A value proposition is a promise of what someone who uses your product or service can expect to receive. How your product solves a problem in a way that others can’t or don’t and why customers should consider your business over your competitors.
For small and medium sized businesses, it is beneficial to periodically take time to reflect on your business’s successes and understand what it is about your product or service that truly sets it apart from the competition.
For small and medium sized businesses, it is beneficial to periodically take time to reflect on your business’s successes and understand what it is about your product or service that truly sets it apart from the competition.
What is a company's value proposition?
Why does your company value proposition matter?
There are a number of reasons having a strong value proposition matters to your business:
- helps potential customers understand what your company offers
- improves customer engagement with your business
- differentiates you from the competition
Why does your company value proposition matter?
Now that we understand what a value proposition is and why your business should have one, the trickiest part is figuring out how to write one that is unique to you. The good news is there are some easy steps to follow:
- Ensure your value proposition clearly states what your product or service is
- Focus on the value your business provides
- Provide readers with a reason to choose your business over the competition
- Keep it simple
It is best not to hinder yourself too much initially by trying to simplify your value proposition from the beginning. Instead follow the steps in order. Brainstorm a few ideas, write everything down, no matter how complex they seem. Leave your notes for a few hours or ideally overnight. With fresh eyes, it should be easier to simplify some of the notes you have made into a workable value proposition.
Best value propositions
If you are looking for some inspiration when it comes to writing your value proposition we’ve found some good examples:
MailChimp
Once an email platform, MailChimp has expanded into an all-in-one marketing platform:
“Make your side hustle your main hustle.
Our all‑in‑one Marketing Platform gives you the tools to find the right customers, build your audience, and bring your brand to life.”
They are clearly trying to appeal to entrepreneurs and small business owners showing how their platform can help them grow their ‘side hustle’ into their business.
Evernote
This popular organisation tool has a very simple proposition, but with a clear value. Using their tool ensures ‘nothing falls through the cracks’.
“Your notes. Organized. Effortless.
Take notes anywhere. Find information faster. Share ideas with anyone. Meeting notes, web pages, projects, to-do lists—with Evernote as your note taking app, nothing falls through the cracks.”
Trailfinders
Succinct and to the point, this European travel agency have taken simplicity to heart with their value proposition:
“Trailfinders - The Travel Experts”
Slack
Once thought of as a collaboration tool using instant messenger, Slack have upgraded their value proposition to:
“Slack replaces email inside your company
Keep conversations organized in Slack, the smart alternative to email.”
As an SME owner, having a strong value proposition is a good way to help you stay focused on delivering the best to your customers so that one day you grow to be a large or enterprise level business.
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