- Posted by: Jade Brindley
- Categories: Marketing, sales, tips, Uncategorized
When it comes to differentiating yourself from your competitors, attracting new customers and earning their loyalty to your brand, your value proposition does a lot of the heavy lifting.
It’s what lies at the core of your competitive advantage, setting out your unique points of difference and spelling out exactly why your customers should choose your business ahead of your competitors.
Furthermore, once you’ve made that all-important first sale and have your new customer on the hook, your value proposition is what builds trust and creates a connection to your brand.
In short, your value proposition is the glue that holds your sales and marketing together and enables you to create a compelling brand story to delight your audience.
But how do you write an authentic value proposition that reflects your brand and vision and creates those genuine connections with your customers?
The key lies in working out why your customers should care.
Here, we take a look at how to write a great value proposition and what it should include.
What is a value proposition?
Simply put, your value proposition is what makes your business unique.
It goes further than a marketing slogan or tagline and much deeper than reeling off the features and benefits that your products or services provide.
Instead, your value proposition should go straight to the core of the business to highlight who you are, what you stand for and why your customers should care.
It’s about showing your customers what makes you different, how you can solve their problem in ways that no-one else can, and why they should buy from your brand.
Evidence shows that businesses with a strong value proposition benefit from increased conversion rates and sales.
Without a good value proposition, your customers will have no compelling reason to choose your business. Sure, you might be able to compete on price, but if you want to inspire true loyalty, you’ll need a value proposition that resonates with your ideal customers and will keep them coming back for more.
What should a value proposition include?
A good value proposition has several key elements.
It should be used to describe the relationship between:
- Your target audience
- Your customer pain point
- The solution you provide
- Your product or service
- How it differs from the competition
Firstly, your value proposition should demonstrate how you understand your customers’ problem and describe how your business can solve it.
Second, it should give your customers a clear reason about why they should buy from you.
And finally, it should show how you serve your customers and place them at the heart of your business offering.
Where to start
Before you make a start on developing your value proposition, it’s a good idea to do a bit of research and get the views of a wide range of stakeholders.
For example, speaking with your senior managers, team membe
rs, customers, suppliers, and other third parties and understanding how they perceive your business will help you define your unique offer.
Getting input from staff will also help them buy into your value proposition and what you’re looking to achieve with it.
The best value propositions are simple, clear and easy to understand.
You don’t need to write War & Peace either, a few clear and concise sentences which sum up the core of your business is ideal.
This can then be used to guide your brand message, marketing materials and customer communications.
When it comes to writing your value proposition, there are three simple steps to follow.
Step one – List all the benefits your product or service delivers
Step two – Identify what value this gives to your customers
Step three – Make clear why this is different or unique to your competitors
Once you have this information, it’s then down to you to distil it into a clean, clear and concise statement about what you do, how you do it and why your customers should work with you.
It’s important not to over-complicate things or over-think your message. Keep it simple, use language your target customers will be familiar with and don’t go into too much detail.
Once you’ve written your value proposition, ask yourself the following:
- Is it simple and easy to understand?
- Does it highlight what makes you different from your competitors?
- Does it solve the problem your target audience is experiencing?
- Does it communicate specific results?
Let Koa Consulting help you
If you’re struggling to define and create your value proposition, some external support can help your business see a lot more clearly.
Sometimes, a friendly chat and an objective pair of eyes are all you need to help you look at your business from a different perspective to fully understand what makes it unique and special.