Wednesday, March 10, 2010

Defining Your Unique Value Proposition

Value is defined as the quality that renders something (or someone) desirable.

In an economy where many seem to be watching every penny, some think that the lowest bidder is always going to win. Think again. Best price does not always mean best value. Remember, people are still spending money on things that are necessary and important to them.
Many companies are now resorting to deep discounting in order to try to win more business. With the tightening of budgets and reduced spending, some get drawn into bidding wars, only to de-value their product, cut their margins and reduce their commissions.
Those companies which have been most successful maintaining consistency through these tough markets can attribute their success to two key factors:

1) They have a unique value proposition and can clearly articulate it to their customers.

2) They are effectively communicating their value message to their target market using a range of effective marketing techniques.

What is your value proposition? What makes your business different than your competitors and why would customers want to do business with you? If you don’t know the answers to these questions, I suggest you define your unique values immediately. If you have a value proposition and have not thought about it in a while, revisit it. You probably provide much more significance now than you did when you first got started.

Some of the most popular and effective means of communicating your message are through the use of social media tools like LinkedIn, Twitter and Facebook. These tools enable you to articulate your value proposition through building a profile focused to a specific market. They also allow you to broadcast your message to millions of potential customers to which you would not otherwise have access. Another great feature of these tools is that they are FREE.

Do your customers know what makes your business unique? Are you the “best kept secret” around? Try taking these tips to get your business noticed.