.
Now, next, what will be unique.
So this is a key thing about the course,
well this is really where I think it all came together,
making 12 courses in one.
And this really ties back to my buyer persona,
and you can see now how these are so integrated.
I said in my buyer persona, the problem that they have
is that they don't know where to get started,
and they need a step-by-step guidance
from zero to first customers.
So it really does need to span across
all these marketing topics, and I think that's
just fantastic value for money,
12 courses in one, I mean that just,
not a lot of people are doing that.
Also, it's unique
cause it's highly actionable, it's project-based,
and you've got that real-life example
running through every single section of the course,
which is something I'd never seen done before,
so I think that really makes it unique, as well.
Now next the fourth question that I would ask yourself
is what is the proof that you are going to,
how are you going to prove
that your solution actually works?
'Cause it's one thing to say, my solution's great,
it works, but how are you gonna prove that,
and that's really gonna, you know, really help
your marketing if you can prove that your solution works.
So I said I'm gonna show how my marketing works,
my marketing results, be very transparent,
show all my analytics, they're all there
in the Google analytics section of this course.
I've also got public reviews on this course,
kind of built in to the Udemy system,
so people can see what other people who've bought
the course are saying, so it's great kind of social proof.
And I'm also I'm showing those student success stories
on Facebook, so that's part of the marketing, as well,
proving that it actually does work.
So how are you gonna prove that your product works?
Is it gonna be testimonials, reviews, case studies, etc.?
I think it's good to really prove that because that
can make you very unique in the marketplace, as well.
In terms of the pricing, now this is again very connected
to your buyer persona.
I went for a really low price, because I know that
the high volume can make up for the good revenue
in the end of the day.
But reallY, most importantly, the low price
links in with the buyer persona.
If I know that they are starting from scratch,
they don't have any customers,
that means they don't have a lot of revenue,
that means they don't have a lot to invest in a course.
So instead of me charging like $1,000,
I want to make this as accessible as possible,
and put that low price on it,
but make up the difference, maybe, with a high volume
of students, and also that 30-day money-back guarantee.
So think about your product as well,
who are the buyers of your product,
and can they really afford a high price,
or is it gonna be better for you to really stick
to a low price or develop a product that can fit
in with, you know, their budget.
So those are some of the things that I would really think
about, I've given you my real-life example,
all the thinking that I had behind this course,
and so it's time now for you to really go ahead
and do that for yourself.
Fill out these questions, and then I'll see you
in the next lecture, where we're gonna wrap up on
this project, we've got an exciting project
coming up in the next section, so take a couple
of minutes to fill this out, remember that it doesn't
have to be perfect, we can improve this as we go along,
but it is important that you get something down on paper
now and you can just think about it as you go,
and really improve upon it.
So take a couple of minutes to fill this out,
and I'll see you in the next lecture,
where we're gonna wrap up on this section of the course.