What is the Value Proposition, or â€value propâ€, of your small business? Can you clearly explain the unique core differentiator that makes you stand out from the crowd? Your value prop is basically the special attributes of your business that make it superior to your competitors; it’s the reason your customers ultimately decide to purchase products or services from you, instead of buying from your competitors. But even if you can clearly identify your business’ value prop †does it provide actual value to your customers? Mirror, Mirror, on the Wall Telling potential customers about your great customer service or how long you have been in business does nothing to truly differentiate you from your competitors. Also, describing the features of your products or services doesn’t help a prospective customer understand what makes you a better choice than the guys down the street. Instead, you must be able to show your customers why your business is the clear winner, and what value you can provide, to give them a compelling reason to buy from you. In a recent survey from the Marketing Leadership Council, 9,000 business-to-business (B2B) decision-makers were asked if the â€unique benefits†that companies use to describe themselves were actually unique. 86% of respondents said they were not, and that these â€unique benefits†did not have enough impact to create a preference or differentiate one business from another. So in considering the value prop for your small business, here are some ideas to help you identify what distinguishes you from everyone else, and help you make sure there is obvious value in your value prop! 1. Get Some Perspective Typically, small businesses are so familiar with their own products and services that they tend to overestimate their uniqueness. Be sure that you identify the benefits of your products and services from your customers’ perspective. Customers want to hear about how you can solve their business problems or make their jobs easier. They want to hear that you can help them do something better tomorrow than how they do it today. Identify what is truly unique about your business from your customers’ point of view, and put your focus on that. 2. Find the Gap Between Pain and Gain First, make sure you understand your customers’ biggest business problems, then look at how much better things would be for them if they implemented your solutions. The gap between that â€pain†and â€gain†is where you can provide real value to your customers. Even when consumers have all the rational facts, their decision to buy is based on emotion. They need to feel that buying from you will lead to more success and improve their situation, so make sure you can show them that you are the right choice to do that. Make your benefits so obvious that it’s easy for them to envision themselves â€pain freeâ€. 3. Say It Effectively Once you have clearly identified the real value that you provide to customers, you must be able to express that value effectively in your marketing materials, in your advertising campaigns, and when you (and your staff) speak with customers and potential customers. If you can clearly show customers what makes your business a better choice and how you are different from the competition, you provide them with a convincing reason to buy from you. Of course, it’s difficult at best to persuade a customer of your value prop if you don’t have a solid reputation, professional image, and existing business credibility in the first place. Make sure your marketing is consistent in both branding and message, and be certain that your web site and social marketing platforms are an accurate reflection of your professionalism as well. A great value prop will not resonate with customers if your web site is outdated or your social marketing platforms are amateurish or incomplete. Make sure the way in which you present your business to the outside world matches what you say in your value prop, so your message is consistent and credible.
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