Creating a value proposition statement is one of the most important steps you can take with your online business. Why? Because if your customers are confused about who you are and what you can do for them you’ll lose them…and most likely forever. So in this video article I’ll teach you what you can do to create your value proposition.
If you have ever played a competitive sport before and possessed the desire to win, one of the tenants of winning is to study your opponent’s strengths and weaknesses. So to get started with creating your value proposition it’s important that you know who your competitors are! Once you know who your competitors are you can create what we call a value curve to discover what areas you can shine in or be the best at in your business.
Creating a brand new value curve can be learned in more depth by reaching the book Blue Oceans Strategy This book teaches you in detail how to make your business unique and how to stay unique.
Here is a video that I put together that goes over the topic of creating your value proposition statement in more detail:
Competitive analysis is all about learning from your competition and then getting to work afterward to serve your customers even better than before or in a superior fashion than your competition are doing. Understanding who your competitors helps you crystallize your USP (Unique Selling Proposition) which will liberate your entire business online and allow you to see amazing profitable growth!
ACTION STEPS: To discover and learn from your online competitors do the following:
Use Column A. Identify a specific keyword phrase you want to rank for that has the highest demand and lowest competition and is relevant for your business niche, target audience and the products you plan on selling.
Use Column B. Go to www.google.com and look at the Allintitle search results for each of your top 5 keyword phrases; visit the competitor websites on page 1 of Google that you see and as you look at their websites learn what they are doing and not doing with their online business. Document the website of the competitor who sells what you plan on selling.
Use Column C. As you observe your competitor websites pay special attention to discovering the specific items and features they sale and promote and make a record of them in this column.
Use Column D. Ask yourself what you believe the customer wants most and what you can offer that will help them get what they need that the competition is not doing, or not doing good enough at.
Create your competitive advantage: To create your USP (Unique Selling Position) or value curve take what you have learned from your competitors and document the features you believe are not needs, or need to be created, or magnified, or emphasized to a lower degree. In other words what features can you eliminate, reduce, raise or create in value to set yourself apart from them as it relates to the product/service you plan on promoting to your potential customers?
When you are all done with these 5 steps you should be able to provide clear answers to the following 4 questions:
- Why should the customer read or listen to your offer?
- Why should the customer believe what you have to say about your offer?
- Why should the customer do anything about what you are offering?
- Why should the customer act now?
Once you are able to clearly answer these 4 questions you’ll have your U.S.P established and have established the most important element of your business that will give you the freedom to easily transition into the marketing phase of your business.