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Do you really understand your value and how it impacts your target market?

Value Proposition “understanding your target market”

Building a brand means stating your promise to your customers/clients. To build your brand you must know your value proposition. The following exercises will help you know your value to your market and why your products/services are needed. A brand is a promise and it is a trust between you and your customers/clients. Know your business, believe in your business and you are ready to sell your products/services.

Please answer the following:

What is the real problem you are solving for you customer/client? ___________
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What are the causes of their problem? _________________________________
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Do you offer?
Do you offer a new product or service? ________________________________
Do you offer a better solution or product than what is currently offered? _______________________________________________________________
Do you help an underserved or a new market? _______________________________________________________________
Do you have a unique system to deliver or distribute products or services? ______________________________________________________________
Do you provide integration of products and services? If so, how? _______________________________________________________________
_______________________________________________________________

Clear Strategic Position and Consistent Business Focus

How is your company different from other companies?____________
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How will you maintain consistency as you grow? ____________________
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How do you build trust and relationships with customers? _______________
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What is your vision? Mission?___________________________________
____________________________________________________________
____________________________________________________________
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Your Hypothesis

State the business idea (How will you make money?)
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Develop the Hypothesis (Why will it work?)
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Test the Hypothesis (Are your assumptions accurate?) Interview your market;
people you know and people you do not know. (proportionally)
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Evaluate Data (Is your analysis accurate?) Did you research the right market?
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Reevaluate hypothesis and idea. (Did you cover the key factors?) Did your research show the idea will be in demand?
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Refine the idea and iterate. (What have you learned?)
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Ensure Success – Know what you want and do not want in your business. This is your value proposition; what you can and cannot contribute. This section will help you determine what you need and who you need, to help you service your customers/clients.

Personal Goals

Know Yourself
List your strengths_____________________________________________
____________________________________________________________
List your opportunities for growth ____________________________________________________________
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List what you like to do… and what you don’t_______________________
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Take the information above and create your value proposition statement

“For customers who value_____________ benefit and ________________benefit company/brand___ provides_____more/better_____feature___+feature______& feature___ than competitive offering (general)”
Example “For customers who value excellent service and cost savings, Marriott provides larger rooms, an indoor water park and spa facility, than all hotels in Sandy Valley County.
Now complete your value proposition statement:
For customers who value____________ benefit and __________________benefit company/brand_____________provides_______________more/better______________feature____________+feature_____________& feature__________________________ than competitive offering (general)”

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