I’ve met many entrepreneurs (new and seasoned) who shift uncomfortably when I ask that question. They haven’t really thought about it as much as they should have–“we’ll figure it out later.”
They’ve done as much as they need to entice investors in a business plan. But investors aren’t customers. If you’re a business who desires being viable, you definitely want customers. To get customers, you need to figure out your value.
What is value and why is it important?
Value is what you bring to the table. It’s your expert solution to a problem. Value is also about how you’re going to solve a problem, without creating new problems along the way.
When you don’t know your value, you can’t expect your audience to know. In fact, why should they trust you if you don’t know why your product/service is valuable to them?
And if your audience doesn’t trust you, it’s impossible to make money. Think about it. Every dollar a customer hands over is an affirmation of trust in the product/service you provide. This is why it’s so important to get clear on your value if you want to stay in business.
Many entrepreneurs don’t want to get clear on the value they provide for fear of losing out on customers. They have this awkward fantasy about providing value to everybody.
But if you try to serve everybody, you end up serving nobody. If you’re serving nobody, then you don’t have a viable business.
Getting clear on the value you provide
Luckily, it’s pretty easy to start the process of understanding the value you provide. It involves 2 steps: defining your purpose, incorporation and feedback.
Defining your purpose
To understand the value your product/service provides, you’ve got to define your purpose. Here are a few questions to get you started:
- Why does your product/service exist?
- What problem does it solve?
- How does it solve that problem?
Incorporation and feedback
Next, you’ll incorporate this newfound purpose into your business and get feedback. A few questions to help this process are:
- Does your brand speak to and reflect the value you provide?
- Does your audience understand what you do and how you can help them?
Getting clear on the value you provide is so important to the success of your business. And if you’re willing to put some serious elbow grease into it, the rewards are great–for both you and your audience.