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At the launch of any company attention must be paid to the creation of a Value Proposition for the business. A Value Proposition is a statement that explains why the customer should buy your products or services rather than the competition. When launching a new company there is usually a lot of clarity around what that value proposition is. Fast forward a few years now, the marketplace including your competitors have visited your website and read your case studies. Any useful information that they can glean about your ‘how’ has now been absorbed and copied. They have now incorporated the most attractive elements of your value proposition into theirs. This begs the question…
How Different Are You From Your Competitors?
Depending upon your viewpoint, this is one of the most interesting or frightening aspects of business. You cannot rest on your laurels, what served as an effective Value Proposition last year has now become a standard industry offering. There may well be some credence in the belief that you are still better at X,Y and Z than your competitors but this is a difference that is virtually imperceptible to new leads and prospects coming into the marketplace.
What Should You Do?
Gather together key team members. Take some some time away from your day to day routine and preferably at an offsite location, honestly assess your competitors offerings and compare them with your own. This is likely to be something you are already doing on a regular basis. We do this as part of a monthly competitor review. Use the data you have collected and information that you have relating to your own clients and projects to create an updated Value Proposition. The precise details of this new value proposition can be communicated to new leads and prospects. Your direct competitors need be none the wiser.
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This is blog post post number 390.