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Startup Success Secret-2

Startup Success – A Clear and Good Value Proposition

“You don’t get a second chance to make a first impression”

A value proposition (VP) is a statement that clearly identifies what benefits a customer will receive by purchasing a particular product or service from a particular vendor.

“The is to first know what you don’t know, the tactic is to grind, and the value is to remember: there are plenty of places to innovate.” -David Friedberg, Founder @ Weatherbill

A great value proposition is indispensable for any business hoping to clearly communicate to customers why they are different, better, and worth purchasing from.

Why Your Value Proposition Matters?

“A problem well stated is a problem half solved.”-Charles Kettering

The problem is, many companies just can’t seem to nail down exactly what a value proposition is and what it should say.

What's the secret to startup success

You Need a Clear Business Plan

A value proposition is a clear statement of the a customer gets from using your products or services. Its outcome is focused and stresses the business value of your offering. Let the statement you make come from your heart, let it represent the very idea behind your business, let it highlight the benefits you plan to give your customers, let it awaken the entrepreneurial spirit and make you want to do something more for the end users, let it be straight but sharp.

What makes a good value proposition?

  • Clarity! It’s easy to understand.
  • It communicates the concrete results a customer will get from purchasing and using your products and/or services.
  • It says how it’s different or better than the competitor’s offer.
  • It avoids hype (like ‘never seen before amazing miracle product’), superlatives (‘best’) and business jargon (‘value-added interactions’).
  • It can be read and understood in about 5 seconds.

I basically like what Pinterest has to offer- their unique and simple pin boards to organize our thoughts around a subject. I feel happy when I visit Pinterest and exploring various pins gives me immense satisfaction. The way they have developed their business around the mindset of people is something brilliant.

It’s attractive to women. To designers. To photographers and artists. To mom’s who cook, decorate or plan events. That’s kinda niche-y.

Some Interesting Value Proposition Quotes:

  1. A unique value proposition is a single, clear compelling message that states why you are different and worth buying – Steve Blank
  2. Price is what you pay, Value is what you get – Warren Buffet
  3. If people like you they will listen to you, but if they trust you, they’ll do business with you – Unknown
  4. Live authentically. Why would you continue to compromise something that’s beautiful to create something that is fake- Steve Maraboli
  5. You do not really understand something unless you can explain it to your grandmother – Albert Einstein

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