Tech News How to Define Your Small Business’s Value Proposition By Binayak Chatterjee Posted on November 3, 2019 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr If your website analytics are showing a high rate of dropoff without conversion, it’s possible that you are not doing a good job of communicating why your small business is the right company to provide customers with what they need. These days, with so many options available for almost any product or service, consumers will keep shopping until they find the brand that stands out to them. This is why a robust and compelling small business value proposition is a vital part of your sales strategy. The right small business value proposition will keep website visitors scrolling through your site, and may even compel them to click on that well-placed call to action button. The wrong one will send them searching for the company that immediately lets them know exactly how their problem will be fixed. If you are struggling to figure out what makes your company stand out in your field, you may simply need to go back to basics and define some essential elements of your business. Function of a Value Proposition 1. Promises What You Deliver Your customers want to be assured that you will deliver the solutions to their problems. This is your opportunity to communicate that you understand exactly what they need, and make potential customers feel confident that you will deliver on your promise. 2. Outlines of the Benefits to Customers Why is it that your customers will benefit from using your product or service? What are the results of coming to your company for their solutions? When you can concisely tell your customers why they need your help, you give them confidence in your brand. 3. Summarizes Why You Are Better Than the Competition It is never a good idea to focus too much on your competition, but it is important to be able to briefly give information about why they should choose you instead. Even if you never specifically mention your competitors, you want to emphasize what makes your company different. Is your product or service of higher quality? Less expensive? Do you deliver faster? Do you offer better customer service? Any of these qualities can be highlighted without focusing on the competition. Things to Consider When Defining Your Value Proposition Your value proposition needs to be simple and straightforward, but it may be confusing to build one for the first time. It helps to revisit the basic building blocks of your small business, in order to simplify the process. 1. Mission and Vision Statements If you are like many small business owners, there is a chance you skipped a few steps to building your business foundation and went right into the transacting part. If so, don’t fret. This is as good of a time as any, to work on creating mission and vision statements, and they will inform how you conduct your marketing from this point forward. A mission statement is an outline of the what, where, and who, of your business. What products and services do you provide? Who is responsible for delivery? What is unique about what you offer? Answer these questions, and you’ve got yourself a mission statement. A vision statement is an outline of what results you would like to see, or where you want your business to be in the future. This is your chance to think big and dream. Do not shortchange your business. Inspire yourself by creating an enthusiastic vision statement that will help you get your customers as excited as you are. 2. Core Values Your core values guide your actions in your business and your life. Are you focused on creating a work-life balance? Do you want to create ethical products and services? Is honesty the most important thing to you? When you know what your core values are, it helps in every area of decision-making and marketing your business. 3. Customer Research Surprisingly, many businesses have never asked their customers about their preferences. You can learn a lot from asking your customers questions, and they will appreciate feeling heard. Find out what your customers want and need most by interviewing them or giving them a survey. This way, you can tailor your products and services to meet their needs in exactly the way they prefer them to be met. 4. Competitor Research It is important to know what your competitors offer, in order to set yourself apart. Try to get an understanding of what their customers like about their products or services, and what you can do to provide something even more outstanding. Now You Are Ready Now that you have revisited your small business basics, it is time to assemble a small business value proposition that will wow potential customers and command their attention. Use the information you gathered from revisiting or composing your mission and vision statements, examining your core values, and researching your customers and competition. Put it all together in a clear, succinct package, and make it easy to understand why they should choose your company over all the other companies out there.