One of the best parts of being an entrepreneur or startup owner is being excited about your business venture. Your business will possess all of your thoughts to the point that most of your daydreams are about details of your business plan, which drinks you’ll offer at your new restaurant or the color of the walls in your high-end salon. This passion and attention to detail are what will eventually turn idea into a fully-fledged business. But all of your cumulative thoughts on your brand may also feel hazy, like they are not tangible yet.
This could be due to the fact that you’re having difficulty putting into words what your idea for a business is. When people inquire about your business is all about, you suddenly flounder. You bounce from idea to idea but you fail to exactly capture the scope of your future business venture. Afterwards, you get worried that you embarrassed yourself and that no one will take you seriously.
This is why it is so important to figure out how to condense your ideas into a quick and easy value proposition. This concise statement will force you to focus your ideas and boil your business down to its basic elements, which will help you in the process of finding the perfect name for your startup.
Being creative and coming up with business name ideas is all about concentrating your ideas down to their most basic form. Making a value proposition will also help you connect your big ideas to their most condensed form—your brand name.
In this article, you will find out how to create a solid value proposition and the importance having it when it comes to sharing your business ideas and thinking of the perfect brand name.
How to Craft a Value Proposition
A value proposition is what conveys the core of your business. You want your specific value proposition to be synonymous with your specific selling proposition, your brand summary, or even your mission and values. While we are fully aware that these concepts vary slightly, this statement is intended to provide a condensed direction. The value proposition needs to inform people what distinctive benefits you will provide to your customers. In addition to being called a value proposition, it is also commonly referred to as an elevator pitch.
A great example of a value proposition is Domino’s Pizza: “Hot, fresh pizza delivered to your door in 30 minutes or less or it’s free.” Similar to this one, you want a single sentence that is concise and descriptive while demonstrating what makes your business unique.
If you want to create a solid value proposition very quickly, you can use this helpful formula:
[Great Business Name] helps [audience] [core benefits].
Creating a value proposition statement like this will also help you fully understand what your business aims to do. It summarizes your long-winded business idea into simple, digestible information.
Why Bother With a Value Proposition?
When coming up with a new business idea, if you are confident in your business idea and have a succinct and well-worded value propositions will help you be taken seriously. This will not only help you get people onboard with your idea and make your business dreams a reality.
Dedicating your time and effort into expressing your business idea and what you are all about in a way people can get started writing your ideas down or typing them up on the computer and really try to challenge yourself to summarize your business ideas effectively and efficiently using as few words as possible.
But How Will This Help Me Name My Business?
Writing your value proposition makes you specifically define what your venture will offers customer or clients and how you will make an impact on their lives. When naming your business, you should also keep this information in mind. If you keep narrowing down your idea down to its central core, it will force you to boil it down to the vital aspects of your brand. These main aspects of your business are what your name should illustrate.
One approach to naming a business is all about condensing your ideas down to their core. This not only helps you efficiently communicate your business’s purpose, but also puts you in the best possible frame of mind to think of a solid and effective business name. A value proposition is a great jumping-off point if you want to define the services and values that you want your business name to reflect.
Let Your Value Proposition Guide You
Many people falsely believe that a business name does not make a large impact the success of your venture. However, research shows that a solid business name can positively impact your business. A great name will concretely boost your business, so if you dedicate time and resources and are thorough in your naming process, it will help your business flourish.
If you condense your business idea into a single statement then you will be able to give others a strong grasp of what your business does. It is also a crucial step in the naming process. As you being to brainstorm brand name ideas, your value proposition will be very important by providing direction and focus throughout the naming process.
About the author: Grant Polachek is the Director of Marketing at Inc 500 company Squadhelp.com, the worlds #1 naming platform, with nearly 20,000 customers from the smallest startups across the globe to the largest corporations including Nestle, Philips, Hilton, Pepsi, and AutoNation. Get inspired by exploring these winning business name ideas.