Within every business owner is an obsessive passion for his or her business – a calling they can’t escape. When done well, a company’s messaging exposes their passion and inspires all those who interact with it. The message side of branding, which includes your vision, mission, and value propositions, forces you to look inward and communicate the hunger that has been so instrumental in your success.
We’ve shared our story before (here), but when I think about our company and what we stand for, it immediately sends me back to the Forsyth Road Arby’s in 2008 where Nick and I mapped out our goals for a company on a napkin – it listed what we believed would set us apart from the competition. This allowed us to start shaping our company from day one.
In this article we will talk about what value propositions are, why you need them, tips for creating them, and an example of a value proposition. Your value propositions are an important part of your branding and deserve your attention. When you think about them you should be taken back to that moment when you first cast a vision for your company – spend some time soaking in the motivation and energy that helped jump start your company.
So, What is a Value Proposition?
The simple definition of a value proposition is a statement that explains what makes you you, and how that uniqueness benefits a client.
Here are a few more ways to say it:
- A value proposition should state who your business is at its core and outline what your clients should expect while working with you.
- Every potential client has a problem and your job is to provide a solution – your value propositions help explain how your specific solution will benefit them more than your competition.
- You should feel so confident in your value propositions that you invite clients to hold you accountable to each value during your working relationship.
It is important to be honest when crafting your value propositions. In other words, your value propositions shouldn’t define what you aspire to be as company but may never attain. It should only state the set of values a client can expect you to demonstrate.
Why Does your Company Need Value Propositions?
Much like your vision statement and mission statement, your value propositions are an asset to your business. Here are a few ways a well thought out set of value propositions will keep your company moving forward:
- Your value propositions will help hold your team accountable for their work ethic and priorities
- Your value propositions will distinguish you from the competition
- Your value propositions will help you make difficult decisions in the life of your business by providing a moral compass
- Your value propositions will provide you the energy and motivation to continually move forward despite the difficulties you encounter
Tips for Creating your Company Value Propositions
So, if you don’t currently have a set of value propositions for your business, here are a few tips to help you get started:
- Think about your story and focus on why you started your company
- List the areas you excel in with regards to your services and approach to serving clients
- Examine your competition to determine how your offering is unique
You’re now equipped to start the process of writing your value propositions – we suggest you keep the list to 3-5. You’ll want to start out with a short statement, around 10 words or less. You’ll then flesh those out by writing a few sentences for each value proposition.
After you’ve written out your value propositions, go back and ask yourself three things:
- Is it clear?
- Is it honest?
- Is it memorable?
If the answer to any of these are no, then you have some work left to do. Once you get each one to a good place, it’s always a good idea to request feedback from colleagues and trusted members of your team.
Example Set of Value Propositions – Health Revenue Management
Maximizing profit for medical practices through billing management
Health Revenue Management maximizes your practice’s profit by managing every detail of your billing from new practice setup and credentialing to billing, follow-up, and accounts receivable management.
Receive customized monthly reports and physician access to our billing records for your practice.
Enjoy a personal relationship with a locally owned company available to meet with you in person.
Benefit from our continuous training that allows you to remain compliant and obtain maximum compensation.
Good luck – this is an exciting journey. If we can help in any way please let us know. We specialize in branding and are always energized by these conversations.