A BVP is a clear statement about the benefit of your offer is to your clients or customers.
Discovering and understanding your BVP is key to creating your business and marketing plan and achieving your overall business goals.
Creating value for your clients or and customers not only helps you sell your products and services, but it also strengthens your offering.
When we assist our clients with growing their businesses, we use a tool called the Business Model Canvas. This allows us to break down the business into key components, one of which is the BVP.
Once you have a clear understanding of who your customers are, the direction and allocation of resources becomes clearer, and implementing action plans become achievable.
A very important distinction here is that what is on offer is not the same as the business value proposition.
For example, we are an accounting and bookkeeping firm and offer compliance and business advisory services to family businesses. Our value is not in what we offer, it is to who and how we offer it. By having a defined client, we are able to tailor our services to meet the needs of the market we are servicing thereby creating value.
To understand the value proposition that you are delivering to your customers you need to identify where the benefit is to the customer. By supplying what they need to address their pains and grow their business, the offer of the products and services will then create that benefit to the customer and your value proposition will be identifiable in the delivery of your offer.
Most business owners believe the value is in what they produce or provide when in actual fact the value could be something totally different in the customer’s eyes.
In case you’re interested, Mead Partners value proposition is;
We help Good Businesses Grow.
Mead Partners exists as a facilitator and listener for the businesses it works with. A connected practice servicing a multitude of client needs.
For the businesses we work with, this means more than number crunching and meeting legal obligations. The value we give by listening, advising and delivering at each stage of the business lifecycle outstrips what a traditional accounting firm offers.
Another key component in the in helping you achieve your goals is your Employee Value Proposition (EVP). Capturing the employment deal that exists between you and your people, the EVP articulates what your people can expect from you and what you expect from them in return.
In our next blog Luke Guns and Tom Ruijs who are assisting Mead clients with developing their EVP will share their thoughts on how a well-designed EVP will help you deliver on your BVP and grow your business.