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What is a BVP?
A BVP is a clear statement about the benefit your company will deliver to your clients or customers when they choose to work with you.
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.
How does a BVP help my business?
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 them and supply a service or product that will address their pains and grow their business. Your business value proposition should reflect the value that you are going to bring and there should be a clear link between this and what you are offering to do for them.
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.
Mead Partners has clearly defined our value proposition as;
“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.”
Your business value proposition can be supplemented with another key component in the in helping you achieve your goals – 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.
Conclusion
Your BVP can assist your organisation in defining it’s own goals and why it exists. It also gives you a powerful tool when speaking to your current and any potential new customers and clients by allowing you to quickly and clearly outline the business value that your organisation can bring to them.
At Mead Partners, we use an array of tools to grow businesses and drive the decision-making process, including a template to build your One Page Plan. We’ve provided a FREE copy of our OPP template to help you get started.
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