Our aim through marketing is to create leads that can be developed into prospects, which in turn become buyers and then, hopefully, established customers. Following the AIDA model, this all starts with the initial attention that we seek from the customer, holding it long enough to gain their interest, creating the desire to purchase the product and then converting this to the action of purchasing. One of the key factors in catching the attention of a customer is a strong value proposition. If written correctly and persuasively, the value proposition can also accelerate the subsequent stages.
So – just what exactly is a value proposition? Michael Skok defines it as a positioning statement that explains what benefit you provide for who and how you do it uniquely well. Your value proposition is key to creating a competitive advantage, articulating why a customer should buy your product or service and not anyone else’s. In this article, we will explore why a strong value proposition is so important, and the benefits it can create for your organisation.
A strong value proposition:
- Provides the foundation for your offering. A compelling value proposition will form the basis of and underpin all of your sales, marketing and product development efforts. The value proposition is also part of your overall business plan.
- Is a critical factor in conversion success. A compelling value proposition could mean the difference between closing a sale, and losing it. It is critical to grab the customer’s attention and encourage them to read more about your product, rather than hit the back button.
- Creates a strong differentiation between you and your competitors. If you are able to succinctly convey exactly what your product does, how it is right for that customer and why they should buy it in a way that your competitors are not – you’re immediately ahead of the game.
- Increases not only the quantity but also the quality of prospective leads. Being transparent and candid about the product or service that you provide will mean that your customers are able to qualify their requirements with your offering immediately, saving time in their decision-making process.
- Helps your organisation internally. It enhances your understanding of the competitive landscape – in order to write a compelling value proposition, you must first research your competitors and their offerings in order to differentiate yourself. It also rallies your teams to focus on working together towards a common goal.
Here are some great examples of compelling value propositions.
Spend time cultivating your value proposition, and you will start reaping the rewards!
Bigwave media can help you with everything from writing a great value proposition, to ensuring that it is effectively communicated on a beautifully designed website. Would you like to find out more? Contact us on 01392 492380 or say hello at [email protected].