Do you have a value proposition?
Do you struggle in your marketing either online or offline?
Does your website get consistent or growing traffic that results in more sales for your business?
If not, the foundation of your business either may not exist or it may have serious cracks.
Your value proposition is the foundation of your business; it’s the cornerstone and the most important thing you will ever do to ensure your success.
It represents that you know what business you are “really” in and that you are relevant, competent and different from your competition.
Are you ready to discover how to create an inspiring and powerful value proposition? If so, listen in or read the article.
Create a Value Proposition that Inspires Your Prospects and Customers
Do you have a value proposition?
Do you know what your value proposition is?
Are you losing sales because people cannot quickly and easily identify who you are, what you’re about, and more importantly how you benefit them?
Value propositions are one of the most overlooked things when it comes to marketing. The reason for that is simple; it’s because they are hard to come up with.
Unfortunately, many small businesses focus exclusively on features and benefits.
However, the problem is that the consumer knows what the features and benefits are. Many times they have done the research and they understand what the features and benefits are before they even start their search.
What they don’t understand is how what you do is in-line with what their problems, needs, wants or desires are.
That’s where having a really clear value proposition comes into play.
What is a Value Proposition?
A value proposition is an innovation service or feature that is intended to make a company or product attractive to its customers.
If I were to boil this all down to a simpler statement, I like this:
“A value proposition: How are you attracting people to your message through a statement that attracts those who are able, willing, and ready to buy from you?”
That’s a clear-cut, simple definition in my mind of what a value proposition really is.
If I were to ask you right now;
Mr. or Ms. business owner, what is the business that you’re “really” in?”
Could you tell me?
I have met only a few people in the last few years out of hundreds that could.
Perhaps you cannot?
What you can tell me is what you do. But I’m not interested in what you do. I can figure that out on my own.
What I’m interested in is:
- How does what do you do make a difference in my life?
- How does what you do solve a problem for me?
- How is what you do meeting a specific need that I have?
- How does what you do fulfill a desire that I have?
The answer to those questions should be quickly said and felt in your value proposition.
What Business are You “Really” In?
Another way of saying it is “What business are you ‘really’ in?”
What business you’re “really” in is defined more from the customer’s point of view than from yours.
What does a value proposition look like?
I’m going to share with you a process to help you determine your value proposition and then I’m going to share a few examples of value propositions created from the process.
What do your customers need to see and understand about your business before they can make a buying decision?
They need to see coherence and understand the business you are “really” in.
This is a critical question to ask yourself when you start thinking about your online or off-line marketing.
If you are going to create landing pages what should you say on those landing pages?
If you choose to blog or write articles, what will you write about?
What should be included in a white paper?
If you create videos or make a regular podcast what should you say?
All of these things really come down to your value proposition because your value proposition should be everywhere.
It’s the foundation of your business and your marketing!
How to Create the Value Proposition Through Four Questions
How do we create the value proposition? I love taking my clients through the journey of discovering what business they are “really” in and coming up with a powerful and succinct statement.
I do this through four questions:
#1 – What Problems are You Passionate About Solving?
What problems are you passionate about solving?
While your business may solve many problems, there are only a few that you’re truly passionate about.
What are they?
#2 – What are the Tangible Values Your Customers Experience and How Do They Feel About the Experience?
The challenge to this question is to personalize it and get into the experience from the customers point-of-view.
That means you have to understand why they bought from you and how they felt about their experience before, during, and after their purchase – no matter your business model or industry.
#3 – What Specific Problems Do You Solve for Each Tangible Value?
Yes, you do solve a problem. It may be stated as a need or desire, but ultimately people buy based on this idea. Even if the product or service is a luxury item, there is a perceived or felt problem that must be uncovered.
The problem must be written from the customers perspective and in first person.
#4 – Who Do You Specifically Solve Each Problem For?
I’m not interested in a broad profile, I want to know specifically who this person is and what their motive is for needing the problem solved. In other words, what’s the story behind the problem?
Where Does the Value Proposition Come From?
Out of those four questions comes your one statement that is your value proposition.
Your value proposition is defined by the business that you are “really” in and it’s from the customer’s point of view.
The value proposition is discovered by using one word for each problem, grouping them and then going through a process of elimination until the right combination of words expose it.
What is Included in a Value Proposition?
A value proposition has to include four things or it’s not a value proposition. It’s just a statement of fact.
A statement of fact may or may not make a difference for your prospect.
What are the four things your value proposition must include?
#1 – Is Your Value Proposition Relatable to the Customer or Prospect?
You have to be able to relate to one person based on their life experience and one problem.
#2 – Does Your Value Proposition have a Clear-Cut Benefit?
If the value proposition is unclear about the benefit to the customer or prospect, then it’s not a value proposition.
#3 – Does Your Value Proposition have “Real” Value?
The key word here is “value.” What is in the value proposition that is valuable to the customer or prospect?
#4 – Does the Value Proposition Differentiate You From Your Competition from the Customers Point-of-View?
Are you just like everyone else that your prospects and customers interact with or research? Your value proposition ought to distinguish you and become part of the customer experience.
Examples of a Value Proposition
Allow me a couple of examples of some great value propositions that were created through my bootcamps.
#1 – Empowering entrepreneurs who feel uncertain and overwhelmed by how to monetize their knowledge through the internet
Lisa Irby – Internet Entrepreneur
Is that relatable? Absolutely! How many entrepreneurs feel uncertain and overwhelmed?
Is there a clear-cut benefit? Absolutely! Monetize their knowledge.
Is there real value? It’s found in the word “empowering”.
#2 – Empowering women to live with confidence knowing that they can be productive at home and feel free from clutter and chaos.
Kathy Roberts – The Tidy Tudor
Is it relatable? How many of women out there are struggling because their life feels like it’s in chaos thanks to clutter.
Is there a clear-cut benefit? Productive and free from chaos in their lives.
Is there real value? It’s found in the word “empowering.”
#3 – Transforming those whose painful emotions lead to negative experiences that keep them from fulfilling their potential and dreams.
Sylviane Nuccio – Transformative Coach
Is it relatable? How many of us have painful emotions that have led to negative experiences?
Is there a clear-cut benefit? Fulfill your potential and dreams.
Is their real value? Transformation
#4 – I use the right info to set expectations, turn complex ideas into simple actions and connect you with influential decision makers.
Rabiah Sutton – CEO / Founder FWDThink
Is it relatable? How many people have walked into an opportunity with the wrong expectations and it was a painful experience?
Is there a clear-cut benefit? Turn complex ideas into simple actions
Is there real value? Connect you with influential decision-makers
#5 – I am in the business of defining strategies identifying risk and collaborating with partners in order to defend your systems and minimize the impact.
Vijay Mehra – CEO / Founder KYM Advisors
Is it relatable? It is if you need to define strategies and risks.
Is there a clear-cut benefit? Defend your systems (in particular digital files and software)
Is there real value? Minimize the impact that could result from catastrophic events
These are all companies that I’ve worked with and helped them identify their value propositions.
You can see their testimonials on the testimonials page.
Do You Need an Inspiring and Clear Value Proposition?
If you want to create a value proposition that opens the door to opportunity for your business, you have to go deeper than you’ve ever gone before.
You have to discover…
- The problems you’re passionate about solving
- The tangible values your customers experience(s) and how they feel about the experience(s)
- The specific problems you solved for each tangible value
- Who you solve each tangible value for
Your value proposition is the foundation of your entire business and in particular of your marketing.
If you’ve never given much attention before to discovering the business that you’re “really” in, that may be the one thing that is holding your business back and preventing you from achieving the profits you seek.
If you would like to learn how to create an inspiring value proposition that can change the trajectory of your business forever, schedule a free, one-hour, no obligation consultation with me and learn how your value proposition is the foundation for your business.
Click here or on the image below.
Do you have a question, idea or thought you would like to contribute? Share below in the comments and let’s talk about it!