A Value Proposition is defined as an innovation, service, or feature intended to make a company or product attractive to customers.
It is a concise and compelling description of the core benefit people get from doing business with you.
Often a value proposition refers to the value a business promises to deliver to their customers, should they choose to buy the offered product or service. A value proposition is also a declaration of intent or an introduction of the brand for which the business stands for and how it operates.
What is your Unique Selling Point? What is your true differentiator that creates your value?
Do you have clarity of this? Is it clear to your prospective buyer? Is it truly ‘important’ to them as the buyer?
One way to establish your Value Proposition is to simply listen to others, whether that is customers, prospects or others and then match your offering to the reason why people lean towards you.
Your value proposition is your unique identification. Without it, people do not have a reason to choose you over everybody else, often in a crowded market.
Considerations when developing your Value Proposition:
- Consider and list all the benefits your product or service offers
- Detail what makes those benefits truly valuable
- Identify your customer’s main problem, pain or fear and how your offering is a solution
- Link this value to your buyer’s problem.
- Differentiate yourself and consider how you become the stand out provider of this value.
- Test it
Your Value Proposition should be Clear, Relevant, Quantifiable and your differentiator.
One way to consider your value is to make a list of all the attributes that a customer would value in your offering and that of your compeitors. Then on a scale of 1-5 or low-high, rank your offering against those values and then also score your competitors. Where do you stand out? The true results come with research. Firstly by asking prospects and existing customers what the attributes that they value are and then seeking feedback on how you scored them.
If you consider your ‘Service’ to be your differentiator, please check out my challenge to that in my blog “Customer Service – The most common response to “What is your differentiator?” by clicking here