In today’s post, we will show you how to devise your unique value proposition in four steps.
At its core, a value proposition is a positioning statement that explains what benefits you provide, to who, and how you are best equipped to do that. It is a promise of value to be delivered. Here are a few guidelines for writing a compelling one for your venture.
- Problem focus. While startups that make use of innovative technology can become enthusiastic about the wide range of potential applications and uses of its product, too many options can easily lead to a loss of focus, therefore putting companies in a position where they run the risk of becoming just another one of the many unfocused startups in the market. In order to stand out, it is therefore important to set a clear list of key target problems your company is setting out to poignantly address. The more focused your target problems are, the easier it will be for interested parties to have a clear understanding of the straightforward, valuable solution you provide.
- Competitive Solution. Another key component to creating your unique value proposition is to understand how your company is providing the best solution to such target problems, vis-a-vis your competitors. It is not only relevant to understand the value that you are providing to your clients, but in which way you are solving your customers’ needs distinguishably well. The aim is to identify and position yourself in relation to the gaps that exist in the market, which you are intending to capture and fill.
- Urgency. Timing is one of the main components that determine which of the small percentage of startups will succeed, according to Idea Lab. Pointing out the urgency is therefore critical to captivating and retaining both attention and resources. A good way to start is by asking what are the measurable consequences of timely inaction to which you are responding.
- Outreach. In addition to stating the benefits you are providing, it is important to know to what extent your defined problem-solutions can have broader implications and impact. This will enable you to recognize to whom your solutions can deliver value and profitability, and hence your potential target market segments and clients.