Friday, 8 March 2013

Case study: establishing a brand

If you remember back to my 1 March post (http://www.millionaireonheels.com/2013/03/starting-business-value-proposition-and.html) on creating a value proposition and elevator pitch I explained that a value proposition is a succinct statement that summarises why your customers should buy your product or service – it is the promise of your brand.  The best value propositions for start-up businesses generate target a particular micro-niche – a market segment that you can own and grow over time. 

And I also discussed that once you have defined your value proposition, you need to be able to communicate it in a single sentence.  This pitch can be constructed using the “Six Ps,” which include:
  • Position – who you are and why you are worth listening to
  • Problem – the problem you are trying to solve
  • Projection – the implications if this problem is not dealt with
  • Proposal – your proposal to solve this problem
  • Proof – evidence your proposal will work
  • Project – what you are currently working on to take the idea forward
Finally, once you have defined and tested your value proposition, all your marketing material should then be aligned to it.

So I set about trying to replicate this approach for my own blog The Millionaire on Heels, focusing in particular on the tag line, the logo, and the website look-and-feel.