4 Questions to Set Your Supplement Brand Apart from the Competition
Setting your supplement brand apart from the competition is the only way to get ahead and succeed in the long run. In this digital age, consumers are interacting with brands in more ways than one. As such, they are craving more from brands now than ever – they want to relate with their story, their mission, and even their aesthetic sense before committing to a purchase. But how can you make your brand stand out? To successfully grab and hold on to the attention of consumers, you must be able to capture the inherent value of your business in a single statement, also called your value proposition.
What is a Value Proposition?
A value proposition is a statement that clearly explains what your company does, who your target consumer is, how you help solve their unique problems, and how you differ from other businesses in your industry. It’s a statement that guides your potential customers on their buyer’s journey. As such, your value proposition needs to be as clear and easy to understand as possible because when consumers do not grasp or identify with your proposition, they will find business elsewhere. Although determining your value proposition can be complex, it is easy when you understand the essential concepts that come with its creation. With this in mind, we have put together the 4 important questions your brand needs to answer for a strong and winning value proposition.
1. What Product Do You Offer?
Because your value proposition is so integral to your overall brand, you will want your value proposition to be seen and felt throughout the consumers’ entire experience with you – whether it be online or in person. The first question your value proposition should answer is: “What products or services do you offer?” This is a simple question that begs a straightforward answer. You need to be able to clearly state what your brand is offering and how these products and services can enhance their overall experience. As such, you should think about what your area of expertise is and how your product or service highlights that.
Additionally, instead of only selling a product, it is a good idea to sell a solution – an outcome or a change. This will be where your real value lies as a company.
2. Who Is Your Target Customer?
The next question you must answer is who your target customer is. Information is key for any business, and when it comes to selling products, you need to know who is buying your product and why. If you’re not sure which types of customers are buying from you, take this opportunity to set a meeting with your sales team for a more thorough understanding. Your sales team will know what is resonating with your customers, what their pain points are, and who your competitors are. You’ll also want to check their demographics, location, where they work, and what is most important to them when deciding which product to buy.
Doing so will allow you to better understand what types of campaigns and messaging they will resonate with and what they will find value in. Not only that but it will help your brand better connect and appeal to their specific preferences, putting you ahead of the competition.
3. What Pain Points Do Your Products Solve For Your Customer?
After you’ve established who your target customers are, it’s time to dive deeper into their pain points. Understanding their unique problems will help you uncover the key to building a powerful value proposition. Once again, your sales team will be a major asset in this step since they have the closest interaction with your potential and current customers. Because your sales team regularly speaks to your customers, they will know your customers’ biggest challenges, the factors that prevent them from achieving their goals, common mistakes that they make, and financial, technical, and social risks.
Establishing and defining your customers’ pain points will allow you to outline how your product or service can help them solve their problems. Once you have a good understanding of how your brand can solve your audience’s pain points, you can begin to present this information in your value proposition. By providing a clear solution upfront, you’ll be encouraging your consumer base by letting them know your products can finally help them fill the gap. Not only that but you will be able to position your brand as a helpful resource that your customers can’t do without, especially if their issue is left unsolved.
4. What Differentiates You From Competitors?
In addition to establishing a solution to a problem, your brand should also define what separates you from your competitors. Your value proposition should clearly and confidently be able to state what your brand does and how you do it in your own unique way. Think about highlighting the areas that make your brand stand out. You need to create a selling point – something that will make your customers believe in your brand and reaffirm why they should choose you over the rest.
- What makes your brand distinctive?
- Is your product superior in terms of quality?
- Are your product and service less expensive than others?
- Are you offering the best customer service?
- Why would someone choose your brand over another?
Once you have put some thought into each of these questions, you’ll be able to get started on creating your completed value proposition.
Now that you have the framework for a winning value proposition, it’s time to put it all together and combine all the answers to the questions we’ve covered. While building and finalizing your value proposition, keep in mind that it should be clear and concise, easy to read, and easy to understand. All these factors combined will allow you to further connect and resonate with your audience. Ultimately, your value proposition should define:
- What pain points your product or service is solving.
- What unique benefit your product offers.
- What differentiates you from the competition.
As your business grows and evolves, your value proposition may change, and that’s okay. Make sure to conduct a yearly assessment and analysis of your brand to make sure your value proposition continuously follows where you are as a company and where you will be headed.
Your value proposition is essential to your success. It should answer all the questions listed above for a statement that is both persuasive and powerful. Supplement brands that can create a clear, strong, and winning value proposition will be able to capture the interest of consumers and gain more market share. Contact us for any comments.