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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Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

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Best regards,

Mike Pitt

Founder, Marketing Fundamentals Ltd

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This is blog post post number 390.

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1. Find your niche

Not every club in the football world could afford to be in the market for Gareth Bale – similarly you should find the most appropriate niche for your products and services ensuring that it is a profitable one.

2. Communicate effectively with your target audience

Be laser focused on who you are speaking to and communicate effectively with them.

3. Don’t worry about those outside of your target audience

When establishing your business trying to be all things to all people will not be an effective approach nor will concerning yourself with those outside of your target audience.

4. Be sure of your pricing strategy

It seems strange to think of a pricing strategy and value proposition for a footballer but I am sure it played a part. This will also stand you in good stead with your business – ensure that you execution is consistent with both your price and value proposition.

5. Re-invest profits into your business

The Tottenham chairman Daniel Levy has been quick to re-invest profits back into the business and this is a practice that entrepreneurs must replicate if they are to grow sustainable businesses.

There is no guarantee that everything will work out perfectly in business or in Madrid or Tottenham but by following an appropriate strategy and executing well you give yourself a much better chance of success. In the words of Warren Buffett –

“In the business world, the rearview mirror is always clearer that the windshield. ”

Do you need help communicating more effectively with your target audience? We would be happy to help so feel free to give us a call on +44 (0) 845 2264 247 or drop us an email via mail@marketingfundamentals.com – We look forward to hearing from you.

We hope you have found this information useful.

Best regards,

Marketing Fundamentals Team

Not sure who Gareth Bale is ? Click here

Image courtesy of ITV.com

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