Notice how many companies claim the same thing? We see lots of websites and marketing materials stating similar value propositions – “best in class”, “unique in our commitment”, “maximize return on investment” and all that “value prop” jargon.
If everyone’s claiming the same thing, then what’s the difference? A value proposition should speak to a product’s or service’s uniqueness (preferably why they are new, useful and ‘wow’), but when everyone’s claiming they’re the best, we think it’s time to rethink and reevaluate propositions.
If you’re a new company just starting out, then take time to write an excellent value proposition using the questions below as a guide. On the other hand, if you’ve been in business for quite a while now, then review this list again and see if you can sharpen and rewrite your value proposition to truly reflect what your business is about.
When trying to define and communicate your value proposition in today’s tough economy, these are some of the most important questions to ask:
- What is the need or problem of the customer that your product or service aims to provide a solution to?
- What are the benefits of using your product or service?
- What do you offer that is not being offered by the competition?
Once you’ve answered these questions, you’re ready to get down to business: write a superior value proposition – one that is truly unique. Here are some tips on developing or updating your value proposition:
• Customize your value proposition according to the specific needs of your prospects/customers. Don’t just write a general statement.
• Value propositions are not static. Just as your customers’ needs change, so should your value propositions, in order to meet their changing needs.
• Watch your competition. They may announce new capabilities, so be prepared to offer newer, better ideas/capabilities too and state that in your proposition.
• Mind your relationships. Someone once said that the greatest value often lies outside the product you are selling, such as the relationships between employees, between customers and employees, between top management and clients. Your company’s reputation, responsiveness and trustworthiness are all a part of your value proposition, so make sure you also emphasize those dimensions as well.
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