The internet has globalized tremendous opportunities. Someone in a remote village anywhere in the world (as long as they have internet) can make a living, or significantly more. With this explosion of opportunity comes many people who take advantage of it. The competition in many markets is stiff: instead of competing with the two or three jewelers in your area, you are competing with thousands of renowned jewelers across the world. And, the ultimate kicker, is if Amazon sells in the arena you compete—maybe even the same products?

My discussions with merchants often go like this:

Me: “what is your value proposition? When I visit your website, why would I want to buy from you instead of XYZ competitor?”

Merchant: “oh, we have great customer service, a beautiful website and fast shipping times.”

I then try to gently state the following: “But so does Amazon/Walmart/Target, and so does XYZ competitor. What really sets you apart?”

Merchant: “because we are the oldest company in the industry!”

Me (again, gently): “But do your customers actually care about that?” (this could actually go the wrong direction as customers could see older companies has having more overhead, thus higher prices)

Merchant: “Yes, because they still buy from us.”

Does the above reflect your company?

I believe this to be the most difficult part, but the most crucial and fundamental aspect of marketing. What sets your company apart? And, more importantly, is it compelling? Is it enough to actually make a difference (ie, a sale, a lead)?

It seems that many merchants (of course, not all!) rely on the fact that they are a competitor, instead of pushing to be the leader. This comes back to the idea that anyone can sell on the internet—and there are many people that can and do.

In this episode, we investigate two types of public value propositions: 1) spoken and 2) implied.

Spoken Value Propositions:

I consider a spoken value proposition as something you tell visitors up-front: “this is why you should buy from me.” This often implies what is wrong with your competition.

Ideally, you have a value proposition that is best-in-class. Maybe it is something that no one can even come close to touching.

For example:

A lifetime warranty for your products?Maybe an incredible guarantee?Maybe the best reviews or accolades in the industry?Maybe easy returns?Maybe you are working harder than anyone else and have refined and developed this product? Be careful, lest your competitors surprise you with their efforts.Maybe it’s you? You are known in the industry and people trust you?

Side note: you might be thinking, “we have a patent.” Great, but being forced to buy a product is in no way an indication of your customer’s loyalty. Oracle is a great example.

Book recommendation: Blue Ocean.

If you don’t have a compelling value proposition, you have a problem. Please read Blue Ocean. Get a compelling value proposition or you will always be playing catch-up.

I suggest that you take a couple of weeks, do some soul-searching investigation of who are you and what is this company? Where can you shine and stand out from the rest of the players.

What if you don’t think you have a compelling value proposition? This all will still apply. Test your ideas. Throw crazy ideas up there, and see how it goes. Does it impact revenue? Does your bounce rate improve?

Proclaiming your value!

Talk to your customers. Why did they buy from you? It could be you have a value proposition that you don’t know about.

PLEASANTHILLGRAIN.COM

PleasantHillGrain.com

One of the first websites I helped bring a value proposition to the forefront. Pleasant Hill Grain’s chief competitor is Amazon. In order to successfully compete, you must reduce a visitor’s risk sensors: what can go wrong if I purchase from this company?

Let’s evaluate the value proposition as displayed in this box