What is Your Business’ Value Proposition?
You should be able to express your value proposition in a succinct statement that defines your business to prospective customers. Here’s a simple way for you to develop a value-proposition statement if you don’t already have one.
Your value-proposition statement should answer the following questions:
- What Qualities or Characteristics Define Your Business?
- How is Your Business Different?
- Why Should Someone Use You Instead of a Competitor?
Admittedly, these questions are similar in nature, and the answers overlap. That’s a good thing.
What Qualities or Characteristics Define Your Business?
First, if you were to describe how you conduct your business using only 5 simple phrases, what would they be? I’m sure you need many more to fully describe it, but what are the five most important to your customers?
Examples include “attention to detail”, “always available”, “price conscious”, and “expert advice.” There are many more examples; which are most relevant for your business?
How is Your Business Different?
Next, order those characteristics based on how effectively each differentiates you from others in your industry starting with the one that distinguishes you the most. Ideally there will be at least 2 or 3 that really make you stand out.
Why Should Someone Use You Instead of a Competitor?
Finally, use those characteristics in a succinct statement that tells a potential customer why they should chose to give you their business over your competitors.
Make sure that the those characteristics that distinguish you the most, the characteristics your customers really care about, are prominent in your statement. One way to accomplish that is by positioning them first or last in your statement.
Done correctly, that statement should express your value proposition.
Here’s BigThunk’s Value Proposition
As an example, here is our value proposition:
Using our business experience, marketing knowledge and design flair, we help our clients best represent themselves in the marketplace.
Make Use of Your Value Proposition
Once you have an effective statement of your value proposition, use it to explain your business and to create consideration with prospects. It should be front and center on your website, prominent in your marketing materials, and at the core of your 60 second elevator pitch.
If You Need Help
If you need some assistance developing a value-proposition statement for your company, don’t hesitate to contact us.