9 Steps to Building a Unique Value Proposition in Management Consulting
A unique value proposition communicates your competitive advantage and why a client should do business with you. It’s crucial to articulate the value of what you do and why you do it best.
We’ll walk through nine steps that will help sell the value of your services and win new clients.
1. Figure out the why
“Why do you need a value proposition?” If you can’t easily articulate why prospects should hire you, prospective clients won’t be able to either. It’s important to understand the value you have to offer your clients and express this clearly and succinctly.
2. Really understand what you do
Take some time to understand exactly what services you provide so you can communicate this in your value proposition. When it comes to defining your “what,” consider these factors:
- Areas of business you serve
- Types of problems you solve
- Types of firms you serve
You could do this as a team exercise and have your colleagues write out what they think the organization does and compare notes. As part of the process, reflect on your firm’s positioning statement, if you have one.
3. Define your target audience
Narrow your target audience and let your expertise with that audience shine. Not only will it help differentiate your firm from the competition, but prospective clients will be more likely to engage your services knowing that you really understand their business.
4. Determine the how
- Think about the problems that you solve for your clients.
- Think about the benefits you provide to your clients.
- When you communicate these make sure you are speaking about benefits, not features. Often, people identify features (such as best approach or best expertise) rather than actual benefits (such as ability to eliminate bottlenecks, improve organizational productivity, etc.).
Start with a list and narrow it down to the ones that will make the biggest impact and distinguish you from competitors.
5. Prove it
Providing proof of your abilities will create another important layer of credibility. Develop a list of strong references that you can share with clients. In addition to this, think about where you can showcase studies of your success to boast your company’s credibility. Could this be done on your website? Social channels? Word of mouth? The opportunity here is endless.
Don’t be afraid to add specific details such as clients you’ve served or years of expertise. These details that distinguish you from your competitors.
6. Create it.
Use this simple formula from Consulting Success to create your value proposition:
Who your customers are + What you provide them + Why they buy from you
Read over your value statement and make sure you’ve addressed all three points. Next, be sure that your statement is clear, no longer than a few sentences, and that it differentiates you from the competition. Your differentiators need to highlight something you do well that your competitors aren’t highlighting.
7. Use it.
Your value proposition is part of your branding so use it everywhere—your website, as part of presentations, on collateral, social media sites, and anywhere else an opportunity exists!
8. Test it.
You need to make sure you’ve crafted a value proposition that will win new clients. The easiest way to test your value proposition is by trying it out! When you chat with prospective clients, see how people respond to you. Is it clear for people to understand? Do they seem to understand the value you offer? Do they seem to believe that you can deliver on your promise?
If you answered no to any of these questions, it’s back to the drawing board. Remember it’s worth the effort to get your value proposition right.
9. Revisit it.
As your company grows and services expand, you may want to revisit your value proposition. For management consulting, it’s especially important as services change and you develop new expertise.
Developing a value proposition for your firm is a crucial way to distinguish yourself from competition and easily be able to explain your services to prospects. So make sure you carve out the time and mental focus to develop one.
Already have a great value proposition? Have more brand building suggestions? Share them below.
- Get strategies, tips, and tools for developing your firm’s brand with Hinge’s Brand Building Guide for Professional Services Firms.
- Understand your buyers. Win more business. Read the latest findings from Inside the Buyer’s Brain, Second Edition, the biggest study of professional services buyers to date! It’s free!
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How Hinge Can Help
A strong and unique value proposition will help your firm demonstrate its value and expertise. Hinge’s Branding Program can help your firm stand out from the competition and build a brand that drives sustained growth.
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