The Small Business Value Proposition
What Is a Value Proposition?
A value proposition tells your prospective customers why they should do business with you rather than your competition. It showcases the benefits of your products or services and solves a problem.
There are a number of factors you should consider in relation to your value proposition.
Why are you doing what you are doing?
Every business owner should have an answer to this question. It is the entire reason behind you being in business and the majority of your business decisions should come back to your core mission and chosen direction. When you are clear about why you are doing what you are doing your passion for your work will be evident.
Who is your Customer?
Who are you trying to sell to? If you own a café your target market should be more defined than anyone who drinks coffee. You need to know what your ideal customer looks like at a demographic level, think age, interests, lifestyle etc. Having clarity over these matters provides direction when acquiring new customers.
Who is Your Competition?
Who are you competing against and what makes your offering better then theirs? To be successful you need to do things better than they do, this need not be in every area of the business, but you need to offer something that sets you apart.
Spread the Word
If you are offering something unique, make sure people know it. You could have the greatest product or service on earth but if no one knows about it no one gets to benefit from it. Use your point of difference in your marketing to showcase what it is that makes your business great.
Who Cares? So What?
Why is your product or service relevant to your ideal customer?
How does it solve their problem?
Why should they care?
What is the point that you are trying to make?
How is this relevant to your ideal customers problem?
What outcome does your product or service provide?
Ask yourself these questions about your own products or services to quickly determine if what you are providing is being delivered and benefiting your customer how you want it to.
Understanding how your product or service takes some deep thought, but getting this right can make acquiring customer, especially the right customers for your business, a much easier task.
We are always happy to chat to you about how we may be able to assist you and your business. Should you wish to arrange a free 30-minute consultation, please CLICK HERE