There are as many definitions of value propositions as there are businessmen, each have their own point of view. Some manage to skip certain aspects of value propositions that could make the concept much more useful. It has important business applications, far more than just being an internal tool, and when marketing experts fail to see the utility of this tool, it’s no wonder so many businesses have weak value propositions.
What is the worth a great value proposition? Once you have drafted and finalized your value proposition, it can aid your business in the following ways.
What your customers are actually looking for becomes apparent, and so it allows you to provide services accordingly. Focusing on aspects of the business that has the greatest impact, will generate the best results. Such thinking avoids waste of resources on customers that don’t want you. Save money on marketing efforts that aren’t going to yield fruit.
Strategize the most convincing marketing campaigns. A short list of things will require all the marketing efforts. Describe you business clearly in just a few words, unlike companies that water down their marketing message in way that loses its convincing power. It gives a clear view of how customers view you as a brand. It gives you insight into why the customer believes they need your product. Knowing all these answers will allow you to confidently make decisions.
Parts of strong value proposition
Creating a value proposition isn’t about company bio or mission statement, but it sure can be used as one. It’s a collection of to the point reason as to what you are worth to customers. It has two parts, and are dependent on each other.
- The voice of your value proposition
This describes as to what, why and how of your value of your product, it not just about the product it’s also the perks and the extras they won’t find anywhere else. Like a specialized customer loyalty program. Finding a voice that resonates with your audience, create a situation so that your customer won’t need to look for alternatives
- The base of your value proposition
Most people skip this part of the proposition, and those that don’t get it wrong. First part included creating a value; this part however is about making it all believable. It’s easy to make claims on how good we are, but backing it up with proof is what makes up for a great value proposition. Vague claim without a supporting statement is usually regarded as untrustworthy. Show proof, back it up by a newspaper article, or provide an easy way to test it.
In conclusion, these two parts go hand in hand with each other, to complete a value proposition. Its, is important to note however that a single product or a service can have more than one value propositions. For example, the denim store can be of high quality, the store centrally located and up to date with latest trends. Value proposition for any business is as important as your elevator pitch, only in value proposition you have a much larger audience.