A compelling value proposition serves as the foundation for any successful startup. Be sure you define yours around three key elements.
Avondale co-founders Karl Stark and Bill Stewart write in Inc. that a compelling value proposition “is important to a business at any stage, but never more so than at the start.” Startup founders, take note: Stak and Stewart have three key rules for your compelling value proposition, and they revolve around “competencies, customers, and competitors.”
Start by identifying what your company is good at, as these core competencies “are the foundation of your value proposition.” After that, be sure you know your market and what that market needs. Round out your compelling value proposition by identifying the “strengths and weaknesses of your competition” so that your value proposition becomes even more enticing.