Updated: Jun 29, 2021
In two sentences your value proposition defines your business: your product or service, your target market and why customers choose you. It is an internal statement but will be the basis of your marketing strategy.
There are many forms your value proposition can take but I prefer:
Name of business helps target market value to customer by product or service. Competitive advantage.
It may look easy, but can be difficult to do and may take some time.
Stefanie’s Interior Design helps residential clients without decorating skills create a comfortable and modern home interior by sourcing furniture and decorations and recommending paint colors and flooring choices. Through Stefanie’s rigorous client on-boarding process, she learns their taste, budget and level of desired involvement to create a customized design, maximizing client satisfaction.
Let’s break it down:
Target market – residential clients without decorating skills
Now we understand why it is an internal statement! Note that your target market does not need to be a traditional demographic. It is the best description of who you are trying to reach with your product or service.
Value to customer – create a comfortable and modern home interior
The value is what Stefanie in particular provides her clients. She is a specialist in modern home décor.
Product or service – sourcing furniture and decorations and recommending paint colors and flooring choices
This is specific to exactly how Stefanie helps her clients. It does not say “by providing interior decorating services.” By being specific you flush out what you really do which is critical for marketing strategy.
Competitive advantage – rigorous client on-boarding process, customizes service to their taste and budget
This describes why clients should choose Stefanie. She does her homework up front to make sure the client in satisfied.
After you create your value proposition, it is good to run it by a few people to make sure it makes sense. Then you are ready to update your marketing strategy!