2 min read
Growing The Business Part 1: Clarifying Your Value Proposition
30 second summary:
To remain agile and competitive, businesses must regularly review why they are in business and what they deliver to their customers.
Clarifying your value proposition re-engages you and your teams with what’s important in the business and helps you hone your message to your markets. In this article, Jim Rathbone looks at how clarifying your proposition is key for company growth.
Growing the business starts with clarifying your value proposition - to consistently include that in all sales and marketing communication and in all proposals to existing and new clients/markets.
With a clear value proposition, you can be more focused on how to grow in existing markets through existing products and services. You can also be clear about which new markets you could serve and what new products and services could dovetail with the value you already add.
What does a clear value proposition look like, concretely, to generate more leads and increase sales? To grow your business in existing and new markets through current and new products?
Consider three questions that pinpoint your value proposition. Answers to these three questions open-up possibilities for how you can grow your business.
3 questions to sharpen your value proposition:
- Why are you in business? The pain-points you address and value you add to customers and markets – existing and new
- What do you do for customers in those markets? Your products and services
- How do you add that value? Your people, relationships, processes and systems
Example - the value proposition of a business that has grown exponentially during 2020:
“We as a business exist to delight our time-poor customers and win a greater share of purse (why) through our packaged home-delivered offerings of 10-minute home-cooking solutions (what) tailored to our customers’ unique requirements in variety, health, budget and tastes (how).”
So, what are your answers to the three questions – to clarify your value proposition, sharpen your thinking, frame your communication? These answers enable you to refine proposals and improve conversion, grow sales from existing customers in existing markets and attract new customers in new markets.
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