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The
difference between your business and every other business is YOU. While many
businesses perform the same function, the more successful ones distinguish
themselves by delivering better service, producing a higher quality product
or improving their clients’ quality of life. Equally important, successful
businesses clearly and quickly communicate their Business Value Proposition
- why their business is the best choice. And they never stop
promoting the benefits their business offers.
When
assessing your business, always consider this question: what can you tell
your customers about your business or product that will differentiate you
from the rest, and make your business the obvious choice for them?
Creating
a Business Value Proposition requires ingenuity and often relies on a
combination of emotional benefits as well as product features.
Think
of car companies that create two vehicles with the same engine, and many of
the same mechanical features, but are sold at distinct price points. While
the two vehicles share the same basic features, they are marketed
distinctly. The Prestige 2000 ad campaign will likely feature mountainous
roads, pictures of the luxurious wood and leather interior and there will be
inferences to the high life. This ad appeals to a consumer’s desire for
luxury and a sense of achievement in life. The Reliable 900 campaign appeals
to a consumer’s desire to get the most for his/her money, a need for
safety and an acknowledgement that this choice was the right choice. Its ad
campaign will likely feature a family with kids, details of the safety
devices and any consumer awards.
Some
tips to get started creating your Business Value Proposition:
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How
are you better than your competitors? Where can you stand to improve?
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Among
the factors that make you stand apart from the competition, which are
the most important to your customers/clients?
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What
part of your business cannot be easily imitated or replicated by your
competition?
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Which
differences can be communicated to your customers/clients and have a
meaningful impact on their purchasing decisions?
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Can
you tell your customers/clients in a concise, clear message why your
business is unique and a better choice?
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What
ways will you communicate your Business Value Proposition to potential
and current customers/clients (advertising, a referral campaign, media,
packaging, sales force)?
Make
sure you involve your customers and team members in this process. Don’t
forget to ask your best customers why they choose your business and
how you can continue to make the differences that keep them coming back.
This will help you attract potential best customers.
It’s
likely that you won’t find huge differences between you and your
competitors. Your differences will be small ones that lead to a
distinguished customer experience (a greeter at the front door, a 2-ring
phone answering policy, a sense of fun and humor in every customer
interaction).
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