Every business should have a unique value proposition to attract customers. However, when creating a value proposition, it’s easy to miss some important aspects, leading to obstacles and poor results along the road. If you’re planning to revamp your entire business marketing strategy, you have to start with improving your value proposition.
Learn more about the best practices on how to improvise your company’s value proposition below.
What Is A Value Proposition?
A business’s value proposition is a straightforward statement that outlines why a prospective customer should prefer your product or service over others. It articulates the benefit that consumers obtaining by providing you their patronage, time, and attention.
Characteristics Of A Good Value Proposition
A good value proposition highlights what sets you apart from your competitors. At the same time, it takes into account the way customers define the value of your services.
Here are some of the most common characteristics of a good value proposition:
- It’s Clear: A value proposition that’s clearly expressed will help you reach out to your potential customers more effectively. It should outline the benefits offered to them. For example, if you offer free shipping on all purchases, it must be made very clear that this benefit is only available to customers who purchase products that meet your minimum order requirements. The customer’s understanding of these requirements should be your foundation when improving your company’s value proposition.
- It’s Easy To Explain: Your value proposition should be easy to understand for your target audience. It anchors your offline and online marketing strategies to ensure you’re reaching potential customers.
- It Highlights Your Company’s Strengths: A value proposition describes the product or services you offer in a way that lets your customers know about your strengths. It should highlight the strengths of your company. This should come from two sources: your own knowledge of your industry and the resources you have at your disposal.
- It Educates Your Target Audience: A good value proposition explains how customers will benefit from your product or services. It must include a clear description of how your company’s offerings will help you meet and/or exceed customer expectations. When crafting your value proposition, you need to answer questions like:
- What will happen when if your customer has a problem?
- How will your company improve customer satisfaction?
- How will your company improve customer relations?
- Will your company’s product/service help your customers improve their lives?
How To Write A Value Proposition
A company’s value proposition is a crucial part of branding. Writing a value proposition is not just about outlining how to sell a product or a service to your customers. The actual value proposition should also show customers why they should choose your business as well as describing the tangible benefits they gain from you.
There’s no such thing as a perfect business, but a good value proposition shows you have thought about every aspect of your business and built your business around the ideas that take your customer’s preferences into consideration. When you put these points together in one document, you will have an effective proposition that presents a clear and compelling case about why customers should use your products and services.
Here’s how to write a value proposition:
- Assess And Talk To Your Customers: There are many ways to write a value proposition. You can start by talking to your customers, asking them what their needs are and how your company can best serve those needs. From there, you can use your findings to write a value proposition that will meet these needs.
- Present Relevant Information: When improving a value proposition, you should make sure that all of the information presented is relevant to your target audience. Be careful about making statements about your product or service. Make sure that they’re factual, accurate, and clearly identify your company’s strengths. After all, a value proposition is meant to help your customers identify the value in your company’s offerings.
Examples of Value Proposition
So, what does a value proposition look like? Check the following examples of value propositions:
- For a commercial builder: “Our company delivers more square feet for less”
- For a health and wellness business: “Helping people live healthy longer”
- For a plumbing company: “Plumbing out the stress in your toilet”
- For a nursing home: “Your next home where you find comfort”
- For a pharmaceutical company: “High-quality meds that work”
- For a car dealership: “Best cars for the best drivers”
- For a flower shop: “Make someone smile today with our flower delivery services”
- For a lending company: “Money matters, so we provide”
How To Improve A Value Proposition
The most basic type of value proposition is to state that you’re selling a service or product to someone who is looking for something specific, and you want them to get it. In other words, you need to sell them the solution to the problem and not the product.
Here are some tips to improve your company’s value proposition:
- Make Your Target Audience Understand Your Product: One important thing to remember is that your customers don’t know what they want. Some of them may not know the solution to their problem because they don’t know what that product or service is. Therefore, your goal is to make your customers understand that they need what you’re offering to solve their problem. When you do this step, you’ve made your value proposition a very strong one.
- Focus On Providing the Solution: Sell a solution to a problem, and not a product or service. This would make what you’re offering more relevant and valuable to a potential customer.
- Create Series Of Offers: You also need to create a series of offers by offering the solution for free. You can offer to give the solution for free in order to get the client’s business. This can give you more opportunity to sell your offerings because people will become more attracted to your products and services when they see that they can get something for nothing.
Your company’s value proposition is a description of who you are, what you offer, and why customers should choose your company. A value proposition is also a promise—it reflects your commitment to providing with better quality products and services that meet their needs.