Could Your Value Proposition Change Your Bottom Line?
So what does your business do? Who does it serve? And how are you different from the rest of the world?
If you plan to have a successful business, you’d best answer these questions thoroughly, clearly and quick! If you don’t, your target market, which are your customers, investors, partners and media will be moving on because they don’t have time to wait for you to figure it out. There are too many other options out there.
You can solve this dilemma by developing strong value propositions.
There are many ways to solve this problem, but it comes down to:
- Telling people what you’ve got
- Telling them what’s in it for them
- Why they can’t do better anywhere else.
Sounds simple, huh? But keep in mind your value proposition must be distinct, concise and really interesting. And don’t forget you have to answer the question of what’s in it for the user. That means what the user needs, rather than what you offer.
So how does a small business develop strong value propositions?
Let’s start by focusing on what your audience needs to know. An easy way to do that is to start with buyer profiles, or personas, about what they need, what motivates them, what their goals are and what their behavior is like.
How you write your value proposition must be relative to your audience. Do they understand what you’re talking about and do they “get it”?
It’s not too hard to come up with some new ideas and approaches, even though you may feel uncomfortable about some of them.
But, don’t forget that these ideas must reflect how your business is different or unique. And how you can convince the rest of the world that you are the best choice. Remember, we’re not talking about features; it’s all about benefits. When a customer starts considering your business as a viable option, they could care less about features. They need to know, at a high level, if you can solve their problems.
Now this value proposition doesn’t have to be dramatic; it simply must standout from the crowd because of its benefits.
How does your competition help your cause?
This whole process becomes a lot easier when you know what your competition is up to. You really need to know what they offer, what their benefits are and who their primary audience is. If you know these things, it becomes much easier to position yourself as the better alternative.
With our clients, we like to start the value proposition process with a thorough discovery session. This is when we learn as much as we can about the client, it’s competition and their market as possible. If necessary, we’ll go out on our own and dig out even more input that the client may not be aware of.
With that, we’re able to ferret out the most interesting themes or ideas based on the products, benefits and opportunities. The result of all this is a two or three sentence value proposition that you can then announce to the world.
With your new value proposition you can more easily connect with your audiences, plus you can also build your entire marketing, branding and sales activities around it. And you’ll also have a consistent story that your employees can talk about and build your entire customer experience around.
It’s all possible because of a new value proposition. How has your value proposition changed your bottom line?
About the Author
Gordon Conner is a Marketing & Branding Consultant/Coach who helps build WOW brands for small local businesses. He has been providing advertising, marketing and branding and services for 40 years and lives in Midlothian, Virginia. Read more about Value Propositions at https://branworks.com/value-proposition-2, or visit our website at http://www.BranWorks.com.