What’s in it for me? That’s what you are thinking right now. Is there value in reading this whole blog post? More importantly, that is what your clients and prospects are thinking the whole time that they are considering doing business with you. More often than not your customers will be prepared to pay top dollar if they believe in the value of what you have to offer. That is just one reason why your market needs to understand your value proposition.
The perceived value of what you have to offer will influence everything from your profit margin through to your retention rate. So it is critical that you identify, create and refine your value proposition and then champion it.
What is your value proposition?
Ultimately it’s why your customers should chose to do business with you. It represents what your brand stands for. It should be based on customer feedback, what your market values most and should define your customer experience. All client testimonials will be based on your value proposition.
Establishing your value
As Seth Godin says: ‘Don’t find customers for your products, find products for your customers’. The value of your offer will always be relative to what your market needs or desires. It should be based on what the market is prepared to pay based on those needs and desires.
Essential attributes of a successful value proposition
You should be able to explain your value proposition in a sentence or two. We live in a headline generation and you may only get five minutes of fame. It’s critical that your message is easy to digest and understand whether you are explaining it in an elevator or someone is reading it on your website. Here are some things to consider:
* Simplicity – Your message needs to be easy to explain and understand.
* It differentiates – It needs to demonstrate how your offering is a better choice than your competitors offering.
* The benefits – Remember, your customers want to know: “What’s in it for me”.
* Credibility – To make an impact it needs to be realistic and obtainable.
* The ‘Must-Have’ factor – Try and create some urgency and speak to the need or desire that has piqued their interest.
Taking it to market
You should consider your approach to market while you are developing your value proposition. It’s all about your market. Once you have established your value proposition it is essential that your market understands it and is well aware of the value of your offering. It needs to be the core of the message that your sales team are presenting, should jump out from your website and be included in all your marketing material.
Basically your value proposition should be a solution to your customer’s problems, offer them real benefits and make it easy for them to decide to buy from you. Too many businesses overlook the importance of a solid value proposition. If you get it right, it will be the kind of message that your clients and advocates will be happy to share via word-of-mouth and social media. You know the value of what you have to offer. It’s time to make it easy to communicate that to your market.
Have you recently refined your value proposition, or have been considering it? If so please leave a comment below to help our readers take their message to market. If you have found this article helpful please consider sharing with your friends and followers. We want to help businesses everywhere get their value proposition right. Thanks for reading, commenting and sharing.