How to Develop Your Value Proposition
It's important when developing your value proposition that it be clear and concise. Your value proposition is the promise that you give to a customer that assures them that you will deliver value to them. It's statement that positions the benefit that you offer, who you offer it to and why you are the best one at it. It has three components:
The target buyer
The problem you solve
The reason you are the best at it
To create an effective value proposition; it's best to start by brainstorming and focusing on what needs your target demographic group have in common. It can be done by market research. What do they all want that your business can provide? What is important to them?
Once you've found the common denominator need you can determine what it is that they are in search of and develop your value proposition around that need.
Keep in mind that the purpose of your value proposition is to identify and satisfy an unmet need that your target market possesses.
Why is the development of your value proposition important?
The answer to that question is easy. Your value proposition can equip you with the following benefits to your business:
Here is an example of one of the best value proposition that belongs to a sales consultant:
Our clients grow their business, large or small, typically by a minimum of 30-50% over the previous year. They accomplish this without working 80 hour weeks and sacrificing their personal lives.
This value proposition has power and gets your attention, and it makes you want to know more which in return:
Creates a strong differential between you and your competitors
Attracts the right prospects and Increases not only the quantity but the quality of prospective leads
Gains market share in your targeted segments
Assists you in enhancing tools that will help you close more business
Improves your operation efficiency
Still stuck on developing your marketing proposition? If so, try to break it down into the following elements:
Define: Define and Identify the problem that you solve. What is the problem or the pain that your product and/or service solves?
Solve: Who does it solve the problem and/or pain for? Who do you provide the solution for?
Differentiate: What sets you apart from your competition? Is it experience? Price? A special skill? You have to make this clear in your proposition so that there is no hesitation in your target market selecting you.
Test Your Marketing Proposition
The biggest mistake that businesses make when developing their marketing proposition is to create a statement that is too vague or too confusing. To make sure you aren't making this mistake see if you can recite your marketing proposition in ten words or less. If you can get it down to 10 ten words or less, you are well on your way to a marketing proposition that will work, but you have to test it. Ask yourself the following questions:
Is Your Marketing Proposition Relevant?
I'm not referring to relevance internally, I'm talking about relevant externally, especially to your target market.
Is It Believable?
A compelling message is important, but it also must be believable and credible.
Can You Defend It?
You must be able to own your statement, and if necessary be able to defend it, it's questioned.
Is It Flexible?
What I mean by this is can it grow and expand along with your business if necessary? Your marketing proposition will not work if it confines you and creates a barrier to future business expansion and growth.
Is It Emotional?
Remember that your prospects and customers have to connect with you emotionally. It has to resonate with them in order to grab their attention and be memorable. If it doesn't stick in their memory in an emotional way you will easily be forgotten.