3 ways developing a 'value proposition' enhances your business
What is a value proposition?
A Value Proposition is the foundation, not the presentation. It is what the business stands for - a promise to deliver a specific benefit to the customer and the unique way in which you will do so.
In March 2016 we engaged a specialist to help us create our Brand Vision and develop our unique Value Proposition. You might ask why, isn’t this that what you do? The answer is yes, but we chose to engage someone outside of our organisation that would challenge our thinking and provide a new perspective. The time spent and the money invested to complete this process has proven invaluable to the sustainability of our business and customer fulfillment, especially during these times of uncertainty and disruption.
By defining our Value Proposition, we have been able to:
- Concisely and clearly describe who we are and what we do
- Provide focus for our team and our business
- Implement strategic decisions and execute them tactically
When things are uncertain it is easy to become distracted and to lose focus from your true purpose. Establishing a solid and accurate Value Proposition can help you to stay on track with your short- and long-term plans.
Here are three benefits that developing a Value Proposition can bring to your business:
1. Improved conversion rate with your Ideal Target Audience
As many of us know it is easier to serve customers that love what we do, this is because they understand the value and benefits of interacting with our business. Through the development of a Value Proposition, you can fully understand the value that you can provide your ideal customer, and therefore give them a reason to connect with your business. The more informative and concise your Value Proposition is, the better your conversion rate with your ideal target audience.
2. Clear understanding of your competitive advantage
Working on your Value Proposition enables you to get a clear understanding of what makes your company unique. It gets you to see what you do better than your competition and what sets you apart from others in your market. It is not just about your unique selling points but the experiences you offer that your audiences value the most. When you can clearly describe what makes your company unique, you are better equipped to explain to your ideal customers why they should choose to you over your competition.
3. Increased Confidence
Producing a well-honed Value Proposition gives you, your team, and your customers clarity, enabling you to progress with fewer questions. Customers want to feel like they are a member of a winning team. Knowing how you make a difference to those you serve brings certainty about how you are adding value to your audience. Confidence comes when you have a clear understanding of the value of your offering and the knowledge that you are delivering an overall rewarding experience.
Your Value Proposition is not your slogan or positioning statement - it is what your business stands for. It is your promise to deliver a specific benefit and the unique way you will do so.
Appointments for the exploration of your Value Proposition now available!
We are excited to announce this new service to our suite of Branding Skills. To develop your unique Value Proposition, book your personalised workshops now.
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