Identify Benefits of Your Business Idea in the Value Proposition. The value proposition addresses one question: why is your solution best? In our textbook, a value proposition is defined as small business owners’ unique selling points (or benefits) that customers can expect from your goods or services including benefits that differentiate your offering from those of competition. The value proposition helps the entrepreneur focus on the most important aspects of your business.
For (target customer)
Who (statement of need or opportunity)
The (retail business name) is a (product or service category)
That (statement of key benefit)
Unlike (primary competitive alternative)
Our business (statement of primary differentiation)
Is available (where)
Full Answer Section
Here is an example of a value proposition:
For busy parents Who need a convenient way to get healthy meals for their families The Meal Prep Company is a meal prep service that delivers fresh, healthy meals to your door That are ready to eat in minutes Unlike other meal prep services, our meals are made with fresh, seasonal ingredients and are tailored to your dietary needs Our business is available online and in select retail stores
This value proposition is clear, concise, and persuasive. It identifies the target customer, the need or opportunity, the product or service category, the key benefit, the primary competitive alternative, the primary differentiation, and where the product or service is available.
Here are some tips for writing a strong value proposition:
- Be specific and focus on the benefits to the customer.
- Use clear and concise language.
- Highlight your unique selling points.
- Make sure your value proposition is believable and credible.
- Test your value proposition with potential customers to see if it resonates.
Once you have crafted a strong value proposition, you can use it to guide your business decisions and marketing efforts. It will help you to focus on the most important aspects of your business and to communicate your value to potential customers.