Defining Your Value Proposition
The simplest actions can have the biggest impact on your business.
When starting out, it can be tempting to go for the big guns right away – marketing strategy, creating products, and various modes of communications. All very important elements for your success.
However, none of these strategies will do you an ounce of good if you don't have a clear, strong Value Proposition in place. No matter how hard you try.
This seemingly tiny element can have a dramatic impact on your chances of achieving your dreams. That's why today I'm showing you the power of a clear Value
Proposition, and how you can develop the right one for your specific business.
You'll discover just how much it can do for your bottom line...
How you can leap ahead of your competition in even the most crowded industries...
And the secret formula to making sure yours is the best it can be...
What is a Value Proposition?
A Value Proposition is a positioning statement for your business. A clear statement about the value you provide, and why your prospect should choose you over your competition.
Sounds pretty simple, right? All you have to do is communicate the tangible results they will gain from working with you.
Unfortunately, this is a huge sticking point for Entrepreneurs everywhere. They rarely take the time to make sure their Value Proposition is as clear and compelling as it can be, which places their business at a disadvantage.
You see, not only do you have to communicate the value you provide clearly, along with why you're the best choice, you have to do it with very little “real estate”. You only have three sentences (or less) with one to four words, each.
If prospects coming to your website can't see why they should choose you, they're going to “X” out of your site immediately and move on. Checking out other businesses that are clearer than you about the value they provide to the marketplace.
It's a lot like an elevator pitch. If you had 10 words or less to explain who you are, what you do, and what sets you apart, what would you say?
As you can imagine, each word has to count. Easier said than done, for sure.
However, once you put the work in, your Value Proposition will carry your business further than ever before. As it will be front and center on all of your marketing materials.
Upon seeing it, your prospects will understand immediately why they should choose you and invest in your product or service. Potentially becoming lifelong fans and advocates.
Also known as your USP, your Unique Selling Proposition, your clear, concise Value Proposition demonstrates what sets you apart from the pack – your uniqueness.
And to show you just how powerful this simple message can be, here's a story about a company restructuring theirs to stand out in a crowded industry...
Finding the “Crack in the Door”
Finding the “right” car can seem like an impossible task. Honestly, they all are pretty much the same. Perhaps there are a few features in one car that another doesn't have, but the difference is nothing too dramatic.
With so many products that are virtually identical, how can a company hope to stand out? Aside from inventing a completely different product like the Tesla (a high-performance, electric-powered luxury vehicle), that is.
Well, Subaru found a solution.
They chose to define their brand in such a way that targets a specific market. And to do that they refined their Value Proposition.
The Value Proposition on their website is “Confidence in Motion,” which gives images of happily driving along the open road, sure of yourself because of the great car you're in. Pretty nice, right?
Beyond that, each product they sell has its own Value Proposition (which, believe it or not, is also vital). For example, the XV Crosstrek has the line “Love where it takes you.” And their general product Value Proposition is “Built to take you to the place you've never been.”
What's great about this? First of all, all of their messaging is cohesive. If you're confident in your vehicle, you can't help but love the journey. And that's the key – life is about the journey, and Subaru is the perfect vehicle to take you for the ride.
In all of their ads you see pictures of families with dogs driving along mountain roads, through forests, and vast expanses, smiling and having a grand time. They've capitalized on the non-conformist market who just want to live life to the fullest.
Think about it: a large portion of us have had it with the hustle and bustle of everyday business life and being like everyone else. Like going to work in a white shirt and tie. Subaru recognizes that, and has positioned their products to reflect that desire for individuality.
Of course, in taking this stance, they're alienating the wealthy Manhattanite in the high-rise on Madison Avenue, and the pick-up truck driver going through “rough terrain.” But they don't care.
They've cornered this specific market, and it's crystal clear what you're going to get when you buy a Subaru. And how that is different from other cars.
So, how can you create an equally compelling Value Proposition and take over that “crack” in your industry?
Develop Your Sales Boosting Value Proposition
A Value Proposition is so vital to your success, countless major marketing companies dedicate entire product lines and services to perfecting them.
In order to develop yours, you have to think about your business, your products or services, and your market. Then answer these key questions... What do I bring to my target market that no one else does? What do I do better than all of my competition?
What about me, personally, affects my business and makes it different?
Believe it or not, you can be part of your Value Proposition. Because if there's one thing no competitor can emulate, it's your unique personality and experience.
Continuing, what are your target market's biggest fears, frustrations, and problems, as well as hopes, dreams, and aspirations? How does your product address and solve them? And how does that solution compare to other products?
This may seem like a lot to answer. After all, a Value Proposition is just a few short sentences.
A truly great Value Proposition condenses all of this valuable intelligence into a few words. This can take months to create. And once you've drafted one, you need to keep honing it until it's absolutely right.
Once it's there, every aspect of your business and your marketing efforts will be simpler than ever before. And much more effective.
Take Your Business to the Next Level
Although such a seemingly simple thing, powerful messaging can truly transform your business.
You'll have a clearer vision of your purpose... get better results from your marketing efforts... and attract more Ideal Customers. All helping improve your bottom line.
However, you need to commit to developing it. This won't happen overnight. You need to write and re-write it until it's perfect.
And the best place to start, again, is by pulling out your legal pad.
Write down your current Value Proposition. Don't worry about the quality of it.
Now, answer all of the questions I mentioned in the previous section. Take a full piece of paper for each, if you can. Each answer is that important.
Once you've finally done that, see how you can either craft a new Value Proposition, or improve the one you already have. And when you've done that, see how you can make it better.
If you find this process challenging, don't hesitate to reach out to a professional. An expert who knows marketing and positioning inside and out.
Because when you finally have your revelation and get the perfect message... not only will your business take off, you'll feel empowered and love every day of “work.”
Putting you on the path to achieving your wildest dreams.
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