What is this Value Proposition you Speak of?
26th June 2017
Lets unpack what this business speak really means and how it applies to private practice. This subject is amongst my favourite current readings at the moment.
My head is back into a favourite book: The Business Model Canvas, which now has a partner book, Value Proposition Design. So work with me, it’s not hard and is really quite interesting.
If you know what a USP (unique selling proposition) or a POD (Point of difference) is, then you are already really close. According to Wikipedia “a value proposition is a promise of value to be offered, communicated and acknowledged. It is also a belief from the customer about how the value or benefit will be delivered, experienced and acquired.” We can thank the NDIS for seeding some of this thinking. Yes, private practice is at last shifting into the mainstream business world. We are becoming much more consumer focused and marketing savvy.
Creating a value proposition is part of a business plan and strategy. It is what we set out to do and obviously aligns with your values, vision, and mission. Your value proposition is a clear statement that explains the benefit you provide, for who, and how your business does it uniquely well. Some great examples include:
Mailchimp – Send better email.
Evernote – Remember everything.
Skype – Keeps the world talking for free.
Sounds a bit like a tag line, doesn’t it? Close. Having a clear value proposition gives you the basic building blocks of your marketing. My value proposition is along the lines of sharing my clinical and business experience in order to help others run their own amazing unique business. Based on my business story, my values and beliefs fully align with my weird process-based business name and logo. You will often see me using the words brilliance, unique, growth, across my marketing channels. And it is a work in progress.
A strong and true value proposition has many benefits. It shines a light on what you do brilliantly and differently from your competitors. It illustrates how you view your products and services, and then it unites this message across your branding, customer experience, and marketing activities. Finally, it helps build customer memories and word of mouth ambassadors.
How can you explore and develop a value proposition for your business?
This article featured in the April Edition of Paeds Biz.