There is a lot of chatter about value propositions these days. Why? Because an energized, differentiated value proposition is the first step in developing a strong brand. Having a solid value proposition gives everyone in your organization a definitive answer to the simple question: “What does your company do?”
What is your value proposition?
It is a statement that defines what you do, who you do it for and how you do it uniquely well. It should differentiate you from the other choices your customer may have.
How do you get to your value proposition?
Give deep consideration and exploration to these three questions.
What do you do? What is the real benefit you deliver to your customers? Here are some questions to help you define this:
- What do you sell? (product categories)
- What do you deliver beyond the products you sell?
- What problem do you solve for your customers?
- How is your customer’s business improved by your product or service?
- How is your customer’s workday improved or enhanced by your product or service?
Who do you do it for? Define your target customer.
- What type and size of company?
- What industry are they in?
- Who is your primary contact within the company?
- What is their primary responsibility?
- What matters most to them in a vendor?
- What motivates them to change vendors?
- Do you have more than one contact? What are the other roles? Repeat the questions for each role?
- What other vendors compete for your customer’s business?
- Who is your biggest competitor?
- How are you different?
- In customer experience
- In pricing
- In product or service offering
- How are customers better off sourcing from you over your competitors? (Think not only of other independent distributors, but of other competitors like Staples, Amazon and other sources for purchasing some or all of your products.)
Write down your answers. Engage key stakeholders and employees for input.
Finally, be sure you have considered the objective voice of your customer. Compare your point of view to that of your customers. Never forget that no matter what you think or say, your real value resides in the mind of your customer.
What do you do with your value proposition?
Once you have defined your value proposition you should share it with your team. You should use it to guide your messages and your marketing.
If you would like help creating an energized value proposition, reinventing your brand or reimagining your website, click here to explore the process.