If you are a startup or you are an entrepreneur knowing your UCP may be game-changing for you. 

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Are you an entrepreneur? What is your own unique currency proposition UCP

Imagine you run your own country and have your own currency. Your country is abundant in valued resources that are in demand.  Your currency will be valued high because you have resources that are in demand. Now let’s change gears and think like an entrepreneur running a startup.

Using your creativity you can create a resource  that is in demand. This resource can be a product, a software a platform. But that alone does not give you a competitive edge. You will need to appropriate the value that your product  or service creates. If you deal with the currency others deal with; your appropriation of wealth will be dependent on how others value your currency. You still run the risk of  buyers get a substitute product or service elsewhere.

If you create your own currency which is more than money, the game changes. Your currency can be in the form of  safety that is part of the product or service experience, speed of use, diminished friction giving sense of achievement of assembling the product online to the minutest detail, customer service or experience that creates memories.  Think of this as ikes or dislikes like Facebook or number of connections in LinkedIn or follows like Twitter, a number of stars in Google or eBay you end up creating your own currency.

The market that was unidimensional on paying a price and getting a service now have a new dimension of currency.  Your customers can trade money to be a part of your platform and use your product or services and then trade in the new currency that is only available in your platform. Once they move out they lose that currency. Your platform or your country now becomes a happy place that is easy to get into but hard to leave. Your customers have a greater interest in inviting their friends to join in, as their wealth in your currency increases and your worth increases far more rapidly. Apple did with apps and so did Alteryx and so can you to take your business to astonishing heights.

It is now your turf and your rules.

© Sameer Babbar

PS: I am running an online event Not so quick, easy, cheap or lazy marketing on April 1st 12 Noon (AEDT). I would welcome you ( or if you want to bring along a friend) to join. Details here https://us02web.zoom.us/meeting/register/tZAkdu-prD4vGdR3F_pbCzPpc0xft21pWBWP