What's your value proposition?

In this article on the MarketingProfs.com website (free registration required), Michael L. Perla suggests that "anyone should be able to answer the question, 'What's your value proposition?'" Perla defines a value proposition as follows:

In essence, a value proposition is an offer to some entity or target in which they (the possessor) get more than they give up (merit or utility), as perceived by them, and in relationship to alternatives, including doing nothing. In terms of form, a value proposition is generally a clear and succinct statement (e.g., 2-4 sentences) that outlines to potential clients and stakeholders a company’s (or individual’s or group’s) unique value-creating features.

In my line of work, then, a value proposition is an offer to a client giving them more value than they expect for less money than they think. While I'm still working on my value proposition, Perla suggests a few questions to help in formulating yours (paraphrased for lawyers):

-What are your core competencies and how do you differentiate yourself from the competition?

-How do you create value for your clients, and how do your clients measure the value that you deliver?

-What capabilities can you bring to bear to execute against your value promise?

-Why should your prospective clients accept your particular offer?

-How do you compare and differentiate the value that you deliver from the value that your competitors deliver?

-How do you substantiate your ability to deliver on your value promise?

These are tough questions. I wonder how many lawyers can answer them -- or have even tried? They sure don't look like any final exam I remember from law school.