Value Proposition: An Essential for Business Success

Success in business is only achieved when there is a proper and clear definition of value proposition. Without a clear definition of business values, the right audience or target market would not be reached. And you know, there is no business without a market. In order to meet your target market, you must first and foremost state clearly what makes your business stand out and different from similar businesses.

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According to Investopedia, a value proposition is simply a statement or declaration that clearly tells what distinct value a company or any particular brand would offer to their customers or clients. It sort of show reasons for a customer to patronize a particular business or service. A value proposition statement should be brief, concise, factual and compelling. The success of any business is greatly attributed to its value proposition statement. Hence, it should be carefully drafted such that it captivates. Some persons do confuse value proposition statement with mission staement but there are two different things.

It is a well known fact that there are no many new businesses in the society today. What we have is different people, firms, institutions, companies, industries etc doing the same business but in different ways, concepts and offering different values to their customers. And all these different businesses (people) are achieving successes not minding the fact that they are selling same things or offering same services. This is because each person has different value propositions.

Thus to succeed in your business, you have what know what you are offering to your customers. Not just knowing it but you state it clearly and repeatedly to your target business. Remember, a value proposition statement is promise you make to your intended customers so if you must keep your clients, you have to ensure that you keep to your promise. You cannot promise A and when customers come, you give B; you will look like a mere joke and you cannot grow in your business going that way.

Let's consider the Telecommunications companies. We have a good number of them like MTN, AIRTEL, ETISALAT, GLOBACOM NIGERIA etc. What makes each of these companies relevant till tomorrow is their different value propositions. Yes, they all have to do with communications but there have ensured to be distinct and unique in the services.

For instance GLOBACOM NIGERIA, they call themselves the 'Grand Masters of Data' and the truely offer that. So, if you are concerned with surplus data bundles, you choose them. AIRTEL Network is referred to the SMARTPHONE NETWORK; their services are always smart, fast and reliable. On the other hand, MTN company say there are 'EVERYWHERE YOU GO' and the deliver that. So, you see there are all known for something and they keep sounding their values all the time.

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In the same vein, are you a business man or an intending business man?

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Do well to set your values aright. Know what to add to your business to make it unique and sought after. It is the value your business has to offer that will draw clients and customers to you. Do not intend to copy someone else's pattern or concept, you will fail. Strive to be unique in your business.

In conclusion, the importance of a business value proposition statement cannot be over-emphasized hence, should be treated as important. Once you set your value proposition statement right, success, profits and growth will be inevitable in the business.