Losing Out to Competitors? It's Time to Start Creating Value
If competitors are consistently beating you out, then you need to rethink your value proposition. In all likelihood, they've found ways to add or create enough value to keep prospects away from your business. In this blog, we'll explain how you can do the same:
Get in touch with your customers
Before you start trying to improve your value proposition, you need to know what customers want from your business. According to this HubSpot article, you should talk to buyers, figure out what they need, and then find ways to create new value:
"With your evaluation (based on your buyer’s individual and unique values), find a way to add and create value. This does not have to be costly. Simply asking insightful questions creates value if it makes the buyer think and leads to higher-quality decisions. Figure out what your buyer needs and create value to meet that specific need."
In addition, you can look at what your competitors are offering and see if you're missing anything important.
There are two ways to improve your value proposition. The first way is to create value, which you do by responding to a unique customer need. This means you can add a new feature to your product or service to improve the overall customer experience. This is the preferred method of improving your offering.
If you can't create value, then you can always add it. When you add value, you throw in extra products or services that should improve the customer experience. The problem is that the customer may or may not need these extra items.
Creating value is always better because you take the customer's need into account. But if you can't do that, then adding value is better than nothing. Both strategies should improve your offering in relation to that of your competitors.