Value statements - Your business in one sentence or less

Looking at my blog site statistics, I discovered the most popular piece was about taglines and their value. That being the case, I thought it a good idea to revisit the concept and expand a little.

It's surprising how many companies have trouble describing themselves in a succinct manner. It is such a challenge that TechAlliance in London, Ontario held a 60-second Pitch competition. Folks had to stand up and "sell" their business to the crowd in 60-seconds or less. So if 60-seconds is a challenge, 30-seconds would be even more difficult. And one sentence? Well, can it really be done?

I like to encourage clients to develop a "value statement" for their business. This could be part of the mission/vision statement process, or can be developed a bit later in the game.

One important thing to note: Your mission and vision statements are there for your internal audience, not for your external customers. Your mission and vision should inspire your staff to reach those goals. Mission and vision statements are not value statements, nor are they taglines.

Your value statement speaks to what you bring to the customer that is different than anyone else in your field. If you are selling based on best price, then that should be in your value statement. (I never recommend selling based on best price. People who purchased because you have the best price will move on pretty quick when they find another best price. You need loyal customers, not ones who only buy because you are the cheapest.)

Tepperman's has an excellent value statement - "Family to family, that's the difference!" Their tagline is another thing altogether - "We fit the lifestyle of your home". The Tepperman family has been selling to other families for decades. And families appreciate that they know what buying for a family feels like.

Unless you have just invented a brand new widget and have no competition, figuring out your value statement can set you above your competition. Is your value that you have loads of experience? Is it your location? Is it your training program? Or is it that you go the extra mile for customer satisfaction? These are just a few examples of things that can represent a value statement.

To develop a value statement, you need to listen to your customers. What is it they value about your business? If you ask enough customers, you'll start to see at least one attribute repeated over and over. This is probably where your value statement is hidden. Once you know that value, it is imperative you always live up to it. Nobody gets to have a bad day when delivering on your value statement.

Can your value statement also be your tagline? Maybe. There's certainly merit in the concept. And at the very least, it is the perfect place to start when developing your tagline.