What is the value of a business? What does it offer its customers? These questions are crucial if an enterprise is to make itself stand out. Some companies are lucky since they start in a field or niche down to a specific subclass of individuals. However, most new entrepreneurs find themselves thrown into a marketplace dominated by many larger companies. How are they to make a difference in such a space? Letting the consumer know what they can expect is one of the most important things one can do from a business perspective. Standing out in a crowd is more than just developing a fancy logo and a website.
The Idea of Value Proposition
A value proposition is how a business describes how they solve a problem that their competitors simply can’t. The value proposition sets them apart from other companies offering the same products and services. In some cases, developing a value proposition is a simple matter. These companies provide a unique service or approach their service or product delivery uniquely. Their very operation is the value proposition. Innovative companies that disrupt an industry are the best examples of these businesses. However, solo entrepreneurs, like Dr. Jonathan Kaplan, have shown it’s possible on the smallest of scales as well.
A Single Business Owner’s Value Proposition: Dr. Jonathan Kaplan
Dr. Kaplan started as a plastic surgeon in Baton Rouge, but he realized, even back then, that there was a lot that a surgeon could get done with the right value proposition. When he moved to San Francisco to take over a practice, he got the opportunity to put those ideas into use. Through careful curation of a social media profile on Instagram and creative SEO with his blog posts, he could attract the clientele that such an upper-class plastic surgery practice would typically count among their clientele. Thanks to this investment in SEO, his approach reaped the returns.
Growth in Other Business Areas: BuildMyBod Health
One of the significant problems that Dr. Jonathan Kaplan encountered in the medical field is a lack of transparency in pricing and an aversion to adopting new technology. He decided the best approach would be to incorporate both things into a single application. BuildMyBod Health was conceived as a way to help clients get transparency in pricing from physicians and surgeons. It also came with a benefit to doctors themselves; capturing patient contact info in exchange for providing a price quote. The app also incorporated chatbot technology; chatbots have the potential to help small businesses grow immensely. BuildMyBod Health is a win-win solution for both clients and physicians.
Establishing Value and Maintaining It
A business that promises value then reneges on that promise will consistently lose customers until it folds. Therefore, a successful company must find a way to establish its value proposition and work to maintain it. Dr. Jonathan Kaplan’s business ventures are some of the best examples of doing so as a solo entrepreneur. Not only does he approach the idea of a value proposition as though it’s crucial to business success (which it is), but he also ensures that clients are satisfied with their final product. In two such different business areas, this can be a challenge, but the doctor manages it quite well.