Every entrepreneur needs a KVP or killer value proposition for their business. It can set you apart from your competitors and let prospective clients or customers know exactly how your product or service can help them. A KVP is a clear, concise statement that shows how your firm solves a client’s business problem, provides a benefit and improves their overall situation. There is no talk about features, functions, your process, your superior capabilities, thinking or dedication. In addition, there is nothing in a KVP about you. It is only about the customer.
Differentiate or Die
According to a white paper by Product 180, “In today’s world globalization, where products become commodities in 9 months or less, it takes more than a good product to succeed. It takes a Killer Value Proposition, and the ability to deliver on it.”
Here are some fundamental questions from Product 180 CEO, Steve Rankel, for entrepreneurs to think about when creating their KVP’s:
1. Why do customers buy from you?
2. What are their top pain points?
3. What keeps them up at night?
4. When are they most open to buying a service or product like yours?
5. What language do THEY use to describe their problem?
6. What matters to THEM?
“No matter how much time and effort you spend on getting in front of potential customers, if you don’t have THE RIGHT MESSAGE for YOUR TARGET AUDIENCE, an understanding of their needs, hot buttons, wishes and how you can solve them, then you are wasting your time.”
The following are more questions from Product 180’s Steve Rankel to ask yourself:
1. What is your value proposition?
2. Does our value proposition ‘qualify’ under the definition of a value proposition above? Or is it a long list of features, confusing techno-Latin, business babble or something incomprehensible or uninteresting to your potential customer?
3. Does our value proposition answer the key question every value proposition must? If you can’t answer this, they certainly won’t be able to…
4. Are you genuinely the best option available to your potential customers – including the option of doing nothing at all?
5. If so, why? Are you sure? Did you hear that from a customer, or is that your opinion?
6. If not, why not? Is there a market: product mismatch? Are you missing features? Is your product old and in need of refreshing?
7. What do you need to ADD to, or SUBTRACT from, your offering to make yourself the best option, so you have a KILLER value proposition?
Source: “Differentiate Or Die: Why You Need a Killer Value Proposition (and How to Create One);” “5 Keys to Creating a Killer Value Proposition,” Steve Rankel, CEO, Product 180
Entrepreneur By Necessity 