Top 10 Drivers of Competitiveness – #2 Have a Compelling Value Proposition

Have a solid and compelling Value Proposition and understand Value from your customers point of view. Some people call it an Elevator Pitch, but it’s more than just being able to communicate what it is your selling and why someone should buy it. It’s really understanding what it is your offering, what it does and doesn’t do and why a customer should want or need it. It’s understanding the value your product or service actually creates. If it doesn’t create value, why would someone buy it or want it or need it. Does it solve a problem? Remove pain? Make it easier? Faster? Better? Nicer? One of the main reasons products/services/companies fail is because they fail to create value. Remember you’re not just competing with similar products and companies, your are competing for a slice of an ever decreasing available financial spend. If they buy your product, they have less money to buy everything else. A value proposition used to be written for the company, to represent what the company does and offers. This is OK but not that effective in real life. As your different customer groups will have differing needs and wants, refine and redesign your value proposition for EACH customer grouping. You may well be offering, essentially, the same product and service, but they way you present it, describe it, sell it and support it will and should be different for each customer group. A sort of mass customisation where you really start to meet the needs of specific customer groups  thus creating and satisfying niche markets.

Why not check out the other 9? If you would like to discuss with me how I could help you design your business growth strategy please contact me: adriangundy@yahoo.co.uk