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Media / Entertainment / CultureThe Art of Crafting a Value Proposition
Use this easy 3-step process to help your business craft a value proposition that will resonate with your prospects and customers.
Several months ago I attended a presentation by Joseph Wilson that focused on the all-important value proposition. As defined by Joseph, a value proposition is a clear statement of unique benefits for a certain group of people. For those crafting a value proposition from scratch, it can help to view it as a hypothesis that your offering will bring certain values to a target customer. Typically, there are 3 key components all value propositions should include.
- Your Product or Service A simple, straightforward statement of your product or service
- For Whom (Target Customers) Also very straightforward. However, it’s important to remember that when developing value propositions for your products and services you should develop unique propositions for each unique target customer you want to go after. Some value propositions may translate relatively well between target customers, but your value proposition should speak to a specific group or person and thus should be specifically targeted.
- Value(s) Remember, the value or values your products and services provide are separate from its features. From the perspective of Venture Accelerator Partners, our value isn’t that we provide comprehensive sales, marketing, and social media services. Rather, it’s that our services save our customers time while ensuring cost-effective revenue growth. In general, and especially from a B2B perspective, important values tend to be quantifiable, rational, and have a clear link to the bottom line (i.e. convenience, customizability, or quality).
Using the above method to define my company's value proposition, you'd get: “Venture Accelerator Partners provides strategic and tactical sales, marketing, and social media services to startups and growing organizations looking for efficient, cost-effective revenue growth.”
After reading this post, I hope you’ll take the time to analyze your company’s value proposition. As explained in the lecture, it’s important to remember that a value proposition isn’t just an elevator pitch (though your elevator pitch should be grounded in your value proposition), a tagline, marketing copy, or a mission statement. It’s much, much more than that. Ultimately, creating a meaningful value proposition is a “translation game” that requires you to put yourself in your customers’ shoes. Features don’t matter; satisfying latent or overt customer values does.
If you need help defining your company’s value proposition, please feel free to reach out to me at any time.
Good points. I'd maybe add you don't want it to be too long, it's good if you can put it somewhere instantly visible on your site, like Zappos does.Reply