When we think of doing business, we mostly think about the product or service we offer to the market. That product or service in and of itself though does not cover all the value perceived by the market. Your value proposition is way more than the product or service itself. I feel that this is especially pertinent in the creative industries because customers/clients buy the value they perceive based on their unique situations in life, as well as varied tastes and preferences.
It is therefore crucial that as creative entrepreneurs, we take the time to ask ourselves what our unique value proposition is and why it even matters to our clients. Why should your client/customer care about your product or service? If you stop serving or producing, who would be affected, and would they be affected greatly or not? What unique value are you adding to people’s lives in a way that matters? When you’ve answered these questions, you are one step closer to providing value that matters.
I’d like to add that you can differentiate yourself in the market by having an especially creative product or an especially creative delivery system. If you are a designer, you can be that designer that has exceptional never-seen-before pieces at a premium price or you could be a designer that follows the trends creatively, prices as the market prices, but delivers excellently and on time even more than any other designer. I recently read Good to Great by Jim Collins, an American researcher. One of the things he advises in the book is to figure out what you can be the best at in your market, and go for it tenaciously with laser focus. That will require that you carefully look at your strengths and perhaps even ask other people that know you or your business well, to help you define what you do exceptionally better at than other people.
Vusi Thembekwayo, an established entrepreneur and global speaker who hails from South Africa, says you can either be cheaper, better or faster to have a real edge in the market. That’s something for you to think about.
I’ll close this post by sharing a bonus treat. I did a YouTube series about creating value that matters and attached here is the very first episode. Enjoy and see you again, soon.
(The feature image is from my fashion brand The House of KEA during the CDEA bootcamp in 2017. The model is the beautiful Angela Kilusungu.)