Creating your value proposition can't be too hard - right? After all, your differentiation and positioning should be obvious because you have a great product. But what about the implicit differentiation? What does your brand say?
Your value to customers is based on how they perceive your company. This creates your branding. So why not control it!
Before we jump into the checklist below, let's define value. A basic definition is that it is what customers are willing to pay extra for. At the end of the day, it's the reason why your customers buy from you instead of from your competitors.
The importance of this is worth considering. Your value is more than features and benefits. Since your ultimate goal is to create lifelong relationships with customers, this idea needs to part of the value equation. The only question is how much of this value-add do you, or can you, incorporate into a compelling value proposition statement?
In another article I discuss implicit differentiation and viewing your business from the customer's perspective. Having a focus on great customer experiences is a wonderful way to prove that have added value, and improve your differentiation and positioning.
Value propositions are about impact. Compelling value propositions are all about smacking your potential customer right between the eyes with a WOW so they say ‘I must have that'.
The only way that's going to happen is if the benefits you claim to deliver clearly outweigh the costs and risk to the person making the decision. Your differentiation and positioning then rings true in your customer's mind.
Several things fall out of this. Knowing this will help you to focus on creating a marketing message using the SUDS Messaging Formula that positions your company and solutions properly. But remember, it's all from the prospective of your target market – the person who will buy your offering, what they think about your differentiation and positioning.
If your prospective market segment doesn't see the WOW, either your product does not offer (enough) value and doesn't address their true pain points, or you haven't done a good job of putting in all into plain words as to why it is in fact so great.
Creating a value proposition is critical for you success – consider this an investment in your future. The best way for you to approach this is to ask yourself some honest and soul-searching questions.
Take the answers and begin creating a value proposition and core marketing message that makes sense for your audience. Tell your customers what your company will deliver to them and the results they can expect to see. The benefits to you and your company will be huge.
You are well on your way to creating a value proposition statement with a powerful message. Put it all together with the Value Proposition Formula using the SUDS method and your sales will soar. Also, check out how you can build a value-added company with implicit differentiation that focuses on great customer experiences.
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