|After brainstorming your business idea for months and registering the name, you still find a heap of businesses out there doing the same thing, but focusing on what makes you unique is what’s going to give you the edge. |
Sample business propositions to get you thinking:
More detailed information on value propositions:
You’ve been brainstorming your business idea for months and have registered the name only to find, now you’ve started, there are a heap of businesses out there doing the same thing Should I bother to continue?… I’m Louise Poole and I’m Andy Le Roy, and we’re giving you the insights that elevate you as the expert in your field
Louise: Should I bother, Andy?
Andy: Of course you should, Louise! Business thrives with healthy competition, and I’ll bet that even though there a a dozen businesses offering the same service, each on is doing it a little bit differently.
Louise: Spot on. This is where the concept of a unique value proposition come into play, and it just takes a bi of teasing out.
Andy: Let’s play!
Louise: OK, let’s take the example of Jules, a soap maker. He makes some beautiful soaps, but sometimes feels like his product has trouble getting seen.
Andy: There are lots of people out there making what Jules makes, especially big, well-known brands who have soap as one of their main-stay products.
Louise: But Jules has got something the others don’t have.
Andy: What’s that?
Andy: Ah, yes, yes. While there are lots of soap makers putting specialty soaps into the market,, like goats milk soap
Louise: Therapeutic, essential oil soaps
Andy: Organic, vegan soaps
Louise: Hang on…you can’t eat soap
Andy: (sigh) veganism isn’t just about what you eat… but that’s another episode
Louise: Right. So amongst all of these things, Jules makes very similar products, but his soaps have an extra edge. They’re shaped like planets and no two look the same.
Andy: They’re also made of all natural ingredients, so they’re safe for every skin type.
Louise: So in looking at what he’s producing, Jules asks himself three questions: is it relevant? Is it specific? And is it unique?
Andy: The first one is easy. The product itself is relevant because everyone needs to clean themselves at some point.
Louise: And soap is a great way to do that! Next, specifically, it could be classified as a novelty item because it’s shaped like a planet, so it stands out from the other soaps on the market.
Andy: Jules knows his soaps are unique not only because they’re nice to look at, but they’re fine to use on even the most sensitive of skin because of their natural composition.
Louise: Suddenly Jules has something different to say about what he makes, and because he’s found the unique benefits of his product, he can now focus on finding the people who are looking for what his product offers.
Andy: He started talking about the solar system on his social media page, and engaging people on what their ideal fantasy planet would look like.
Louise: This gave him some new ideas to try in his next batch.
Andy: Jules had his product certified as hypoallergenic and started a fun range for kids with sensitive skin.
Louise: and it wasn’t just the kids who appreciated the wild designs
Andy: Best of all, Jules found an expert market for his special soaps and started distributing his own special brand across the globe.
Louise: All because he took the time to identify what his unique value proposition is.
Andy: Soap is one thing, but this concept can apply to any productor service. So let’s revisit the basic points. We’ll also leave some links and resources in today’s show notes.
Louise: If you’ve reached the point of ‘why should I bother?’ take a step back and look at how you do what you do differently to other people in the market.
Andy: First, look at your service from your customer’s perspective. How will it help them?
Louise: Next, get specific. What’s a concrete way that your product or service helps someone to solve their needs?
Andy: Finally, what’s unique about your product or service?
Louise: What’s that special something that will make people choose you over the next person?
Andy: Next time on Elevating Experts, the importance of colours and fonts.
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