Building Your Foundation: Identifying Your Value Proposition
Updated: Apr 21, 2020
In Part 1, of Building your Foundation, we discussed the importance of understanding your market. In Part 2, we explained the value of taking inventory on your competition. In this next perspective (Part 3), we will discuss the meaning of: “Identifying your Unique Value Proposition.”
Building a Foundation Recap:
The world of business can be a complex and chaotic place. With a sound foundation, you can ensure your company, not only survives the storms to come, but also, emerges even stronger than it was before the trials. Prior to making that leap-of-faith into the market, there are 5 key steps that must be taken.
Understanding the market that you are serving
Taking inventory on your competition
Identifying your unique value proposition
Ensuring that your idea uses carefully thought out technology that will help improve front-end customer experience and back-end infrastructure
Aggressively moving forward with caution.
Part 3: Identifying your Unique Value Proposition
Now that you have observed the strengths and weaknesses of other companies, you can begin to home-in-on your unique value proposition; which is defined as: “…your point of differentiation and explains why you're the right choice to help a customer solve their problems.” This process will allow you to provide even more value to customers than those who came before you. “Me too” companies (copycat companies) pop up all the time, however, they disappear just as quickly. You must be different. You must be willing to shake up the “same old …same old” and deliver something relevant in a distinct manner.
If you aren’t BOTH relevant and differentiated, then what is your reason for being? This is often called a company’s WHY, and, it must be rooted in pertinence and distinction. After coming up with your company’s WHY, the next step is to mold it into a mission statement. It is imperative that your business adheres to and shapes itself around that statement. Also, this mission statement should give consumers an idea of how your company provides the level of service, and expertise, that competitors can’t …or won’t.
Take time to identify your unique value proposition. If you need help, view this amazing Ted Talk by Simon Sinek. It will leave you thinking about your company in a different light!