Know Your C’s of a Value Proposition
If you want your value proposition to be compelling, and you want your clients to find it irresistible, you have to remember your three c’: competencies, customers, and competitors.
Do you know what you are good at? Do you know what you think you are good at? And more importantly, do you know what you’re bad at? What can you provide customers that they can’t necessarily get somewhere else? Knowing your strengths and weaknesses will help you create true value when you do launch a product or a service. Having something unique that your organization is proud of will provide customers a reason to buy what you sell.
Having things about your company that makes you different is not enough, unfortunately. You also need to learn your market and your customers. Knowing your customers is more than just knowing their names, however. It means that you need to get to know them as you would friends, and use that knowledge to offer them the best value your company has to offer. Figure out your customer, pinpoint their needs, and cater to them in every which way possible.
Know thy enemy. Even though the people who run a business that competes with you may not be people you particularly dislike, their company is still taking business from yours. Take some time to learn your competition. What are their weaknesses? Where are they particularly strong? Develop your value proposition based on which customer needs they are simply not able to address.