In theory, business is easy! You deliver a product or service that someone needs or wants, they pay for it, and you’re both happy. Well, this may be true if there is one plumbing supply company, one custom home builder, one electrician, one interior design firm, one door and window contractor…. But in the real world, there are competitors around every corner, providing the same or similar products and services. How do you differentiate yourself? With compelling, and unique strategies that create value.
Your Value Proposition
Your value proposition is a statement that defines the benefits of your product or service, how you solve the customers’ challenge or fulfill their needs, and how you do it differently (read: better!) than competitors. Let’s look at an example:
At G&G Custom Homes we build homes for clients that want to avoid the stresses of an average custom home build. Our owner, Joe, believes a house should be a reflection of the people and families that call it home. By selecting only a limited number of homes to build each year, Joe develops a close working relationship with each family and works directly with them from start to finish. This provides a memorable experience and a house they are proud to call their forever home.
This is G&G’s anchor statement, and it contains the components of a unique value proposition:
- G&G Benefits: Here, it’s a gorgeous forever home that meets your needs now and into the future. Well-built and reflective of your lifestyle, G&G delivers outstanding quality and value.
- Why G&G Is the Solution: They take the stress of an average custom home build out of the equation. The process is streamlined, smooth, transparent, and positive.
- How They’re Different: By working with a select number of clients each year, G&G is able to deliver an unparalleled level of personalized attention and service. This is your builder.
There are tangible value propositions, such as the limitation of clients and time spent one-on-one with owner Joe Garcia, as well as intangible value propositions, such as the promise of a memorable experience.
5 Strategies to Create Value
The key to appealing to customers and differentiating yourself in your market space is to think deeply about what you really provide. What do you really offer your customers? And how can you generate greater value for them?
Start here:
1. See Through Your Customers’ Eyes
To generate value for others, you need to see from their perspective. What’s important to them? What problems or challenges are they facing? How will your product or service benefit them? How will it help them solve the problem and make their lives easier/better/more convenient/more fun. Instead of focusing solely on features, emphasize benefits. This is what has catapulted Apple to the top of the tech market!
2. Prioritize Customer Service
At the risk of making this seem too simple, focusing on customer service is a key strategy to creating value. Without this solid foundation, you cannot build a sustainable company. But don’t just rely on your gut here: sure, we treat customers well! No, solicit honest feedback with regular surveys and ongoing interactions with your customers.
3. Go Beyond Service
Great customer service is fundamental; take the next step and deliver a fantastic customer experience. Consider each of the touchpoints with which customers interact along their journey, including your website, marketing collateral, physical store, shop, and/or showroom, and your on-site employees. How can you work to ensure each works optimally to delight customers and add value to their lives?
ACo, for example, is committed to worry-free, stress-less kitchen, bathroom, and flooring renovations. One of the ways they make customers’ lives easier and more convenient is with virtual consultations and digital tools designed to streamline the process. The tangible value of the virtual consultation, for example, produces intangible benefits, such as a sense of relief, of comfort, of being valued as a customer. This is what will start running mouths for all-important word-of-mouth buzz.
4. Provide Value
Create value by… providing value. Offer prospects and customers free resources, such as how-to guides, side-by-side comparisons, new product spotlights, and budget calculators. An article, printable PDF, online customer portal, quizzes, etc., gives a little something more to your audience. This builds brand awareness, highlights your differentiators, and establishes you as a helpful guide.
You can see this strategy for creating value in action with The ACo Way, ACo’s Complete Guide to Kitchens, Bathrooms, and Flooring which is available for free in digital formats or even by requesting a physical copy.
5. Inspire
The design and construction industry is, by nature, inspirational and aspirational. We’re building custom homes, we’re making them safe, beautiful, convenient, efficient. We’re future proofing them so folks can age in place; we’re designing systems and interiors that _can be adapted to changing needs. We’re breathing life into our clients’ dreams. “Dreams” are certainly an intangible value proposition, but we’re the ones who bring them to life. Highlight your ability, your experience, your attention to quality and detail with inspirational photos and videos featuring examples of your work. Capture your brand’s emotional imagery and promote it not just on your website but with an integrated marketing strategy across social channels and even print.
Showcase Your Value
Business is far from simple, and in a competitive landscape, you need to articulate your unique value proposition. You’re different. You’re exceptional. You’re the solution. Now, let’s make sure that everyone knows it. Contact Haven to get started.
