A value proposition is a statement that answers the ‘why’ someone should do business with you. It should convince a potential customer why your service or product will be of more value to them than similar offerings from your competition. You know why your company is great, but do your potential customers know what sets your brand apart?
A good value proposition can give you an advantage over your competitors and is often what your prospects use to evaluate you. And for many consumers, your value proposition is the first thing they encounter when exploring your brand. So, having a clear, concise value proposition is more important than ever. (Consider this: You’ve got less than a minute to capture a site visitor’s attention.)
When creating a value proposition, it’s important to identify all the benefits your product or services offer. Describing what makes these benefits valuable in a quickly digestible way for the reader will help your value proposition make an impression. It’s also critical to identify your customer’s main problem your value proposition helps solve. By connecting this value to your buyer’s challenges your value proposition will become more clear. This is what helps differentiate your brand as the best provider of this product or service.
Top Characteristics of a Great Value Proposition
Be concise and easy to understand
Define what you do
Make it easy for someone to find you in an online search
Explain how your product resolves a pain point for your potential customer
Be displayed prominently on your website and/or your consumer touch points
Answer the question: “If I am your ideal customer, why should I buy from you instead of any of your competitors?”
That seems like a lot to fit into a concise statement, doesn’t it? So it should come as no surprise that creating a good value proposition is a struggle for most marketers. Marketing experiments.com surveyed marketers and found that many struggle with value propositions because either:
Their company hasn’t identified one
Their company doesn’t clearly express it
Their company isn’t testing or measuring its value proposition