Identify Your Unique Value Proposition and Grow Your Business

9 Jan

Do you know the unique value you bring to your customers?  The need to define a unique value proposition is key to success whether you are a B2B, B2C, for profit, or non-profit.  Being able to fulfill a customer ‘want’ that no other company can and clearly articulating that value to your customers will grow your business.

What is a value proposition?

A value proposition is much more than the benefits that your company or product delivers.  It defines why a customer should do business with you and not anyone else who provides the same product.  It is the unique value that a customer cannot find anywhere else.  Your product must have at least one  differentiator that sets it apart from the rest to be successful.

Believe it or not,  a value proposition shouldn’t be more than ten words to effectively communicate what is distinctive about your product. Be specific, clear and concise.  This isn’t easy to do and requires time to refine but essential to the success of your product.  You and your team may consider an off-site away from the distractions of the office to get this done.

Finding Your DifferentiatorA value proposition is brand defining

Unique value is a key element in brand strategy. How you uniquely fulfill the needs and the wants of your target customers defines your brand.  Find out What makes your customers happy and what keeps them up at night.   When your unique value provides an emotional benefit to your customers, you create brand loyalty and your customers will buy from you.  Define your value proposition and you define your brand.

Steps to identifying your unique value proposition:

1.  Take an inventory of your skills, what are you good at?

2.  Clearly define your target customer and their needs and wants.  If your product is segmented by vertical markets such as education or healthcare, each of these segments has its own set of needs and wants and most likely different competitive solutions.  You will want to define a unique value proposition for each segment.

3.  What gaps need to be filled in the market?

4.  Complete a competitive analysis.  What sets you apart from your competition?  What is distinctive about your product?

5.  Test.  This is a key step. Questionnaires, interviews and focus groups are good ways to see if the value proposition resonates with your customers.

6.  Once your value proposition is defined and you are able to clearly articulate it, communicate it throughout your marketing efforts, website, collateral, and social media activities.  Keep the message consistent but, you can customize it to fit the media.

Resources:

Powerful Value Propositions, How to Optimize this Critical Marketing Element – and lift your results. Dr. Flint McGlaughlin, Director, MECLABS group (webinar)
Make Customers Feel the Love and Keep Coming Back, Jim Joseph, (Vocus webinar)
Your Brand as Your Value Proposition, Chris Hughes, Vistage, (You Tube Video)
Defining Your Unique Value Proposition, ASAE & the center for association leadership

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2 Responses to “Identify Your Unique Value Proposition and Grow Your Business”

Trackbacks/Pingbacks

  1. Do You Have a Unique Value Proposition? « The Stand Up Banker - January 26, 2012

    […] Identify Your Unique Value Proposition and Grow Your Business (marketingviewpoint.wordpress.com) […]

  2. Saying it concisely for your business social video - - February 20, 2012

    […] Identify Your Unique Value Proposition and Grow Your Business (marketingviewpoint.wordpress.com) Filed Under: Business Social Video, Strategy Tagged With: "how to make a business video", Brand, Business, business social video, business video, Candidates and Campaigns, Customer, Marketing, pat ferdinandi, patricia ferdinandi, Politics, Propositions and Initiatives, social video, social video marketing, United States, Value proposition, Viditude About Pat FerdinandiVideo Strategist […]

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