Value proposition: This often-mentioned business phrase consists of just two simple words. But creating one is often a complex and intimidating process. For that reason, many entrepreneurs put it off.
If you fall into that category, don’t be discouraged. Even if you haven’t gone through a formal exercise of creating a value proposition for your business, it is highly likely you are able to define and articulate the promise you make, and most importantly, deliver to your customers.
If you have experienced any degree of success in real estate, you can answer questions like: Why should people choose you? What benefit do you provide? What problem do you solve?
And, if you are really successful, you have made these answers an integral component of your marketing efforts.
To bring your informal value proposition to the next level, here are some tips to consider:
1. Be sure to define what you do – for example, you work with sellers or your expertise is helping people relocate, etc.
2. Use simple language and avoid real estate jargon.
3. Be easily discoverable in an online search.
4. Showcase how you can remove pain points for customers.
5. Promote how you stack up against your competitors.
A value proposition can be complemented by a mission, vision, and values.
- Mission: What your company is and why it exists
- Vision: Your strategic direction and what you want to achieve in the future
- Values: What you stand for
No matter what stage of the company life cycle you’re in, introspection and assessment should never stop, particularly when it comes to your value proposition.
Mark McDonough, President of Better Homes and Gardens Real Estate Winans in Dallas/Fort Worth, Texas, has benefited from the brand’s unique position in the real estate industry landscape and has built his company’s value proposition around those differentiators.
“What we have learned over the years with Better Homes and Gardens Real Estate is that never before have we had a brand that has allowed us to so seamlessly weave our way into the lives of our clients and the lives of our agents. For us, that is what has given us the power to build meaningful relationships and deeper connections with our clients and agents.”
McDonough has also leaned hard on the brand’s core values, P.A.I.G.E., and adopted them locally. “P.A.I.G.E., which stands for Passion, Authenticity, Inclusion, Growth and Excellence, is a filter for us, particularly when it comes to our value proposition,” McDonough remarked.
On the recruiting side, passion makes all the difference when communicating your value to potential agents.
“If you’re not passionate about what you are waking up to and doing every single morning, it’s going to come through to the rest of your staff, the agents you have currently and anybody you try to bring into the fold,” said McDonough.
It’s important to note that every conversation you have, whether with potential clients or agents or those already working with you, builds or destroys a value proposition. That’s why having a living and breathing value proposition is so important; it’s an integral part of how you present yourself every single day.
At the end of the day, you cannot fake a value proposition. It must serve as an authentic and clearly recognizable hallmark of your business. Now is the time to invest in defining the value you are already delivering.