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Define Your Value Proposition

Posted on 04 October 2017 by admin (0)

In the previous article we discussed how to create a business strategy that works immediately. As we progress on this blog we will break that strategy apart and help define each element in more detail. Ultimately helping you craft a solid business strategy for sustained growth.

 

The first element was to Establish a Value Proposition. In other words, what sets your business apart? If a consumer of your product or service had a myriad of choices in front of them, trust me they do. What is it that sets you apart, what Value do you offer that either the competition does simply does not. Maybe it’s a process or procedure you have simplified for increased consumer satisfaction. Take a good look at your offering, processes, procedure and culture. Identify what you want to be known for and focus on that 80% of the time.

 

Value comes from offering something that solves a problem, at a cost less than the cost of letting the problem continue.

Within each business we have products and/or services offered to solve a problem rather real or perceived. Even if that problem is the consumers need to “keep up with the Jones” or status.

Additionally, almost all products or services have competition, unless you have happened to be first to market, which has its own challenges. Either way you must convey how your product solves that problem and does so in a way better than the other company.

 

By defining your strengths, you can formulate your value proposition and begin to portray that message to your target market. I would start by looking at the following areas and

  1. A) Deciding if you want to compete on that aspect
  2. B) Define what makes you better in each aspect you wish to compete

 

Areas of consideration

  • Cost
  • Quality
  • Customer Service
  • Features
  • Culture
  • Innovation

 

This is just a quick list but should get you started in crafting a compelling” Value Proposition”.

Simply Identify if you want to compete in the previous areas, if so what sets you apart? Take those points and draft a short paragraph defining to your target market what makes you unique in solving their problem.

 

An example might look a bit like this:

 

At ABC Widgets we thrive on innovation in the computer industry. We bring to you the fastest widget on the market. Our widgets are twice as fast as our competitor saving you hours per day. Easy to install easier to use, don’t get left behind get ABC Widget today.