Category: Brand · 4 min read
How to Identify Your Value Proposition
on August 20, 2019
on August 20, 2019
Can you answer these three questions?
- What value do you provide to your clients?
- What is it that you do for them to help make their lives better?
- How do you benefit them?
If you can, then great! You have the start of your company’s value proposition. This is what sets you apart from your competition and explains the key benefits you provide to your clients. Clearly defining your value proposition is critical to your company’s overall branding and messaging. Your value proposition can influence every email you send, every social media post you write, and every meeting you have.
To determine the unique value your business provides and create a value proposition, take this advice to heart.
Your value proposition can influence every email you send, every social media post you write, and every meeting you have.
Do Some Discovery
Let’s start by taking a closer look. Think through some big questions about what you do:
- Why do you do what you do?
- What drives and energizes you?
- What’s your purpose?
Then think about the benefits that your clients get from your services:
- What do they walk away with?
- How are they better off with your help?
During this phase, you should identify several services or things you do for your clients that deliver real value. This is the foundation of your overall proposition. The goal here is to understand what your client wants and gets, the benefits you provide them, and why a prospect should believe you.
Write your answers down and put them somewhere you’ll remember. You’ll need them later.
Think About Your Competition + Clients
Next, think about your competition:
- What do you do differently from them?
- What is your competition not very good at that you could do better?
- What is your competition good at that you could do better?
Write them down next to your other answers. This may require some additional research to determine who exactly your competitors are and what they’re currently doing. It’s worth your time to do this exercise. It can help you figure out any concerns that aren’t being addressed right now when it comes to your ideal prospects’ wants and needs.
Speaking of wants and needs, let’s think for a moment about what your clients want.
What do they come to you for? What are they looking for? And, most important, how do you solve their wants? Write these out next to your other answers. Getting in the mind of your prospects and clients helps you think like them and market more effectively to them.
Find Your Uniqueness
Let’s focus a little bit more on how you’re different than everyone else by answering these three questions:
- What sets you apart from every other business?
- What do you offer that no one else does?
- What’s unique about you?
Identifying what makes you different from the financial professional down the street is key to developing a strong business, and can elevate you above your competition. Showing how you’re different is a strong way to demonstrate your value.
Try This Template
Another way to help figure out your value proposition is to fill in the blanks of this position statement template with your company’s information:
For (your audience), (your company name) is the (your market) that best delivers on (your promise) because (your company), (why/your purpose).
Let’s use Disney World to fill in the blanks and give you an example of what this could look like for you. For the young and young-at-heart, Walt Disney World is the theme park that best delivers on an immersive and magical experience because Walt Disney World, connects you to the characters and worlds you most desire.
This can work for any business, and is a simple way to set your business up in a way that clearly shows your value and purpose.
Identifying what makes you different from the financial professional down the street is key to developing a strong business, and can elevate you above your competition.
Put it Together
Now let’s put the answers to your questions into action. Take the key points of what your business does and provides, what your clients want, and what sets you apart, and assemble them together. Combine them and turn them into a paragraph that articulates the key benefits your business provides. The goal here is to distill all of those points into a few cohesive sentences. This is your value proposition.
Once you have it, you can use that paragraph to showcase what you do and how you can help prospects and clients. Implement this messaging in all of your marketing, your website, and your communications. Broadcast it in your client meetings. Post about it on social media. This is your unique value that you provide, so tell people about it.
This is the end goal. This is where you want to be. Now you have a solid value proposition that gives you a clear definition and distinction for your business. Use it.
Share This Post