How To Create a Winning Value Proposition
A value proposition is a sentence that defines the benefits of your product and/or service. For example, Corbec Media’s tagline is “Full Service Marketing with Trackable Results”.
What is something your company does that your competition does not? What is something your clients need and can’t live without? The answers to these questions are the main reasons clients choose your company over others, also known as your value proposition.
Here’s how to create a winning value proposition:
1. KNOW YOUR BUYER.
When describing your target demographic, be specific. The more you understand your target audience, the more accurately you can position your value. For example, what age bracket is your target audience? What type of environment do they live in? Are men or women more apt to purchase your product or service?
2. DEFINE CLIENT’S PAIN POINTS.
Pain points are factors that prevent your potential customers from using your product or service. Begin by identifying two to three pain points that affect your customers. Examples include high pricing, poor customer service, or complex steps. Your value proposition should include the solution to these problems.
3. TELL A STORY.
Can you think of any stories that can benefit your values? When using stories and testimonials, you can build an emotional connection with your audience while also increasing trust.
4. POSITION WITH YOUR STRENGTHS.
What is something you can offer that your competition does not? What is something you do best? Using your unique strengths within your value proposition makes you more credible and helps you stand out among the rest.
5. HANDLE PERCEIVED RISK.
Perceived risk is a reason a customer might hesitate to use your products. Some examples include: cost, trustworthiness, social risk, and performance risk. When looking at these risks, you need to consider both pre- and post-risk.
6. HAVE EVIDENCE.
If you make a bold claim, you will need evidence just as strong as your claim. You can use testimonials, case studies, or analytics to support your claims. Having a strong evidence base fosters greater trust in your relationship with consumers.
If you haven’t changed your proposition in a while, consider updating it. Times, demographics, competition, and everything else are changing. Work that was effective a couple of years ago may no longer be effective today.
Remember to be clear, specific, accurate, and most of all, impossible to ignore!!!
