Call it the elevator speech. Or that singular idea that fits neatly on the back of a cocktail napkin. A strong value proposition is the key message that succinctly describes what your organization does in terms of tangible business results. It’s an essential marketing element for success, and it can provide the focus you need to attract customers.

Yet many companies go to market without a strong value proposition. They build their marketing communications on statements like “great customer service,” “award-winning quality,” and “state-of-the-art technology.” Consequently, their message gets lost in the crowd of competitors all saying the same thing.

The problem with statements like these is that they’re all about the organization. A value proposition isn’t a long list of your product or service features. Quite honestly, the customer really doesn’t care about your efficiencies, your awards, or your quality investments. What the customer really wants to know is, “What’s in it for me?”

To win their attention, and their business, your value proposition must be a statement of real benefit to the customer. The more specific, the better.

Here are some key considerations for developing a unique value proposition that will resonate with customers and emphasize the differences between you and your competitors.

Start with your customers. To understand the greater perceptions about your company’s value, start by asking existing customers why they do business with you. Find out what problems your company solves for them, and identify any solutions they say they still need.

Ask each other, “So what?” Get your colleagues together and begin brainstorming. Start with your company’s core competencies and drill down in an effort to find your true value statement. Assess each competency from the customer’s point of view. Keep asking each other, “So what?” until you penetrate deep below the surface, past all the layers, to discover a real customer benefit. If you come up empty on a particular competency, you’ll know it doesn’t belong in your proposition. Simply move on to the next capability.

Gauge the competition. A rigorous competitive analysis can help your organization identify its genuine strengths and validate your claims of differentiation. Compile research on the top five competitors in your industry. Also examine any industry trends that can further shape your marketplace identity and put your company in a class by itself.

Provide proof. It’s important that your proposition reflect a quantifiable, measurable difference to help customers visualize the value. It’s not enough to claim that you’ll help the customer realize savings. Defend your market position with specific metrics: “Our software saves the average retailer $2.5 million in the first year.”

Keep it to the point. Continue refining your value proposition until it can be articulated it in only one or two sentences. It should concisely communicate who your customers are, what benefits you provide them, and why they buy from you.