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Re-examine your value proposition

Monday, 4 October 2010 | By The Taskmaster

The Taskmaster - Value PropositionThe Taskmaster has been dispending wisdom to StartupSmart readers for just over a month now, and there’s little doubt that thousands of lives have been improved as a result.

 

But with the first month down, it’s time to bring up a topic that I will return to every single month from here on in – the value proposition.

 

Now, I know most of you know exactly what a value proposition is and what it is not.

 

It's not a description of your great idea, your great piece of technology or your great new invention. It’s not even a description of why your customers need what you are selling.

 

Instead, your value proposition should describe who will actually buy your product or service and why.

 

It should lay out in a few sentences, who you are targeting, why your customers need your product (and how you know this) and why your product is better than those on the market.

 

If you’ve already started up, you will have hopefully done this. If you’re planning to start up, you’re probably working on your value proposition.

 

Regardless, this should be considered a living and breathing document. The market will change over time, and so will your company, so you constantly need to be re-examining your value proposition to ensure your company remains focused.

 

Talk it out with mentors, discuss it with customers, brainstorm with staff... just keep it always front of mind.

 

Get it done – today!