Having a good value proposition will make your business get ahead in the market as it will act as a competitive advantage. A well-written value proposition can make or break a deal, greatly affecting your revenue and the impression that you have on customers. In this article, we will look into what a value proposition is, why is important and how you can make sure you get it right.
A value proposition is a written proposition for your customers that states information about the products or services that are being provided to the client. In a value proposition, the benefits your customers will be getting from your product or service should be a focus, with clear and simple statements sharing the value your customer will gain from your product. As well as this, a value proposition should also include the approximate price charged to customers for each of the benefits provided.
A value proposition is a very important factor when it comes to sales as it will act as a massive incentive for buyers to purchase your product or service. Without it, customers may not understand the full value of what you may be offering them, possibly leading to your business missing out on customers. Your business should try to ensure that you offer customers a clear and simple value proposition to give them a good understanding of the benefits they will get.
To create a good value proposition, you must have a good understanding of your customers. Understanding your customer’s needs, requirements, and what benefits they want to receive from a product or service is a great way of ensuring that you create a good value proposition that is relevant and entices your customers. Tips for ways to research your customers:
Primary:
Secondary:
When collecting this information, you should have a good amount of information to create a customer persona and have a good understanding of who the customers are in your market. Having a value proposition that is targeted in a more personal way to your demographic can result in a higher-performing business, increasing your sales and revenue.
Knowing how valuable and beneficial your product or service will be for your customers is a very important factor when creating a value proposition for your customers. You must understand how your product or service will help customers’ pain points and get a positive emotional response out of them. This information will help you plan your value proposition to be as successful as possible, having the benefits of your product or service displayed in a cohesive and simple way for your customers to fully understand the value that you will bring them.
To ensure you have a successful value proposition, you should try and follow the typical structure that many high-performing businesses use. This structure is:
This section will look into why this structure should be followed and the benefits that you will get from this.
Firstly, a clear headline is very important as it will capture a potential customer’s attention, generating more interest and intrigue in your product. This headline should be clear, simple, and memorable headline to make sure that the customers become interested, and not confused or overwhelmed by your business’s product or service. A good example of this is using a catchy slogan, like the Mcdonald’s slogan “you deserve a break today” This slogan intrigues customers and garners attention as it is a simple, easy-to-read but enticing headline that will bring customers in.
This subheading or paragraph is just as important as the headline that attracts you. This sub-heading or paragraph should be a few sentences long that will state the benefits customers will get from using your product or service. This will be what customers look at to see if it is relevant to their pain points, so it is very important to get it right.
Using eye-catching relevant visuals is a fantastic way to gain potential customers’ attention, build your brand image and increase your sales. The images used should be relevant to the products or services that you are offering, and also include some branding to make sure customers become aware of your brand. This will keep customers more engaged and intrigued with your business, while also making you more recognisable to the public.
When a business is crafting a value proposition, these are two challenges that they may face:
Differentiation – If you are unable to differentiate your value from competitors, customers will not have enough incentive to choose your product or service over a competitor. Having phrases in your value proposition like “high-quality” are used very commonly in different industries and may not stand out to customers. Instead, you should try to make your value proposition original and use emotive language about customers’ main pain points. This will make it more likely that customers will be interested and engaged in the product or service you are offering.
Unfocused benefits – The benefits that should be included with your value proposition should be focused and relevant to the customer’s pain points. A good technique that businesses use is to state:
This will keep your benefits focused and relevant to your customers, making it easy for them to identify why they should purchase your product or service.
TEB is a sales automation CRM software that will help your business enhance its value proposition to your customers. TEB will help your business to better understand your customers, and see what products or services are performing well and how your team is performing. Key features of TEB are:
See first-hand how your business can benefit from TEB, increasing the number of sales and revenue by scheduling a demo with us.
