Value Proposition

Oftentimes when I meet with clients and I ask them “Who is your competition?”, many of them will respond, to my surprise, “I don’t have any competition” or “I’m not sure who my competition is. It is very important, especially for a small business, to be able to identify who their competition is (every business in every single industry has competition). In this new day and age any retailer that does not offer its services online is cutting a huge chunk of sales revenue right out of their pocket. We live in a time of convenience and with millennials quickly taking over the majority share of purchases, e-commerce is at an all-time high. I don’t order my dog, Lola’s, food online because of convenience, I actually order it based on price due to an unpleasant local shopping experience, which is surprising because I am an avid online shopper. You would think that because I am a millennial that I would want me dog's food NOW. However, if I’m going to pay more for the exact same dog food, I have to have an incredible experience to be willing to do so. There is one local retailer that sales the brand of food that I buy in bulk, but after an unpleasant shopping experience, I have not been inside of that store since. It is not just enough for businesses to differentiate themselves on price. Your value proposition must heavily rely on experience. I am an avid Target shopper, not because they are priced lower than their competition, but because of the overall shopping experience that I expect to get (and know I’m going to get) when I frequent the stores. So make sure that you identify your unique element and make it the core of all of your marketing messaging. Stop focusing so heavily on price, because lower price can often be misconceived as being “cheap” when it comes to value and quality because I am sure you’ve heard the saying “you get what you pay for”.

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