Your essence is the soul and spirit of your company. What makes you different from your competitor? The value proposition identifies those characteristics that make you different – this is not the same as your strengths. The characteristics define why you are in business, besides making money, so you can build this into the fabric of your organization.
When identifying these characteristics, it is important to select words that are personalized and have meaning to your purpose. Terms like “customer service” and “pricing” are difficult to build your brand on – unless you are a big box, like Walmart, who hangs their hat on offering items at the lowest cost.