3 Tips for Pinpointing Your Company’s Value Proposition
With the amount of businesses trying to make it in this world, there is a very slim chance that your business has no competitors in your industry. Because of this, it’s vital that you’re able to tell your customers and potential customers why they should be working with you rather than the other company who does the same thing you do.
To best get this point across, companies should be using value propositions to stake a claim about how their business can benefit the consumer better than any other business. To get to this point with your own business, here are three tips for pinpointing your company’s value proposition and using it to rise above the competition.
What One Thing Can You Be The Best At?
In order for you to find your specific value proposition, you have to know what you and your company can confidently be the best at in your industry. This doesn’t mean that you have to be the best at everything in your industry. You simply have to be the best at one particular area of your business.
Anthony K. Tjan of the Harvard Business Review shares that companies can base their value propositions on having the best quality, the best bargain, the most luxury, the most aspiration and more. For example, you could provide the fastest test results, the highest quality wool, or the least expensive product depending on what your company does and how you relate to your competitors.
How Can You Prove it?
While having a good value proposition is great, you have to be able to prove that claim in order for the value part of your proposition to really be impactful. Just because you market yourself as giving your customers the most bang for their buck, your customers have to actually see evidence of this in order to believe in your value proposition. According to Peter Sandeen, a contributor to KISSmetrics, a business can prove the value of their value proposition by studies, testimonials, statistics and much more. Only when your value proposition is trusted can it really be beneficial to you.
Do You Fulfill the Value Proposition Checklist?
Now that you know what your value proposition is about, you have to convey that message in the appropriate way to your customers. According to Lindsay Kolowich of HubSpot, a good value proposition should be clear, informative about the value and the result of that value, and understood in as little as five seconds. Once you’ve precisely constructed your value proposition, you should be able to check off each of these three areas to know you’ve created the best possible value proposition for your company.
By clearly and concisely crafting a value proposition for your company, brand or business, you should be able to better situation yourself among your competitors and gain the attraction of your target market. Use the tips mentioned above to come up with your own company value proposition today.
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