Value. It’s what most customers want and what so many business owners are unsure of how to deliver. A value proposition helps business owners determine who they are, where they want to be and who they appeal to.
Seems simple. Want to start a business? Write a value proposition and you’re on your way. Well, it’s not that simple but it is also not impossible.
Yesterday, ERA top brokers had the great fortune of being inspired and guided by business performance expert Ryan Estis on the topic of determining who you are as a business and what your purpose is in this world.
Often the greatest challenge in starting anything is actually getting started. With this in mind, Ryan shared a few pointers on creating a strong value proposition.
1. Define your purpose in the world. Determine why you exist and how you can be of use to others in a way that differs from your competitors.
2. Set your culture. Figure out “how” to deliver your service or product in an experiential manner that sets a culture within your team. This is called the “how advantage.” Ryan Estis talks about it more in this video.
3. Know your people. Your people are your most important asset. Ensuring they are aligned with your culture and believe in flawless execution of the value proposition is imperative to success. It’s important to be yourself and let your people do the same.
4. Develop a sounding board. Find people you trust – peers, customers, potential customers – and ask them what would make them use your business. Or, what can you do differently from the competition so that they will want to work with you or buy your product? The answer highlights the need that you can fill.
5. Prepare for the journey. It will take some trial and error and a lot of time before your culture is adopted by everyone at your company. Be patient, but persistent. Again, reinforce it on a daily basis.
Through your value proposition development and beyond, continue to ask questions about what you can do differently or better and then learn from the answers. Because, that is where your value proposition lives – in the experiences and perceptions of your customers and employees.