Owning A Business – Part Four

When you have clarity on your products and/or services and know your target audience, take the time to go back to the reason you wanted to own your business. This is the foundation of the value proposition you, your company, and its products and/or services offer to consumers.

What is your value proposition?

Clients want to know what makes you different.

Your value proposition identifies what makes your business different.

One of the most common questions business owners are being asked today: What makes you different?

What the consumer is asking, in essence, is why should I buy from you?

 

Let’s look at the example of what a value proposition might look like for owning a storage facility as your business venture. In most communities, there is usually more than one storage facility because we humans have accumulated stuff we don’t have room for in our homes.

So what are distinguishing features of your facility that appeal to potential customers?

Do you offer 24-hour access? Is it lighted outside and in each unit? Is it paved or gravel? Are there concrete floors? Are units insulated? What do you charge per month? Do  you offer discounts for longer rental periods? Are pallets available to raise items off the floor?

Once you have answers to questions your prospective clients are likely to ask, compare your facility to the competition and you should wind up with a fairly solid value proposition that differentiates you from those competitors. Maybe it’s location and convenience or ease of access for trucks and trailers.

When a prospective customer asks what makes you different, you need to give them a succinct value proposition. In the case of storage units, it might be that you offer clean, safe, and economical protection for their assets.

Take the time to think it through, and when you have your proposition, see how it resonates with customers. Modify it if you must. We’re here to help if you need assistance.

Brand Your Work – Work Your Brand

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