Essential Tips for Creating a Value Proposition for Your Business
As a business owner, your value proposition is what defines your brand. A unique value proposition is a concise mission statement that summarizes what your business does and what differentiates you from the competition.
While you probably have a solid understanding of what your business sells, you might not be presenting such a clear view to your potential customers.
Here are 4 tips for creating a value proposition that stands out and scores conversions.
While this is a good business practice in general, when it comes to creating a value proposition it’s essential to know your audience. This 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 who are uniquely suited to your brand.
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 all the things that frustrate 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 thinking about what holes your product or service might be filling in your customers’ lives. When you define the problems your business can solve, you can easily turn that into a value proposition.
To stay ahead of the competition, you have to keep up with what they’re offering. The Huffington Post talks about knowing the unique selling points of your top competitors so you can see where they’re falling short. You have to understand what your competitors are doing to market yourself as a superior choice.
A good strategy is to take note of the tactics that are working for your competitors and find a way to make them work for your own business. Ultimately, though, your customers will choose you because of what you have to offer. Don’t lose sight of your individuality in an attempt to mimic your competitors—standing out from the crowd is key to attracting new business.
The best value proposition in the world would be utterly useless if no one got to see it. Your value proposition should be highly visible on your website and worded in such a way that your potential client knows precisely what you’re selling.
When creating a value proposition, be sure to address who your product or service is for, what problem you’re solving, and what makes your business different from the rest. Put it on your website’s home page and relevant sales pages so that your visitors get the message loud and clear.
While creating a value proposition for your business might seem intimidating at first, with a little finesse it can become the main selling point for your potential customers. If you are unsure of how to create a unique value proposition for your business, just fill out my contact form for a complimentary 1-hour video coaching session.
Latest posts by Dave Schoenbeck (see all)
- John Maxwell’s Leadership Law #20: The Law of Explosive Growth - March 21, 2019
- Sure-fire Tips: Regulating Your Business Owner Mindset - March 14, 2019
- John Maxwell’s Leadership Law #2: The Law of Influence - March 7, 2019