5 Strategic Questions to your Value Proposition
A serious weakness in many businesses is a lack of understanding regarding the business they are in; which translates into their value proposition. This can be fatal in the marketplace.
Here are 5 key strategic questions you need to address over and over, throughout your career. Sometimes a new answer to any one of these questions can dramatically change the direction of your business. This can lead to establishing new goals and direction for your future.
1. What business am I in?
Define your business in terms of what you do for your customers. Keep expanding the definition of your business so that it is as broad as possible. Watch a video on this topic at: https://youtu.be/ssqjCBH8RXY
2. What business might I be in?
If you do not change, what will you be doing one year, two years and five years from today? It is an intelligent strategy to continue in your current line of business or should you be looking at changing in some ways.
Rigorously assess the market; what changes would you have to make today to create the ideal business for the future?
3. Who is my competition?
Smart entrepreneurs respect their successful competitors, study them and learn from them. Investigate your competition. What are their strategies and tactics for market penetration and market domination?
In what ways are these competitors superior to you and in what ways you are superior to your competition? How could you improve your products or services by offering them better, faster and cheaper? Learn more at: https://youtu.be/7i4pwJxlws4
4. Who are my customers?
The customer is king or queen as never before. Your ability to identify and satisfy your key customers is a critical determinant of your success in business.
Clearly identify their needs, what do they consider value and sort your high-value and low-value customers. Then ask yourself: Who will my customers be in the future if current trends continue, or who could they be if I developed a different offering? More on this at: https://youtu.be/BEXPkrer1KY
5. What is my area of excellence?
Watch the video featured below:
On the flipside, don’t underestimate the constraints that may hold you back. About 80% of these limitations are inside yourself, while only 20% are from external factors. When you want to accomplish great things, always start with yourself and work out from there. You can have an enormous effect on what you do personally, or fail to do.
Now that you are armed with a thorough knowledge and understanding of your business, you have all the elements necessary to craft your value proposition; something that you do that definitely benefits your customers and that no other individual or company can offer.
If you are having difficulty through this process, a business coach can be a great trusted advisor to help you on this journey. Do your homework and pick someone who has a proven system to get results, that can customize a coaching program based on your needs and who has the passion to help you succeed in business.
Which of the questions most resonate with you? Share with me your experiences and insights with this in the comment section below.
Raphael Poirot is a Business Performance Coach at ThriveLab360 Inc. powered by FocalPoint Business Coaching.