Before we get into tips on creating Value Propositions (Value Prop) we need to know what a value prop is. Google defines a value proposition as:
noun: (in marketing) an innovation, service, or feature intended to make a company or product attractive to customers.
Firstly, value propositions focus on the customer and what they get.
Make Me Money
– increase rev
– decrease costs
– retain clients
– get my people to field faster
Save Me Time
– reduce turnover
– reduce my production cycle
– get product to market faster
– make my workforce safer
Now where to you get these actual results? You’ll need to ask your clients that have already benefited from your product or service. This can be a long shot and you better have great rapport to ask for this.
What do you do if your clients won’t give you actual results?
– quote industry research
– dig deeper on your sales pitch that turned your prospect to client
– estimate how you help revenue for your clients
– use empathy and ask ‘what’s in it for me?’
This is not an exhaustive list of activities to generate the Best Value Proposition, but this will get you started and will help frame a conversation with your colleagues and clients to get to the root of what you value your bring. Remember work at it and refine your Value Proposition until you get the reaction from your prospects you want when you state your Value Proposition. This will be a subject that we dive deeper into later.