CAREER ADVANCEMENT / NOV. 26, 2014
version 3, draft 3

How to Create a Value Proposition

Before purchasing anything from you, most people will ask, ‘Why should I buy this idea, service or product from you and not anyone else?’ Your value proposition should answer this question in a very convincing way. A value proposition is a brief statement that tells your prospects how they will benefit from using your idea, service or product. It does not focus on the features of the offer, but rather on the value it provides to potential clients.

Here are some of the benefits of a strong value proposition:

  • It captures the attention of your prospects and gives them the desire to learn more. If you had called or sent an email, they may now be willing to meet you in person
  • It helps you stand out from your competitors
  • It generates more leads and makes it easier to convert prospects to customers
  • It enables you to increase your market share

The following are some tips for creating a strong and memorable value proposition:

1. Understand your customer

Before creating a great value proposition, take time to consider your ideal customer. Ask yourself the following questions:

  • What does my ideal customer need?
  • What do they value?
  • What problems do they need to solve? Do they want to save money, become more productive, or less stressed?
  • What improvements do they want to see?

Don’t make the mistake of trying to guess what customers want. The best way of getting answers to these questions is by carrying out a market research. You could either carry out a survey or simply ask customers directly.

2. Know your idea, service or product

Think about your offer from the customer’s perspective. How does it solve their problem or help them improve? What value does it provide? To grab the attention of the customer, write the value proposition in terms of numbers and percentages. How much will your idea, service or product improve efficiency? How much will the prospect improve, save or gain? How much faster, smarter and safer is your solution? For instance, ‘Save up to 30% of your power costs with our new energy-efficient generator’.

3. Know your competitors

Before coming up with a unique value proposition, take time to study your competition. Find out how your idea, service or product is similar to that of your competition, and think of one thing that differentiates you. Highlighting your uniqueness will give the customer a reason to buy from you. For instance, ‘Buyers of our homes will receive free Wi-Fi and cable TV installation at no extra cost.’  

4. Use the customer’s language

When creating your value proposition, be sure to use language which will appeal to your customers. If you are writing for a technical audience, use technical jargon which they can identify with. When writing for a youthful audience, it would be advisable to use slang common in their everyday conversations.

To strengthen your value proposition, you could consider using customer testimonials. This will make your offer appear more credible. In addition, you could offer an assurance like ’30-day money back guarantee’

 

Image source: Scoop

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