What Makes Your Business Unique?
Your customers are free to buy whatever they like from whomever they choose. So why do they buy from you?
If you can answer this with a value proposition of one sentence then you are in a good position to keep loyal customers and attract new ones. If you can’t, it’s time to do some work.
A value proposition encompasses the morals and beliefs behind why and how a business operates. It’s a clear differentiator of what separates you from anyone else in your industry. Your value proposition connects what you do best with what your customers need most. The more clear and direct the value proposition you hold, the stronger your customer connection will be. And this means more rapid and effective growth.
Looking for a way to experience rapid business growth? Find out more about Melbourne business coaching.
Make your customers feel for you
There is so much consumer choice around. Customers don’t buy products that just do the job. They buy products that make them feel something. Safe, special, valued, superior, attractive, secure.
Your product is something many businesses can offer. A value proposition is not just about better products or cheaper products. Value is a perception – it exists in peoples’ minds. So your value proposition must speak to your customers perceptions.
Your value proposition is not what you do, it’s how you do it. If you can make your customer feel their desired feeling you will ensure repeat customers and a growing business.
As an entrepreneur you stay one step ahead of the game. So rather than hoping or guessing that your customers like your value proposition … create one that they need!
3 keys to establishing the neo-entrepreneurial approach to a strong value proposition:
1. Find out what your target customers want
What is their red hot searing Pain? The more Pain you can solve the more successful you will be. Also find out what they don’t want. If you’re not adapting in response to your customers you are sending a message that says: ‘I don’t care’. No customer will give you their loyalty in return for a cold shoulder.
The growth of your business relates directly to how much you listen to customers and how much you adapt. Your value proposition must be based on what they want.
2. Go and Get it
Once your value proposition matches your customers’ desires, make sure it is present in everything you do. It’s not enough to talk the talk, you have to walk the walk. A shallow value proposition will work against you and unwind all your other good doings within the business.
Tell your customers that you have listened to them. We all like to be heard. Then show them how you have put that knowledge into your value proposition. This will build differentiation between you and your competitors. You will create a niche – where there is immense potential for growth and market share.
The greater the differentiation the greater the reasons for buyers to discriminate in your favour. It’s not a price war you are fighting then, it’s a quality campaign.
3. Give it to them Consistently
Once you know what your customers want from you, make that consistent with everything you provide. Don’t just run a one-off special that matches customer desires. Build that emotional connection into all aspects of your business. From product development right through to marketing, communication, planning and daily operations.
5 tips to a value proposition that will last
Connecting what you do best with what your customers need most is the number one guide to value proposition. A neo-entrepreneur takes that process further by ensuring the five basics of customer satisfaction are also answered in your value proposition:
- Time (customers want things sooner and faster)
- Quality (customers want things better)
- Reliability (customers wish for things to be easier)
- Cost (customers wish more for less)
- Consistency (customers wish for good service and quality to be duplicable)
All of the above are critical in a customer making a decision to buy from you. And especially in their decision to continue to buy from you.
What is the real difference between you and your competition?
The assumption that your product is superior is dangerous and will lead to complacency. It’s not enough to know where the competition is, you have to know where they’re heading too.
Once you understand this it gives you the strength to say ‘…this is what makes us different, this is our value proposition, our uniqueness…’
The decision to buy is 80% emotional and only 20% logical. So what makes you unique is what will attract customers and bring them back. The better you know your competitors the more specific you can be about what your unique value proposition is.
You’re a neo-entrepreneur. Don’t wait and see what your value proposition MIGHT be … go and get what your customers want and give it to them with pleasure!
Let's develop your value proposition
As a business advisor I've coached countless Melbourne businesses to develop their unique business angle, and then helped implement a strategy to tackle this gap in the market place.
How can a business advisor help you? At Business Benchmark Group we offer business consulting and advisory, as well as business meetups and coaching groups.
Let's get your business up to speed. Contact us today.
Stefan Kazakis on 27 May 2017
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