‘What’s your value proposition?’
It’s a question I ask almost every entrepreneur I meet. I’m always surprised how few can articulate it well. Some look at me with confusion. I rephrase the question. “What problem are you solving for your target audience?” Again, I get way too many blank faces or, “I’m building an app/software that does X or Y”.
I want to respond with, “So What?”. I rarely do, but perhaps I should do it more often because it’s the question that almost everybody that you meet as an entrepreneur wants to know the answer to. Why should they care? Your value proposition is key to answering the ‘so what?’ question because it explains in a few short sentences why they should care; why they will want to purchase your product or service, or why they would want to invest in you.
Without a clearly defined value proposition it’s difficult to create a strong, valid, set of messages that form the basis of every good pitch deck, investor proposal, PR and marketing campaign and, most importantly, sales collateral. Without these a business struggles to acquire early adopters, customers and investors.
And, without those a business struggles to survive. So, what’s your value proposition?