The purpose of owning a business is to serve. Once you get this idea in your head, it’s easy to come up with a value proposition.
A value proposition is the fuel that keeps your business moving forward over the long haul. Value propositions can weed out the strong from the weak.
Here’s a guide to understand how to use a value proposition in your business.
What is a Value Proposition?
A value proposition is basically a statement of why your business is important. But the question to answer when thinking of a value proposition is who your business is important to.
If your company is there to serve the needs of its customers, then your value proposition will resonate with the people you aim to serve. If your value proposition is only in place for profit, it might fall on deaf ears.
Here’s an overview of ways a strong value proposition can boost your business success.
Authenticity
The key to brand loyalty is authenticity. Getting a one time sale is great, but what about getting a lifetime of sales?
Every business owner dreams of the day when customers are beating down the door for more information about the product. This happens only with cult brands.
These are the brands that customers will follow to the ends of the earth. Think Porsche, Apple and Google. They’re celebrities to their customers and their products are the holy grail.
It takes time and innovation to get to this point. But a healthy start is having a value proposition that shows authenticity.
Top brands with a strong value proposition just seem to ‘get it.’ Customers buy from these brands even though there are much cheaper options available.
Put your brand in this category by making your value proposition more suited to the specific needs of your audience.
Meets Needs
The key to any product or service is meeting a customer need or want. These needs or wants should be from the customer’s perspective not just your own.
You could actually be coming across tone deaf by trying to meet a need the customer didn’t ask for. This is especially true when you find you’re selling only one service in your business.
It’s important to trim the fat and do only that one service well instead of trying out too many. A good value proposition is all about know which services and products are going to do the best good in the shortest amount of time.
When you mention our value statement to a client in a meeting, they immediately feel a weight lifted because your company is there to save the day. Be the hero.
Save your customers from the perils of the poor performance of competitors. Let them feel the sense of security with doing business with a brand that understands them.
Boosts Sales
The bottom line of any business is what keeps the heartbeat going. Increase your bottom line by making sure your value proposition is one that sticks.
Your customers are constantly being wooed for their dollars. What makes your brand the one they should choose as their one and only?
This can’t be a weak answer. Make your proposition stand out from the crowd with its clarity of vision.
This is what keeps you apart and boosts sales. Keep in mind that you don’t need to reinvent the wheel with your answer.
Some of the strongest value propositions are the ones that are simply clear and precise. Customers get it.
But brevity and clarity takes time. Don’t rush the process just to get your products on the market.
The only person waiting with bated breath for your new product to drop is you. What your customers are waiting for is the chance to be wowed.
They’re waiting for a hero to come take away their pain points and replace them with boosted productivity.
Don’t Oversell
The only thing your value proposition should never do is oversell. You might undersell while you’re still learning to communicate about yourself, but never ever promise what you can’t deliver.
That statement is worth repeating. Never ever promise in a value proposition what you can’t deliver.
Good companies take this a step further by not promising what they can’t overdeliver. Giving more than your customers expect to receive is the cornerstone of brand loyalty.
Brand loyalists are wowed to the point of becoming raving fans. They pull in friends and family doing all your marketing for free.
Its the number one way to get the brand credibility you crave. Work on these raving fans by making sure your products deliver far beyond where you hoped they would go.
Partner with the Best
One way to make your value proposition appear more credible is to partner with top companies that align with your mission. Notice this advice isn’t to simply find the biggest corporate brands you can find.
You’ll want to make an impact by making sure your values align first. Imagine customers learning you’re in cahoots with a brand that goes against their moral principles.
That could be devastating as you discover more for your brand image. Take your time in building partnerships that take you further, not backward.
Marketing Value Proposition
You need the option to create an incredible value proposition that’ll stand the test of time. Your customers benefit from a reliable brand that walks their talk.
If this is you, let it shine through with a well thought out statement of what you can deliver beyond their wildest imaginations. For more information and tips, visit our blog for updates.
The post This Is the Importance of a Value Proposition in Marketing first appeared on Don Diva Magazine.