Steps To Create The Best Value Proposition For Your Business
Define Your Purpose
One of the main killers of an effective value proposition is not understanding your own business’s purpose. You can tell a lot about a business when reading its mission and vision, like why it exists and whether it supports charitable initiatives.
Your vision is a long-term goal and defines what you want to achieve with your business. Keep in mind that the vision is dynamic and must be adapted as your business grows and reaches its goals.
Your mission comprises smaller, short- to medium-term goals aimed at helping you achieve your vision. Once you know what your vision is, ask yourself how you will achieve that goal. The answers will form the basis of your mission statement.
Understand Your Target Audience Personas
One thing about weak and ineffective value propositions is that they are created without the target audience in mind. Instead of helping the target audience understand how a business can meet their needs, such value propositions focus on the business itself. Remember, your business exists to serve its customers, not itself.
For you to create a value proposition that communicates the intended message effectively, you will need to research and define your audience personas. This means understanding aspects like demographics, behaviors, and interests.
Do A Competitive Analysis
Remember that the first goal of an effective value proposition is to grab the attention of your target audience. Only after having done this can it proceed to provide valuable information.
However, in order to do this, it is important that you stand out from the competition. To stand out, you must study them to find out why they are successful and why they have a large market share.
Having done this, you will be able to develop winning marketing strategies that will put you ahead of your competitors. From this, you’ll be able to create a value proposition that appeals to your target market much more effectively.
Create A List Of Benefits
Sit down with your business partners and marketing team, and brainstorm on the various benefits that clients can receive from using your products or services.
Try to come up with as many of these as possible and divide them into both functional and emotional benefits.
Functional benefits have to do with the actual physical benefits while emotional benefits have to do with intangible results such as getting rid of confusion, boosting self-esteem, and greater confidence.
Once you have come up with a list, you will use these when writing the proposition.
Create A Rough Value Proposition
Now it’s time to formulate your value proposition. Note that it’s only a rough draft that you will edit and refine to come up with the final version.
When writing, focus on the factors that sets your business apart from the competition and on the benefits of using your products and services.
Remember that you need to write it in a way that appeals to your target audience persona, which you defined in step two above. Write the proposition as if you’re writing it for just one person—your perfect customer.
Keep the language simple, succinct, and impactful.
Perfect The Value Proposition
Now that you have a rough value proposition, it’s time to edit it and perfect it.
The key steps that you will need to follow are:
- In the headline, state the main benefit to the customer.
- Under a subheading, go into detail on what your business offers, and why.
- Consider adding a visual element such as a video or image.
Keep in mind that once complete, your value proposition will be on your website and most of your marketing materials. Therefore, it must instantly grab attention and directly address how your business can solve your customers’ problems.
With the above steps, you can craft a unique and highly engaging value proposition to communicate your business’s value to customers. Remember to keep your target audience in mind when formulating your value proposition.
Also, it means little to have a good value proposition if you don’t use it effectively. It should be one of the first things people see whenever they interact with your brand, so make sure it stands out on your website and in your marketing campaigns.