Posted on April 5, 2017
Amazon have successfully positioned themselves as the online retailer to go to help solve your problems, but how did they achieve it?
One element that helped to drive their market position was the creation of their company value proposition.
A good value proposition emphasises why a customer should choose your company over your competitors and it is crucial in developing a competitive advantage.
Customers are key to any successful business and as a result should be central to all marketing decisions, and value propositions are no exception. Identifying your customers’ pains and aligning them with how your company solves them, should form the beginning of a compelling competitor advantage. With the financial industry being vastly populated, this could prove to be a beneficial communication component.
For instance, Amazon’s main value proposition addresses the urgency of solving problems and is based on the consumers’ need of wanting to do the best they can for their loved ones. This is communicated in several of their advertising campaigns;
By addressing this need, Amazon have positioned themselves as the go to company that solves your problems; establishing the foundations for an enduring relationship.
Finance is no exception; customers’ pains must to be identified, understood, solved and communicated.