When asked what they do for a living, most people state their job title: “I’m the president of a bank.” “I’m a consultant.” “I’m a professional speaker.” So what? The same can be said for most “elevator speeches” at networking events — they’re worthless.
In these competitive times, when building brand awareness is critical, what is needed is a concise statement that can be repeated by you, your employees, and your customers that conveys the value of your offerings: a value proposition.
So, what is a value proposition? Well, Drew Stevens of Drew Stevens Consulting, says that a value proposition is a statement that promotes the benefits your business offers to customers. It focuses on the customer, not you or your processes. Simply put, it’s a succinct sentence that can be heard, repeated, and appreciated in a world cluttered with commercial messages.
A value proposition should contain no more than 10 to 15 words and should feature as many colorful adjectives as possible. It should be outcome based (i.e., what the buyer gets), results focused, and appeal to most any industry. Consider:
- A poor value proposition: We help create a fit individual.
- A good value proposition: We have a 7-step program for better abdominals.
- A great value proposition: We dramatically accelerate results that match your individual fitness desires.
Why should you develop a value proposition? There are four main reasons to write a value proposition as part of a brand-building strategy:
- It separates you from the competition.
- It distinguishes you and the organization in niche markets.
- It spurs lead generation efforts.
- It enables sales professionals to expediently get in front of decision makers.
Developing a value proposition is not difficult, but it takes patience. It’s vital to look at the organization from a customer or competitor’s view. Here are four questions to answer:
- What does your business do from a benefits or results perspective that distances it from the competition?
- What results do customers achieve with you?
- What is the organization extremely passionate about when it comes to meeting customers’ needs?
- What are your core values that provide results to customers?
If you can’t gain answers from these questions, the next best source is your customer base. Testimonials and case studies are great examples of value. Take customers’ statements and simply develop them into benefit-based sentences for building the brand.
“What gets repeated, gets rewarded,” the old cliché states. That’s especially true for a well-thought-out value proposition. Memory recall is faster and easier. Your employees and customers will repeat it. And, most importantly, it will drive phone calls, emails, and sales leads.
Special thanks to Drew Stevens, President of Drew Stevens Consulting.
Best to you,
Jim Herrera
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