I recently read an article by Liz Sara, the Founder and Managing Director of Best Marketing and an entrepreneur-in-residence at the Dingman Center of Entrepreneurship. Her article addressed entrepreneurs and their need to find their value proposition. I am sharing a portion of her message below:

A value proposition really begins with understanding what problem or pain can be solved by the offering. Business buyers decide to purchase based on what value or benefit it will bring to their operation, to their employees, to their revenue. Buyers are looking for many different types of value. Typical types of value are:

• Economic- save money or help.
• Productivity- ability to get more done with the same employee base.
• Time benefits- accomplish more in a specific time frame.
• Social benefits- meet social or environmental goals.

 These all relate to understanding what matters to the buyer and then communicating that value.

Although her message was targeted to help entrepreneurs find their value proposition, I feel this is a message that all of us in the hospitality industry can put into action. The key is to understand the challenges our industry partners face and see if our product or service can be the solution. Secondly, you need to be able to clearly articulate your value proposition. We must never assume that our industry partners understand what we have to offer. When you help them make the connection between your product or service and their need, you have executed your value proposition and in turn will see the results you are hoping for.

What is your value proposition?