What's Your Value Proposition?

Business owners need to answer this question as a fundamental test of the viability of their business proposition.

STAND IN YOUR CLIENT’S SHOES

Imagine an intersection with 4 identical corners and there are coffee shops on each so which do you choose to buy your coffee from and which one will you recommend to others?

It is likely what you do is offered also by others so spend time on figuring out why you are to be different, on why you are irresistible and why you are memorable. Think about why and how you choose a supplier or a professional service and what makes them stand out in your mind. If the answer is price and if you adopt this proposition then you will have a problem sustaining your business.

What you need to be able to confidently answer is “Why choose you?” This very much requires you to stand in the shoes of your target clientele and demonstrate that you can solve their problem.

IDENTIFY YOUR CLIENT’S NEEDS

Successful businesses spend time on developing a proposition that is different, is authentic and has been built and tested by first identifying and solving client needs and problems. Some of the problems you identify may not even be known to the client.

There is only one way to develop your proposition and that is to engage with your market and have a very different conversation about their business and their needs and problems. It is essential that you can clearly articulate your point of difference and the value and impact you make.

RECOGNISE THE VALUE YOU OFFER

Your proposition must speak to the benefit your client will achieve by “Choosing You” i.e. not just what you do but the “value of what you do in their hands”. Will you save them time, money, sleepless nights, staff, improve their customers experience, staff experience, shareholder experience?

Business propositions that rely on only on “what you do” (Transactional) are not as sustainable as “why you are different and why you will make a difference” in your clients business. (Value add)

EXPLORE AND TEST YOUR UNDERSTANDING

Networking is an ideal way to explore, identify and test your ideas as you listen and connect , then formulate your response and imagine the value you will embed in your business if you have loyal repeat clients who refer you!

Leigh Powell is Business Mentor and Strategist with  Your Time Matters and has worked with over 200 small businesses to make them Bigger and Better! You can meet  him  face to face at all YTM Business Networking events or contact him here.