The Art of Creating a Magnetic Value Proposition
Creating a Magnetic Value Proposition
A great value proposition is essential for any business hoping to clearly communicate to customers why they are different, better, and worth purchasing from.
Without brand recognition, you’re going to have to paint a very clear picture as to why you are worth people’s time.
Today, I am going to share with you the fundamentals of creating a value proposition that truly persuades people, as well as look at what pitfalls you should avoid, from Help Scout……
A value proposition is the art of communicating “here is why you should buy from us” to your customers, so it can and should permeate your whole site and your customers’ experience.
Simply put, a value proposition is “the promise of value to be delivered and the belief from the customer that value will be experienced”
Why exactly do value propositions matter?
“A problem well stated is a problem half solved.”—Charles Kettering
Research has shown that people pay attention to specific facts, especially when they relate to a desired benefit.
What are some ways you can make sure your value proposition is effective?
- Give your offering relevancy to customers by saying (outright) what problem it solves, or how it will improve their current situation.
- Quantify the value for your customers by listing specific benefits
- Place priority on your point of difference, which is the reason why your solution is better than the competition in some notable way
- Have you ever landed on the homepage of a website and thought to yourself, “What the heck are they even selling?”
- You must recognize that many companies will be competing for the general problem that you want to solve.
- How then, can you stand out?
- You need not shy away from your similarities with competitors, you must focus on your biggest point of difference when crafting your value proposition:
- You may match a competitor on every dimension of value except one.
- In at least one element of value you need to excel.
- In this way you become the best choice for your optimum customer.
- Use Your Customer’s Language
- To find out how customers think about your product, you’re going to have to get feedback by talking with current customers and even conduct surveys in order to ensure that when customers find your offering, their reaction will be: “It’s like you read my mind!”
Here are a few persuasive elements that add authority to your value proposition:
- People like hearing from…well, other people.
- It’s why customer testimonials are so effective at getting people to consider and believe your offer.
- (Remember, just because you’re telling the truth doesn’t mean customers will believe you. It’s your job to convince them.)
- Many companies promise the world, but if you can be specific about what you plan to offer to make sure customers are happy, it will go a long way.
- Instead of “Satisfaction Guaranteed,” try things like “Fall in love with it or send it back in 30 days, no charge!”
- You can also offer assurance through the form of support, community, and content.
- People love knowing that others will be there to help them with their purchase.
- Outside of specific testimonials, social proof such as notable press features serve really well for customers who might feel hesitant about buying from a new company.
- You can also feature some interesting facts about your performance, or the notable brands you serve
Make It Plain as Day
- Your point of difference needs to be clear, since one of the roles of your value proposition will be to differentiate yourself from competitors.
- One way to do this is to focus on an established benefit that everyone can recognize.
- These are the things that concern people in a variety of markets.
- Newness. “There’s nothing else like it” can be a very risky value prop in most industries.
- Customization. In some industries, the customers really love “the sandbox,” in that they like being able to create things on their own.
- Design & Usability. Many buyers have a great eye for design and usability and will probably pay a premium to get it.
- Status. Do most people who buy a Ferrari know about the inner-workings of the car or even care about F-1 racing? A Timex can tell time in the same way that a Rolex can, but it isn’t as prestigious. Status is often achieved by having a superior product
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To Your Success,