Formulating a Competitive Value Proposition

Even marketing professionals fail in drafting an effective resume. “Its all about selling and marketing yourself,” says a professional resumé writer from a leading online résumé service provider. “It is all about creating an effective, competitive value proposition,” he added. So, in marketing oneself, one has to think about a good value proposition for them. In business organizations, including online businesses, effective competitive value proposition is a must. What value proposition exactly?
In a business or marketing setting, value proposition answers or summarizes why a consumer should choose to buy a product or avail of a service. In other words, value proposition is a statement that aims to convince potential customer that one particular product or service will add more value or will provide better solution to a problem than other similar offerings. Companies use value proposition to target customers who will benefit most from using their products. There are many considerations that must be thought of when creating or formulating value proposition. Below are some tips in formulating a competitive value proposition.

1. Know your company’s or business’ strengths. Get everyone involved in the company and do brainstorming. Ask everyone from customer service to top management and all departments ‘what the company or business does best?’ Identifying strengths is the first key in knowing what to offer.
2. Identify the market. Just as there was brainstorming with ‘what the company or business does best?’ there should also be brainstorming in identifying the market and segment it targets. ‘What is the target market?” Example, which particular segment of online users is the target for the product or service?
3. Learn from the customers. Ask the customers through surveys. Learn what the customers want through other forms of research.
4. Know the competition. Learning the competition’s value proposition can help you improve your value proposition. How to do this? Well, buy from the competitor and subscribe to their newsletters. This will be very beneficial to your company.
5. Value proposition can make or break a company. It is a must for any businesses to draft a highly effective and competitive value proposition in order for customers to patronize the company’s products and/or services.