Creating a compelling brand differentiator makes even the best marketing directors swoon. Amidst endless meetings and to-do lists, who has the time to answer the most important question- why customers should buy from you? This is called Value Proposition (VP).
Without a good business value proposition, advertising and marketing strategy is aimless, just like driving without a map. Sure, you might be driving in the right direction, and eventually get where you’re going, but a good VP take you to your target audience and convert them into your customers.
Moreover, a strong VP helps businesses to:
- Focus on products and services that customers need
- Save your time and money
- Make marketing more effective
- Simplify and clarify the messaging
Studies have shown that strong VPs lift the conversion rates and sales, while the weak value propositions throttle and eventually kill sales. It’s one of the first things that customers should see on your website and should drive all your messaging.
A company’s VP should combine all the best reasons why someone should buy from you rather than going to your competitors. It’s the statement setting you apart and stating what your brand means to the customers. You can even show them case studies, reports and testimonials supporting your claim.
Why? Because no one trusts empty promises. According to few studies, only 11% people trust the advertisers. So, show your customers how your products and services have worked for others. Show them the proof.
Here are six steps to write a powerful value proposition for your company:
- Write down what products and services you offer: Just include everything you offer and reasons why you do it. The reason for this ‘why’ is your VP. When you discover it, harness and share it with your customers so that they can connect with you and become your loyal supporters.
- Describe your Target Audience: It is important because your marketing ads cannot be directed at everyone. Your messaging should only reach the perfect customers.
- Make the list of benefits customers will receive from your products/services: Inform the customers about the benefits they will be getting from your products and services. The most perceived benefits are security, trust, peace of mind, price etc. Another good way to do it is describing the problems your customers have and how your product is solving these pain points.
- Describe what makes you unique from your competitors: Tell your customers how you are better from your competitors and why your brand is a better option to go with.
- List reasons why people should believe in you: Be to the point, use data and show them the proof. You can definitely do this by showing them the case studies, testimonials etc. Ensure you cover – why people should believe you and why you are better than your competitors.
- Ask your clients about the value you provide to them: Each client might answer differently. While interviewing the customers, do not react or correct. Ask questions and listen to answers carefully noting them. People usually say most important thing first. Capture it.
The Bottom Line
Once you are done, review your work and encircle the values your customers can get from you and not from your competitors. Those will be your brand differentiators.