As a small business owner, you want your clients – both current and potential – to know all that you have to offer them. A value proposition does just that, spelling out your unique value in a concise and compelling way – which is why you need a clear message that effectively conveys why someone should choose your small business over your competitors.
At BradyRenner, we help small businesses establish themselves, scale, and make informed financial decisions throughout the lifecycle of their business. In addition to our team of small business-focused CPAs, we look to advance the overall growth of your business with referrals to our network of carefully vetted experts, so that you are supported in every area of development.
Read on to learn more about one of these important topics: how to craft a small business value proposition that will help you stand above your competitors.
What Sets Your Small Business Apart from the Competition?
We currently find ourselves in an economic downturn, and no doubt this causes anxiety for many, including small business owners. While some businesses are tightening their belts and downsizing departments, you can gain a competitive advantage by seizing this opportunity to reflect on what you offer your existing customers, how to retain those customers, and how to develop a value proposition to attract potential customers.
When reflecting on your business, what sets it apart from others? Consider which of the following are areas where your business excels:
- Do you offer a unique product or service that very few or no other businesses offer?
- Does your business have a solid reputation for customer service?
- Are your prices reasonable and competitive with similar businesses?
- Do you have a clear, concise value proposition that is visible to customers and prospects?
By taking the time to contemplate your business offerings and unique contributions, you will be able to create a more accurate and effective small business value proposition.
Now is the Time to Create or Update your Value Proposition
Your value proposition should be the heart of your marketing strategy. An effective value proposition is a tall order: You need to say what it is you do, the value you provide your target audience, and how to find you easily. And you need to do all of this clearly and concisely. Keep in mind that your small business value proposition must be at the forefront of your employees’ focus as well to ensure everyone is on the same page.
Here are some steps for crafting a standout value proposition. If you have an existing value proposition, you can update it with these points in mind:
- Select specific accomplishments and avoid baseless claims. Don’t say you’re the best seller, or the most user-friendly, if you don’t have quantifiable data to support your assertions, like customer testimonials.
- Your language should be engaging but not padded with buzzwords. Say what you do and the value you bring, but avoid gimmicky catchphrases.
- Take note of what your competitors are offering and how they are excelling, and focus on how you can realistically offer better, whether in customer service, pricing, or products and services.
- Remember that this will also serve as a guide to your employees, so keep them in mind as well.
Your messaging is everything; done well, it will attract customers who will benefit from your products and services, and remain loyal to your brand as you deliver on what you promise in your value proposition.
Seek Input from your Existing Customers
When developing your small business value proposition, don’t be afraid to ask your customers for their input. Collaborating with them on this endeavor will only help you improve your value proposition and keep it customer-centric.
Some questions you might consider asking your customers are:
- What do you appreciate about our products or services?
- How do you feel we could improve our products or services?
- Do you prioritize pricing, turnaround times, or quality in your budgetary goals?
- What can we do to make your job easier?
- What extras could we offer to retain your business?
Making this a collaborative effort will not only help you move forward with a more comprehensive idea of your value proposition, but it will also show your customers that you appreciate their input and plan to take it into consideration.
The Experts at BradyRenner CPAs Can Help
BradyRenner CPAs are highly qualified experts that help businesses profit by communicating their value to customers. Their collective decades of experience in certified financial expertise benefit their clients as part of an entire suite of financial services.
Call BradyRenner today to discuss your business’ goals and plans for growth, and discover how a CPA specializing in small businesses can help you achieve them. And check back for our next blog in this series which will explore how small businesses can identify and capitalize on the opportunities in today’s market.