Virtually all successful businesses share a common characteristic: They understand the unique value they deliver to customers. Here are some tips to help you identify and communicate your business’s unique "value proposition."
Q: What is a “value proposition,” and what does it have to do with my business?
ACE Advises: Virtually all successful businesses share a common characteristic: They understand the unique value they deliver to customers.
Understanding your value proposition is fundamental to your marketing and sales strategies, and is at the center of your brand.
How to find your value proposition:
The value proposition consists of five parts. Understanding each part is key to everything that follows.
- Target audience: Who is your customer? Or, who do you want to be your customer?
- Need: What is the problem the target audience is experiencing? What solution are they seeking?
- Your company: A very brief description of your brand or product.
- Reason to buy: What is the key benefit you offer that will cause prospects to become customers and customers to keep coming back?
- Unlike: What is the unique customer benefit that differentiates your brand or product from direct competitors or alternative suppliers. This is called your "unique selling proposition."
Each part requires doing your homework:
- Need: From surveying customers you will understand what their problem is. This will also help you to align your product or service to solve their problem.
- Company: What does your company or product do that solves the problem?
- Reason: What is it about your product/service that will attract customers' attention?
- Unique Selling Proposition: Why should a prospect choose your product or service rather than that of a competitor?
Do your homework. It may not be easy, but it will pay off in the long run.
