Friday, 1 March 2013

Starting a business – value proposition and elevator pitch

Remembering back to February’s post on developing a marketing plan, your marketing plan should clearly articulate:
  • The target market segments (niches and micro-niches) for your products or services
  • The key features and benefits that your products or services will offer to each market segment
  • How your business will gain a competitive advantage in its market
  • The specific marketing activities to be executed over time
To be successful, you need to ensure that all your marketing activities are congruent – i.e., aligned to your overall value proposition for the product or service.

Today, I’ll cover three aspects of value propositions:
  • What a value proposition is
  • How the best value propositions are communicated
  • Implementation of your value proposition
What is a Value Proposition?

A value proposition is a succinct statement that summarises why your customers should buy your product or service. It needs to convince a potential customer that your product or service will add more value than the competition – it is the promise of your brand.  The most successful products and services are those that fill an unmet need and are highly desired by customers, yet are exclusive in supply.

Upcoming March posts

It’s three months and counting since the birth of the Millionaire on Heels.  This site now has over 60,000 words of valuable (I’m blowing my own trumpet here a bit …) insights into how to earn, save, and invest more effectively in order to achieve your financial goals.  My own progress has been outstanding – it definitely helps to have to report your progress to the world monthly!  I’ve now closed 3.6% of the gap to reach my target wealth of $1 million by 2020.  Plus I have a big kitty of funds over and above that 3.6% to spend on my financial goals for 2013, including some renovations and a bit of travel.

I initially thought I’d run out of ideas for new content, but it’s been the reverse – I still haven’t gotten to some key topics I wanted to cover in February!  So in March I plan to finish my posts on starting a business.

Also, as I mentioned yesterday, my portfolio is a bit heavy on cash at the moment.  I want to increase my allocation to shares, whether through my current full service broker or an online trading service.  So I’m planning a few posts on investing in shares generally and how to select and use an online trading service in particular.