3 Tips On Improving Your Value Proposition

Businesses are started for one of two reasons. To solve a problem or improve the lives of their customers. With all businesses operating with these objectives in mind, competition can be stiff. From my experience, the companies I see doing really well, have a clear understanding of their value proposition and leverage it well.

So What Is Value Proposition?

Your value proposition is at the core of what your business does. It is the promise you make to customers. It is what customers expect to receive in return for a purchase of your products or services.

To find out what your true value proposition is, ask yourself this simple question. What do my customers pay me for? The answer can be profound, and a deciding factor in whether your business will go boom or bust.

Take Still Water Financial Operations for example. Yes, we provide accounting services and coach small businesses on how to become more profitable. But what our clients really pay us for, is the freedom they get as business owners. Freedom to run their business the way they see fit and freedom to spend more time doing what they enjoy.

Another great example is a plumbing company. Yes, you call them to fix your toilet, but what they are really doing is getting rid of the stink in your house! They are making your home a place you feel comfortable in once more, and a place where loved ones gather for good times. The businesses that succeed, understand this difference.

Tips On Identifying Your Real Value Proposition

1. Get creative when someone asks what you do. Labeling yourself by the industry you're in (ie. accountant, plumber) only clumps you into a group with everyone else. You want to stand apart!

2. Survey your customers on why they do business with you. The insights you will gain are priceless!

3. Ask yourself, why do my customers pay me?

Once you know why you are truly in business, you will have no problems targeting the right customers and differentiating yourself from your competitors. As always, we would love to hear about your success. Feel free to comment below!