The critical aspect in business, is what most of us miss. At time we assume that consumers will readily want what’s on offer. We tend to believe business just happens. That all one has to do is launch.
It is important that we understand the one aspect of success in business. What entrepreneurs have come to know as “Unique Selling Proposition.” To truly seize an entrepreneurial opportunity, this is a non-negotiable.
Michael Skok in 4 steps to building a compelling value proposition states that, “In its simplest terms, a value proposition is a positioning statement that explains what benefit you provide for who and how you do it uniquely well. “
Michael suggests the following to consider in creating a compelling value proposition:
Define the problem set to help vet whether it’s a problem worth solving: a fellow inventor, Charles Kettering, once said, a problem well stated is a problem half solved and many entrepreneurs make the mistake of diving headlong into the solution before really understanding the problem they’re looking to solve.
By virtue of things, it would appear that many people are just too ambitious. They try to solve what they themselves don’t understand. They think they do, in most cases. But their common outcome which is epic failure, shows that they never did.
Although unique value proposition is what established businesses need to worry about, it is equally important, in my opinion, that aspiring entrepreneurs get the gist of it. So hang in there and let’s get over finding your strongest points in business.
Forbes Agency Council in Create and Understand Your Unique Value Proposition with These 12 Tips posits that: Your brand’s unique value proposition (UVP) is a critical asset that should serve as the core tenet of your marketing messaging.
It tells customers, employees, investors and other stakeholders exactly what your company offers that no others can. It defines your point of differentiation and explains why you’re the right choice to help a customer solve their problems.
Have you ever been in our towns? Have you ever considered the businesses out there? Isn’t it curious how they seem to be selling the same things the same way? Most of them go home without having sold a thing. You know why? It’s because they have no point of differentiation from the next guy. You can’t afford to join in on the rate race.
Forbes Agency Council suggests you need these in your arsenal:
Build your reputation first: who you work for is more important than what you do. As a new owner, you will need to demonstrate how you helped a client succeed before you can start building that unique space you want to fill. Many owners start out with a particularly good skill, be it concept, writing, analysis, etc. However, you will be creating a reputation by the companies (and people) you serve. Choose clients wisely.
Continually conduct and refine audience research: the better your audience, the better you understand how you stand out from their perspective. Continually use primary and secondary research to gain a better understanding of your audience and your competition and let your value proposition present itself.
Know what problem you solve for customers: a value proposition is much more valuable when it speaks directly to your customers’ needs. Ask yourself: what is the problem that my customers are trying to solve and how does my company assist?
Based on these few observations, it becomes apparent that finding your unique selling proposition means work. It’s not a fly by night thing. It requires a complete understanding of what is offered; who it helps and how it helps; as well as how the clients think.
In the business world, clients or customers are kings. They determine what is sold and for how much. No business can thrive unless customers believe they can get value for their money. The offer cash value for satisfaction.
It is important that your business stands out in the midst of competitors. Unique selling proposition offers just the way.