Value Proposition: A Critical Part of Your Small Business’ Marketing Strategy
When it comes to marketing your small business, there's no shortage of methods, techniques, or tricks to try. Each marketing method such as content marketing, social media marketing, online advertising, email marketing, and more come with their own success stories and can help a business improve its bottom line, reach audiences, and grow overall. However, different marketing methods work for different companies.
Whichever method, or combination of methods, you choose, there's one marketing strategy that should come before you purse a marketing method. Regardless of industry, size, or customer base, establishing a value proposition is a critical first step for your small business in order to better reach your customers and prospects.
What is a Value Proposition?
A value proposition is a statement that describes who your company is, how your products/services can solve or improve your customers’ problems, benefits your customers can expect, and why your customers should choose your small business over a competitor’s. In essence, a value proposition explains what your small business has to offer a prospective customer.
How Can You Use a Value Proposition?
Unlike the marketing methods mentioned above, a value proposition can and should be weaved into all marketing materials, across all platforms. However, an effective value proposition goes beyond messaging. It should also be weaved into how your small business interacts with customers and the decisions you make in order to promote a unified message and overall goal for your company.
How Do You Develop a Value Proposition?
Creating your company's value proposition takes time, research, and input from multiple stakeholders throughout the company.
First, you'll want to gather insights and identify your customers’ needs to find out what products and services your target audience would consider valuable. Next, consider doing some competitor recon to find out what your competitors are claiming as their value propositions. This will help you set yourself apart or develop ways of distinguishing your small business on valuable services or products that your competitors also offer. Then, evaluate and work through all of this information to help develop a single statement incorporating your customers' needs and what sets your small business apart. Finally, get to work incorporating this messaging into your content, emails, online ads, social media strategy, and every customer interaction.