March 14, 2016
Marketers aim to nurture leads and convert prospects into buyers, while increasing lifetime value from each relationship. Ultimately, marketing is a process of providing ongoing education, inspiration, connection, encouragement, purpose, and resolve -- leading to “yes.”
A foundational communication tool underpinning this process is the value proposition. A value proposition clearly states how your enterprise stands out in the market. A strong value proposition describes your offering, why your solution is best and how you will deliver on your promise.
Fundamentals of a Value Proposition
[What you offer ideal prospects] + [what problem do you solve?] + [in what distinct way or value compared to the competition?] + [with what proof you’ll deliver on this promise?].
Many online worksheets, templates, webinars and workshops focus on developing effective value propositions. Know that a strong value proposition rests on four elements:
Crafting an effective value proposition takes concerted thought and effort. Before you sit down to do that hard work, consider the benefits of this essential statement.
A strong value proposition helps you in your market.
Helps you cut through the hype. This is a concise message communicating to your consumer the ultimate reason to buy from or partner with your enterprise.
Differentiates your product or services. An effective value proposition clearly identifies the ways your enterprise is distinct.
Speaks to your ideal buyer. A value proposition helps you talk to the right people rather than all the people possible.
A strong value proposition also helps you internally. A thoughtfully developed value proposition:
Enhances your understanding of competitive landscape. To position yourself as unique, you’ll need to do thorough research of your competitors and their offerings.
Rallies your team around the same goal. Having your team members understand the value proposition helps them achieve common goals.
Fosters efficiency. Understanding your customers’ view of you and your product can build confidence. This helps you second-guess your efforts less.
Test your value proposition with landing pages, A/B testing and simple sales calls. Not connecting with your target market? It’s time to reframe your value proposition.
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