I belong to a Women’s Entrepreneur Group (or WEG) which is very different from other groups I have participated in over the years of owning my business. It is focused on support and problem solving, rather than passing leads and pitching services.
Recently, we dedicated our meetings to helping each other capture our personal/company value propositions.
What is a “value proposition,” and how can it help my small business?
A value proposition is a statement summarizing your company’s value to its customers. It explains the benefits of your product/service and why someone should seek out your business. What makes you different than your competitors? It is often difficult to get the right perspective on your company’s value as seen through the eyes of others.
This exercise helps create that perspective of a customer – in an efficient and effective manner.
The process is strictly limited to 20 minutes per business owner:
Background (5 minutes): Business Owner
- Think of a client experience that you want more of, one that was valuable for the client and for you. What did the client say they liked about it? What did you find rewarding?
- Optional: Ask clients to comment what they find special or valuable about your services (or bring in past recommendations).
Process (10 min): Entire group
- Group contributes phrases or adjectives they see as capturing the value of that company with one thought on each Post-it. Put the Post-its on a board, on a wall or someplace everyone can see.
- The designated facilitator takes the group’s Post-its and clusters them into themes.
- Group members add explanation/clarification to the themes.
Wrap-up (5 min): Business Owner
- The owner takes a “picture” of the discussion. Use your phone and photograph the collection of Post-its.
- The owner commits to produce an “output” for review by next meeting, such as:
- Professional Bio
- Text for “About Us” Web page
- LinkedIn Profile
- Customer case Study
Each member of our WEG group found this exercise extremely valuable. Have you created a value proposition? Share it with us on our Facebook page.