Dallas Business Consultant Elijah ClarkDallas Business Consultant Elijah Clark

Does your product have a unique value proposition?

Benefits of a UVP

Having an effective and unique value proposition (UVP) is of critical importance as it distinguishes your business from your competitors. A UVP should uniquely identify the value of your business to your customers and should resonate strongly with your customers.

For example, if you offer a product or service for the price of $10, and your competitor offers the same product or service for $11, what stops your competitor from stealing that customer if they lower their price? While price is considered a UVP, unless it is tremendously lower than the competitors, you need to offer better and more UVPs.

UVPs may include:

  • Better product quality
  • Better location
  • Better customer service / hours
  • Better warranty / guarantee

Understanding Key Performance Indicators

KPIs are necessary milestones that can help measure your business’ accomplishments, communication, and how well your business is advancing toward its objectives and targets. Establishing and tracking KPIs are critical for measuring both short-term as well as long-term revenue return.

To analyze whether a KPI is relevant, use a SMART (specific, measurable, attainable, relevant, time-bound) criteria. In other words:

  • Is your objective Specific?
  • Can you Measure progress towards that goal?
  • Is the goal realistically Attainable?
  • How Relevant is the goal to your organization?
  • What is the Timeframe for achieving this goal?

KPIs are necessary to help develop realistic goals for your business and should be adjusted as necessary.

Market growth potential

Know Your Potential

Knowing your market growth potential can enhance the implied value of your business if you are prepared. Market growth examines where the market for a business is going and whether it is moving in a different direction from where it has been. It also defines how the business can use its strengths to take advantage of this growth.

Knowing your market growth potential means to understand a setback or increase in product demand and have your next move prepared. For example, if a new technology is coming to the market, you need to make certain that you are ready and equipped to implement the technology into your business to satisfy those hard-to-please customers.

Professionally built website

Professionally Built

If you’re unsure if you website is good enough for your business, you need to ask yourself; does my website compete with my competitors and does it target my users. If you don’t have your website built by a designer who understands your industry, then the answer is likely to be, “no.” You need to keep in mind when building your website that it needs to represent you and your business. If it looks cheap, then so does your business. If you try to cut corners, your customers will know. It’s better to have no website at all then to have a website that looks terribly built and represents you in a negative way.

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