Defining your value proposition

If someone asks you what your business is, can you tell them in a nutshell?  Or will they be bored and confused before the elevator reaches the 2nd floor…

Your value proposition should sum up why a consumer should buy your product or use your services over someone else’s.

You need to understand your prospective clients so you can differentiate your offering from others.  Provide clear reasoning why the client will benefit by buying your product or service – and why it will add more value or solve a problem better.

Creating a value proposition:

  1. Research what motivates your prospective buyers.  What environment do they live in?  What problems do they face?  Ask yourself how your product or service meets their needs.
  2. Define what makes your offering desirable and unique.  How can potential clients obtain better value by doing business with you instead of your competitors?  You’ll need to provide evidence.
  3. Test your message – is it clear?  Step into your customers’ shoes and ask yourself: what is actually being offered?  Can someone get it cheaper/ easier/ quicker somewhere else?  Does the offer convey trust?  Does the value proposition make YOU want to buy it?
  4. Balance your objectives.  If your message is clear but lacks persuasion or it makes people want the product but doesn’t convey that it’s exclusive to you then you’ll need to tweak the message.
  5. Boil it down.   Remove unnecessary words, keep it simple – it should read clearly on a web page and you should feel confident reciting it to potential clients.
  6. Test your proposition.   Keep it current so that it constantly reflects your position within the industry.  Talk with close clients – ask them what appeals most and what sums up their buying experience.

If your value proposition doesn’t roll off your tongue then you probably don’t have one.  It’s time to define how the value of what you’re offering far outweighs the perceived cost.

Business forward #57

3 thoughts on “Defining your value proposition

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