Value propositions are essential in marketing your business in a clear and concise way. But far too few small businesses and entrepreneurs have a value proposition. Positioning yourself this way in today’s crowded business marketplace is more important than ever. The Internet has made it possible for small businesses to market their services and products worldwide, but it’s also produced a lot of noise. Your value proposition will help your business stand out among the noise and find the right customers who need what you have to offer.
Value propositions are also helpful because they:
- Narrow your focus for lead generation
- Make it easier, quicker, and cheaper to market your business
- Allow you to get in front of decision makers quickly
Your value proposition is a 10 to 15 word statement that shows your potential customers or clients what you can do for them. When you know your exact value proposition, you’ll be able to communicate effectively about your business in a way that is most meaningful to your customer.
Creating a Value Proposition
Your value proposition is not an elevator speech. It should be short and to the point. If you create it correctly, your statement will speak volumes about your business without you having to go into a detailed explanation of what you do.The key to a successful value proposition is to answer for the customer the question “What is in it for me?” Your customer doesn’t want to know how great you are. They want to know what you can do for them.
The emphasis in your value proposition should be on the customer, and not you. You’re not a Realtor from your San Mateo office space– you help people find their dream homes. You’re not an accountant from your San Francisco office space– you work to make complex financial issues simple for your clients. You’re not a business coach from your Oakland office space – you simplify the business process for overwhelmed entrepreneurs.
Instead of focusing on the factual information of what you do, you need to focus on the end result for the customer. What is the outcome if someone chooses to do business with you? When you communicate this through a simple statement, you’ll have a lot more marketing power.
Here are four essential questions that you should ask yourself while creating a value proposition for your organization:
- What do we do that sets us apart from the competition in terms of benefits and results for our clients?
- What specific results can clients achieve from working with you?
- What are we passionate about providing for our customers?
- What are our core organizational values that provide value to our clients?
By answering these four questions, you’ll begin to recognize the elements that you need to include in your value proposition. Look to your mission statement, organization culture, and successful case studies from your business to inform your value proposition.
Your value proposition will serve you well once you’ve established it – you can use it while networking, on your website, and in all your marketing activities. If you don’t have a value proposition, make it a priority for your business.
Research Analyst, Pacific Business Centers (rebranded as Pacific Workplaces)
Courtney’s research for Pacific Business Centers focuses on tracking emerging office space trends and best practices – with an emphasis on how they affect business operations, technology, and the future of work trends.