What are value drivers? They are specific identifiers that make your product unique and set it apart from your competition. These aren’t just differentiators, however. They’re qualities that provide value for your audience and solve a key business need.
Value drivers are traits that are specific to your unique product or service. Your brand’s value drivers are essential to gaining a competitive edge and in standing out. When you show the difference in your product or service, your brand will appeal more to prospective customers. The more value drivers you have identified, the more your brand will stand out over the competition.
Let’s look into how you can identify your value drivers, examples of some key value drivers, and why they’ll help you appeal to your target audience.
Start here to understand your value
To pinpoint your value, an effective exercise is to “start with why,” as Simon Sinek says. His idea behind this is that certain companies achieved great success because they truly understood their “why.”
Rather than focusing on the “how” or the “what” behind your offerings, take another perspective. Consider why you’re offering your product or service. What challenges are you helping your target audience meet? Look beyond the surface and really dive into the reason behind your brand and why it exists in the first place.
This is a critical step because the “why” is ultimately the value of your brand. Once you have those answers you will be able to clearly define and articulate your value drivers and use them as a spotlight for your brand.
Examples of value drivers
Value drivers can be anything that helps your brand become more profitable while serving your customer’s needs. This means your value drivers can encompass a variety of different things.
A few examples of value drivers may include:
- Your reputation: Your reputation is one of the best value drivers you have. The quality of the products or services you provide will be apparent in what the market is saying about you. Your reputation is also in the hands of your existing customers. A happy customer is your greatest advocate. If they’re happy, they’ll refer you to their peers. They may also provide you with success stories to share with your prospects and add to your website or social media.
- Efficiencies for your customer: Perhaps your solution helps prospects save time or money…or both. This is a tremendous value driver in that it is helping your customer solve a specific need. If it can solve your customer’s needs faster than your competitors, while helping them save money, you’ve achieved the ultimate goal.
- Strong brand awareness: How well does your target audience know your brand? If they can come across an ad or an article and know immediately that it’s yours, before they even see your logo, then you’ve established strong brand awareness. In this case, your reputation precedes you and your audience will know the value of your brand upfront.
Effective value drivers will encourage prospects to come to you for their needs, rather than your competition.
I’ll leave you with the legendary words of Coco Chanel, who understood the value of standing out before the phrase “value driver” was coined: “Don’t be like the rest of them, darling.”
Embrace what’s unique about your brand. In doing so, you’ll stand out and your value will outshine your competition.Your value drivers are not just differentiators. They're qualities that provide value for your audience and solve a key business need. Click To Tweet