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To stand out in a market saturated with consumer products and get the attention of consumers deluged with advertising appeals, an entrepreneur needs to offer a product or service with obvious benefits and unquestionable superiority over the competition.
That isn’t as easy as it sounds. The history of United States commerce is littered with countless products whose inventors misjudged the market’s appetite or need.
Getting a product or service to market begins with a value proposition: a sober evaluation of who the product is for, what need it will fulfill, what dissatisfies consumers about the products currently being used to fulfill that need and how the new product is a marked improvement.
A value proposition should make members of the target audience feel upbeat about the benefits a product or service will bring them. That benefit is usually presented as the solution to a problem. For example, a house-sitting service solves the problem of home upkeep and security for a retired homeowner who prefers the sun to the snow in winter.
The value proposition is even easier for the business owner to generate if many people in the service area have the same need and other providers can’t be found at an affordable rate.
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