Purposeful value proposition building is crucial for attracting the RIGHT customers.
AND may even be the catalyst that allows you to elevate from a side hustler to a full-time business owner.
Or a full-time business owner who is “just scraping by” to feel the freedom of a much sought-after cash injection.
Value Proposition: What it Means
A value proposition is a single sentence that encapsulates everything your organisation can do for its target customer.
Wooh, that’s a little deep.
Let’s pull this apart a little.
Here are the simple guidelines to consider:
- Your business’s value proposition should be specific.
- Don’t go so specific that it gives you no room to move should you want to widen your net of prospective customers (you want some wiggle room).
- Consider how your business’s services might vary or advance with time so you don’t feel attached to providing a narrow offering.
Yes! You can always change your value proposition.
However, if you become known as that business chopping and changing regularly, it shows a lack of clarity.
You want to avoid this so your business can be known as a specialist.
Why you Need a Tailored Value Proposition
The benefits of having a considered value proposition can be classified into internal guidance or external connection.
Let’s dive in!
Internal Guidance
Consider if any of the following have ever applied to you:
- Watched a competitor offer a new service, and you thought you should hastily follow suit.
- Had a bad month and decided to become less selective regarding clientele.
- Lacked strategic planning, leading to decisions based on convenience rather than what’s best for your company.
If you answer yes to any of these, developing a stellar value proposition should be an URGENT priority for your business.
The correct value proposition stops you from moving away from your zone of competence, or if you have yet to figure out your zone of competence, it sets you up to move in a clear direction.
It keeps you focused.
As a business owner, you will always have new tasks for completion; whether you choose the correct tasks is another story…
Your value proposition is your reference point for determining if you’re working on the right things.
External Connection
It’s uncomfortable to hear, but there’s a substitute for your business.
It may be an imperfect one, but a substitute nontheless.
This fact makes a well-crafted value proposition an essential tool for separating yourself from the pack.
A well-defined value proposition forms the basis for what your business’s audience will know you for.
Here’s the kicker: you can immediately get your value proposition in front of your audience.
* Put it in your social media biographies/about sections.
* Create a banner on your website.
* Make it your tagline under your company name.
Still, you don’t have to express it publicly.
You can make it apparent through marketing messages that it’s reflected in. By doing this, your audience will come to understand your capabilities.
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