Last Updated on May 31, 2024 by Dave Schoenbeck
Your value proposition defines your brand as a business owner. A unique value proposition is a concise mission statement that summarizes what your business does and what differentiates you from the competition.
While you understand your business’s sales, you may need to present a clearer view to your potential customers.
Here are 4 tips for creating a value proposition that stands out and scores conversions.
1. Know Your Target Customer
While this is a good business practice, knowing your audience is essential when creating a value proposition. Your audience needs to be more specific than just “people who want what you’re selling.” How old are they? Do they have kids? What do they like? Why do they want your product or service?
Narrowing down the type of person who would invest in your business will help you separate yourself from the competition and appeal to those uniquely suited to your brand.
2. Find the Gaps
Once you’ve pinpointed your target customer, the next step in creating a value proposition is to figure out what problems you’re uniquely suited to solve in your market. One way to do this is to write down everything that frustrates you about your industry. What gaps exist in what’s currently available, and how can your business provide a solution?
The Harvard Business Review states that your business’s offerings should fall into at least one of the following categories: best quality, best value, luxury, and aspiration, or must-haves. Consider these categories when considering what holes your product or service might fill in your customers’ lives. When you define the problems your business can solve, you can quickly turn that into a value proposition.
3. Evaluate the Competition
To stay ahead of the competition, you must keep up with what they offer. The Huffington Post talks about knowing the unique selling points of your top competitors so you can see where they’re falling short. You must understand what your competitors are doing to market yourself as a superior choice.
A good strategy is to take note of the tactics that work for your competitors and find a way to make them work for your business. Ultimately, your customers will choose you because of what you offer. Don’t lose sight of your individuality in an attempt to mimic your competitors—standing out from the crowd is critical to attracting new business.
4. Communicate Your Message
The best value proposition in the world would be utterly useless if no one saw it. Your value proposition should be highly visible on your website and worded so your potential client knows precisely what you’re selling.
When creating a value proposition, address who your product or service is for, what problem you’re solving, and what makes your business different from the rest. Please put it on your website’s home page and relevant sales pages so your visitors get the message loud and clear.
While creating a unique value proposition for your business might initially seem intimidating, with some finesse, it can become the main selling point for your potential customers. If you are unsure of how to do this, fill out my contact form for a complimentary one-hour video coaching session.
Coach Dave
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