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Selasa, 19 Mei 2009

What is Your Value Proposition?

Having a value proposition is essential for any business, product, or service.

When you are trying to differentiate your company, brand, product or services, you need to do so in a clear and concise way. The manner in which you articulate the uniqueness of what you have to offer is referred to as the value proposition. It's the reason why someone would want to buy from you. A good example would be, for example, Brand X gets my carpets cleaner. Another example might be that Company X provides superior customer service.

So now that you have a general idea of what a value proposition is, how do you create one? The best way to start is by brainstorming and focusing on what needs your target demographic have. You can get this information by utilizing secondary research or conducting primary research. Often times these research methods rely on focus groups, qualitative surveys, or ethnographic research (following consumer around and observing behaviors). Ask yourself, "What do these consumers want that you or your business can provide? What need do they have? What's important to them?"

Once you've identified the need, you can develop a value proposition around that need. Keep in mind that the purpose of your value proposition is to identify and satisfy an unmet need that your target market has. As a result, your product or service will resonate with your market. Those who fail to create a value proposition that delivers meaning to a target market, haven't identified the true needs of their customers.

A well researched and developed value proposition can provide a myriad of benefits to your business. Some of these benefits include:

  • Awareness
  • Competitive advantages
  • Increases in prospects, sales, and market share
  • Ability to charge a price premium

These benefits can be seen both in the short-term as well as long-term. Be sure to stay true to your value proposition by using it as the principle force in promoting your business/product/service. At the same time, be flexible enough so that when market conditions change, you can tweak your value proposition to continue as a differentiator.


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