I have several friends who own their own businesses, so I have decided to discuss value proposition with a few of them. Value proposition is customer value delivered to a specific target market (Roberts 55). When asked about their value proposition, I hear a description of their business model. But that’s not what most customers care about. Customers want to know: “What’s in it for me?” and “Why should I buy from you?"
This is an area that even seasoned marketers have trouble with, because there is so much confusion about what makes a value proposition effective, including how to find one in the first place. Making a few small changes can have a big impact across all of your marketing efforts. I have provided some characteristics of strong value propositions below to help you evaluate.
Crafting a value proposition requires a significant reflection on what is unique about your company and your products and services. Try describing in 10 words why people should buy from your company instead of another. What would you communicate?
Characteristics of Strong Value Propositions:
1. You must differentiate your offer from your competitor's offers
2. You may match a competitor on every dimension of value except one.
3. You need to excel in at least one element of value.
4. In this way you become the best choice for your optimum customer.
5. There is a difference between the value proposition for your company and your product. You must address both.
Characteristics of Strong Value Propositions:
1. You must differentiate your offer from your competitor's offers
2. You may match a competitor on every dimension of value except one.
3. You need to excel in at least one element of value.
4. In this way you become the best choice for your optimum customer.
5. There is a difference between the value proposition for your company and your product. You must address both.
