Knowing how to market the value of one’s product or service is critical in a global market. Aside from the technological and social media outlets, the product itself has to fill a consumer need, and that is where the hard part beings. A product needs to make life easier, save someone money,help the consumer meet a goal or be of practical everyday use in order to have value outside of the cost of materials and man hours used to produce it.
- Today’s marketplace is crowded and to differentiate themselves from the competition, businesses need to effectively communicate their unique and compelling aspects.
- One of the ways a business can stand out and be different from the competition is by creating a value proposition.
- For a value proposition to be good and effective, it should be clear, direct, and easy to understand, as well as explain why the business is different.
“Do you specialise in a trade or service, own a restaurant, or work in the fashion industry. Within your specified industry, how does your expertise sets you apart from your competitors? You must be able to clearly define what your company does and how you do it differently than your competitors.”