BUSINESS OWNERS: WHAT IS YOUR VALUE PROPOSITION?
One of the biggest mistakes I see with websites and marketing materials is a missing or poor value proposition. So, let’s dive into it:
WHAT EXACTLY IS A VALUE PROPOSITION?
A value proposition is what makes your company attractive to prospective clients. It explains how your product solves or improves a customer’s situation and what specific benefits you deliver. Simply put, it’s the reason why a business would pick you over your competition. This can be a feature, innovation and/or service that you offer that sets your business apart. Your value proposition should be communicated in plain English, so that your audience is able to read and understand it immediately.
WHAT YOUR VALUE PROPOSITION IS NOT.
It is not a tag line, catch phrase, or positioning statement. These can be derived from your value proposition, but it’s not the same thing.
CRAFTING YOUR VALUE PROPOSITION.
Your value proposition should answer the following questions:
- What product or service are you selling?
- What value/end benefit does your product or service provide?
- Who is your target customer?
- How is your product or service different from your competitors?
A good format to follow is a one-sentence headline, followed by a two- to three-sentence paragraph explaining what you offer, to whom, and why it’s useful. Additionally, you can list key features or benefits, and add photos of your product or a hero shot.
Here is an example of what a value proposition could look like:
We help small businesses with a limited budget market their product or services easily.
With so many possible avenues available in business marketing these days, our services bring clarity to our clients on how they should spend their marketing dollars. We work hard to earn our clients’ trust and truly be a partner. We take care of the details, freeing them up to do what they do best: running their growing business.
DO’S AND DON’TS OF A VALUE PROPOSITION:
- Do make sure it’s clear and easy to understand what your product or service is.
- Do make sure it’s compelling and relatable.
- Do make sure it communicates the benefits a customer will get from using your product or service.
- Don’t use business jargon or hype language.
If you’re still stuck on how to write it, click here for seven useful templates!
APPLY YOUR VALUE PROPOSITION:
- Capture your value proposition clearly in your tagline. Some good examples:
Pinterest. A few (million) of your favorite things.
Trader Joes. It’s not complicated. We just focus on what matters — great food + great prices = Value.
- Your value proposition should be apparent on your website landing page. It should be the first thing you communicate to your website visitors. Download landing page examples.
- Make sure your value proposition is integrated into your brand foundation. It should be articulated throughout your branding and communication.
Your value proposition could be the difference between losing a sale and closing it. It’s a promise of value to be delivered, and communicates why a customer should pick you over a competitor. Take your time crafting a good value proposition using the key questions provided, and then apply it throughout your business.