How To Create A Value Proposition For Your Business
Today’s blog is about your VALUE PROPOSITION.
Wikipedia defines a value proposition this way: “It is a promise of value to be delivered, communicated, and acknowledged. It is also a belief from the customer about how value (benefit) will be delivered, experienced and acquired.”
But there’s a lot of confusion around what a value proposition really is.
Is it the same as a brand promise or a tagline? No.
Simply stated, your value proposition answers that huge looming question in the mind of your ideal prospect and must be answered to win more of your most valuable customers:
“If I’m your ideal customer, why should I buy from you – instead of one of your competitors?”
Even if a prospect matches your ideal customer prototype exactly, and even if she was referred to you, she doesn’t know yet if she wants to buy from you.
It’s your job to give your ideal customer reasons to buy from you!
- To do that you must appeal to what she wants more than anything else in the world in regards to what you offer.
- And you must demonstrate that it cannot be found anywhere else.
- And you must prove that what you offer actually works.
When I work with clients in my Attract Your Ideal Customer program, we will spend an entire module developing their value proposition. Because that’s how important it is.
So, how do you answer the question, “If I’m your ideal customer, why should I buy your product or service – rather than one of your competitors’?”
There’s a really cool process that I use to get to the answer faster than you can blink an eye! (Well, maybe not that fast, but I it’s faster than I can without it.)
I’m certified in Value Proposition Development by Meclabs, The World’s Largest Research Institute Dedicated to Discovering How People Make Choices. I can’t share the entire formula in this blog, but here are a few steps to light up your brain cells and get you closer to your value proposition.
4 Steps That Will Help You Create A Powerful Value Proposition
Step #1: Make a list of three to five features and benefits of your company (or a particular service or product that you need to promote).
Step #2: Rate each on a scale of 1-5 in terms of how appealing it is to your ideal customer. In other words, how close does it come to be the answer to her prayers?
Step #3: Rate each one again, this time on a scale of 1-5 in terms of exclusivity. In other words, does any other company offer exactly the same service or product? (Tip: there is a lot about what you do that’s different, I guarantee you!)
Step #4: Take the top ranking features/benefits and prove them. In other words, what proof do you have that yours is appealing and more exclusive?
Here’s an example of the value proposition formula at work:
I offer a course that’s designed to help businesses get totally clear about their ideal prospects. We uncover the words that will attract and connect with them. And turn them into valued customers.
So, I must answer this question,
“Betsy, if I’m your ideal client, why should I invest in the Attract Your Ideal Customer course instead of any other marketing course out there?”
And here’s my answer:
- Because it’s the only private course focused on getting you totally clear about your ideal customers and uncovering the words that will instantly connect with them.
- Because it’s working for hundreds of small businesses. They’re not shy about telling the world about it, either. Check out my client reviews.
- Because I am trained and certified in value proposition development. Your value proposition (which most businesses have never before developed) is a key component in articulating a company’s value to their ideal customers based upon appeal, exclusivity, and proven results.
- Because I dedicated 15 years to perfecting my process and formula. And I will hold your hand as I guide you one-on-one from where you are now (confused) to where you want to be (focused and successful).
- Because I will make sure you implement everything you learn. (Unlike other marketing courses that leave you needing more help).
I hope this article helped you get a little closer to your value proposition.
Want to get started on identifying your ideal customer? Click here for my free workbook: 5 Things You Must Know About Your Ideal Customer
Want my help to find your ideal customer? Let’s chat! Schedule an appointment with me below:
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