One of the most important aspects of launching a new business is clearly defining your unique value proposition. This is a clear and concise statement that explains what your business offers, how it solves a problem for your customers and what makes you different from your competitors. In other words, among all the businesses your customers might consider, what makes you stand out?
Without a strong value proposition, it can be challenging to develop marketing materials, website content and more. But for many entrepreneurs, clearly defining your value proposition can be challenging. Fortunately, there are some simple steps you can take to guide you to a value proposition that sticks in your customer's mind and separates you from the competition.
Define the Problem
Understanding your value proposition begins with understanding the problem your customers are facing. What is missing from their lives that only you can provide? What pain point can only you solve? Clearly defining the problem provides the critical context for communicating your value proposition.
If you look at Weebly's value proposition, you can see how it addresses the consumer problem: "Weebly's powerful drag and drop website builder and guided set up get you to the finish line faster, no coding needed." Many small business owners believe that you have to know how to code to make a website, but that isn't the case.
Explain How You Solve It
Now it's time to talk about how you solve the problem. What is the thing that your business does to help deliver your customers from the chaos they were experiencing before they found your website? It's important to come up with a statement that is as clear and concise as possible.
Try and avoid cliches and focus on something that is unique to your business. It will take a lot of trial and error before you get to something that works, but don't give up. Remember that your value proposition is a promise to your customers about how you're going to help them.
Using Weebly as an example again, the "powerful drag and drop website builder and guided set up" is the answer to the problem.
Explain What Makes You Unique
Once you've defined your value proposition in the simplest possible terms, you should follow it up with clear and specific information about how you deliver on the promise of your value proposition. Saying that you have the best technology or the most innovative design can fall flat without specific information that substantiates your claims.
This supporting information isn't a core part of your value proposition, but is still important as it can help boost your brand and provide another point of differentiation between you and your competitors.
As you scroll down Weebly's homepage, you can see references to eCommerce features, plug-in marketing tools, and award-winning customer service. All of these benefits serve to reinforce the core value proposition.
Make it Stick
Finally, the key to making a value proposition stick in the minds of your customers is to use it consistently. Featuring your value proposition prominently on your website is the first step, but you should consider how you can "own it" across all of your marketing communications. Remember, a unique value proposition is not the same as a tagline or slogan, but it should still inform how you talk about your business.
With a strong value proposition, you can present a clear competitive advantage and attract more customers. From there, it's up to you to deliver on the goods. If you can do that repeatedly, you've found a formula for long-term growth.