Business Building: Understand Your Value Proposition

Welcome to Part 3 of the Business Building series. If you’ve missed the previous posts, click here for Part 1, and here for Part 2.

Business Building

Here is another tip from the September 2015 IDEA Fitness Journal on becoming your own PR Agent is a DOOZY!

UNDERSTAND YOUR VALUE PROPOSITION

If asked, “What value do you bring over your competition?” what would you say? To win a customer’s business, it’s critical to stand out from your competitors and offer value they don’t. Your proposal must appear perfectly to your target customer, its’ therefore important to understand your audience and know the language, messages, and ideas that will engender a positive response.

This is key when it comes to selling yourself.

One of the best things I have done in getting to know myself and what I offer is to create a business plan. Over a few weeks near the end of 2015, I decided that I couldn’t market myself until I knew what made me different from the rest. One of those things was ideology. I feel the private personal training should be accessible to everyone, not just the well-to-do. There are many reasons why someone may not want to go to a gym – time, discomfort, illness, etc – and that does not men they should have to pay hundreds of dollars for a private training session. EVERYONE deserves to be fit.

While working on my business plan, I discovered that within my target market, most trainers charge $100-150 per hour for ONE personal training session. This discovery was shocking as the targeted neighborhoods were low to lower-middle class. Basically, these trainers priced themselves to only the most affluent of the residents, ignoring those who may not have other options. My goal is not to disparage anyone who commands those type of prices. That’s awesome for them. But Be Buff Wellness is not about JUST earning money. I want to serve the people who need it  most.

This is only ONE of the things I learned about my business model and my competition and that adds to my value as it shows that I understand my target market. A business plan gives you details you couldn’t even fathom otherwise and gives you terrific knowledge of your business and your competitors. That helps you determine your value proposition versus others in the business.

Your value proposition answered several questions:

  • What makes you relevant?

It explains how your service or product will solves your clients’ problems or improves their lives.

  • What’s your measured value?

It explains the how you provide benefits specific to your clients’ needs.

  • What makes you uniquely different?

It tells your potential clients why they should use your services and not your competitors.

Here, I only discussed financials, but that is only one aspect of your value proposition – ideology, expertise, experience, eduction, etc – all add to your value. Having a clear picture of your business is imperative. My advice to you: take some time and create a business plan.

Question: Do you know your value proposition?

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