In a recent post on launching your clothing line brand, one of the most critical elements of a brand that I wrote about was Brand Value Proposition. Most businesses do not really understand or are not even aware of this concept. Understanding it and applying it to your business will help your business ascend to the next level like how one of our clients used the message of positiveness to stand apart from the crow.
Because of the sheer volume of product and service providers in virtually every market category, most businesses are now commoditized. The competition in every segment is fierce and because the customers have so much choice, it would be quite fatal to believe that customers would beat a path to your door and buy what you are offering.
Most business owners truly believe they are offering something unique and of superior quality. Most believe they are the best option for their customers and hence would be fools not to purchase from them. This is the kind of company-centric thinking that can deter your business from taking off. By placing yourself in the customer’s shoes, you should be able to identify how your brand appears to them.
In fact you are a customer for a lot of businesses from whom you purchase goods or services. How do you make your decisions when you need to purchase something? What factors do you take into consideration? Why do you buy from Brand A and not from Brand B? Such critical thinking and asking yourself questions is the starting point in understanding and communicating your own brand value to your target market.
By definition, Brand Value Proposition is a business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings.
Most often than not, it is not your product or service features and specs that would motivate people to buy from your brand. It is more about the emotional decisions that people make that determine if you are just scraping by or if your brand is commanding premium prices. To connect emotionally with your target market, having the best quality product or service is simply not enough. You should come up with a differentiating factor that appeals to the emotions of your prospects.
Here are a few examples:
If you are a clothing brand, then simply opening your physical or online store, displaying your apparel and then expecting people to come in hoards to buy is a recipe for disaster. You would need work out what makes your brand unique and valuable. Do you have a story of heritage that you can connect with? Does clothing line have a unique local tradition tie up? Was your idea born of a desire to make a difference in this world and to contribute? Or like Zappos, are you so confident in the quality of your apparel that you offer free shipping on items returned along with a 100% refund?
If you are a real estate agency, then why should people chose your to manage their properties or to buy properties that you represent? Do you offer a special insurance policy that gives your customers a peace of mind? Can you customers meet your CEO directly and do business him/her? Do you provide after sales support by helping sorting out any management issues?
If you are beauty salon, do you offer beauty tips and workshops to your local customers? In fact that is one of the 7 ways to build a booming beauty business that I advocate. Do you offer products that are actually good for your customers rather than the ones that make your highest margin? Do your staff get re-certified periodically? Please don’t tell me that you are doing well and your local market would come to you even without having a special value proposition. It may well be so, but you are perhaps having an opportunity cost.
If you are a design agency, can clients talk to your CEO on the first call? Do you prescribe to a code of ethics and promise to uphold the design profession? Are you provide after sales support even after a year or two? Do you treat design as an art and refuse to commoditize it?
I can give many more examples, but I guess you get the idea. If you want to get some ideas specific to your business, drop me a line from our contact page and I will see if I can help.
Here are 10 more value proposition examples as described by plantostart.com/10-value-proposition-examples/:
- “Getting the Job Done”
- Design & Usability
- Reducing Costs
- Reducing Risk
- Accessibility & Convenience
- Brand Or Status