The term “value proposition” might seem like a buzzword, but it is one of the most important things for your business to define and take ownership of.
We’ve talked about branding before (See: The Basics of Branding Part 1 & Part 2), but value proposition goes one step further focusing on the “what.” It defines your niche; what makes you stand out from the crowd.
Here’s how you can easily define your value proposition:
First, keep an open mind and dig into as many things as you can that shed light on the way you currently project your value. Gather things like public-facing material (social media posts, website content, etc.) and internal thoughts or feelings on what it is that you do. Think about:
- What message is being projected about the value your work provides?
- What keywords are you using to describe what makes you or your service/product unique?
Next, evaluate the way your value is perceived by others. Ask existing customers what they think is valuable about what you do.
- How do these interpretations of your value compare to the value you’ve been projecting?
- How can you refine your messaging in order to more clearly state that value?
Now that you’ve done some research and gathered your thoughts, write three or four sentences that defines your value proposition. If you need more help, think about the following: Your key stakeholder’s (or client’s) greatest need, and how your work fulfills that need.
- Your greatest competitor, and the key differences between your work/approach and theirs.
- Your own personal values, and what drives you and your company.
Typically, your value proposition is in a constantly evolving and being redefined. This is totally normal!
If you get stuck, just remember these tips:
- Work with your existing audience to get an understanding for how you are being perceived and see how that differs from the value and unique differentiation you’re projecting in your current marketing material.
- Don’t get tunnel vision. Instead of thinking about competitors’ value propositions, think about your users. What do they need? How do you fulfill those needs in a better way than your competition?
- Finally, stay true to what you know you can deliver well and stay true to your core.
Need more help? Give us a call.