Scrutinize your own business to understand it better

In this playbook, we’re honing in on what exactly your value proposition is. Remember, a value proposition is what differentiates your service or product within your market. To do this, you need to get clear on your customers, competition, and even your own company.

‍*Source: Adam Alter, Professor at the Stern School of Business

You might be saying to yourself, “But I already know these things!” However, this process will get you to be much more specific, as well as frame your value in the eyes of your customer to make it more impactful.

We are fans of Adam Alter, a professor at the NYU Stern School of Business and author of multiple books about consumer psychology.

First, answer questions about your business

To get a baseline of where your business is at—which is 1/3 of your value proposition—you’ll need to spend some time reflecting on it. This is actually the foundation for crafting your unique value proposition. Write these down in your workbook.

• What are the goals of your business? Is there a specific revenue target? Do you have specific social or environmental impact goals? Are you trying to change a specific industry?

• What resources does your business have? Who else supports the company? What assets do you have? What unique skills do you have that most other people don’t?

• What is the current public perception of your business? For example, do people know your name? Are you trusted amongst your customers? How do people find out about you?

• What are the current strengths and weaknesses of your business? Think about this across your team, your brand, your services, communication style etc.

Here’s an example of what this might look like for our beloved Dunder Mifflin Paper Company:‍

In this step, you’ve reflected on different aspects of your business to get an understanding of your baseline. Taking a current inventory of your goals, resources, public perception, strengths, and weaknesses helps you accurately understand 1/3 of your value proposition. In the next step, you will delve deeper and fill out another piece of the pie–reflect on your customers.