How did you do? Would your team members succeed at this test or better yet, how about your clients? A value proposition is a promise of value to be delivered and a belief from your clients that they will receive value. Creating a value proposition is part of a solid business strategy.
After a most recent coaching session with one of my advisor clients, the question of currency came to mind. Not the dollars and cents kind — the ‘client-centric’ kind. My client said something to the effect; “we may not be a council member team or have been doing this the longest, but our clients trust and love us”. That is priceless currency! This firm has clearly and successfully created a value proposition centered around their clients.
Your value proposition should clearly communicate the benefits your clients and potential clients will receive by doing business with your firm. Describing the features of your products along with their capabilities will not sell. Place focus on demonstrating how your firm will provide a solution to your clients needs, wants and values. A value proposition is essential in showing the world what value you can bring to their lives and create awareness… “that your clients know your services are right for them.”
Steps To Create a Value Proposition
1. Get To Know Your Client – Reverse roles and become your client. Think from their perspective by identifying who they are, what they need, what improvements they are looking for and what challenges they need to resolve.
2. Promote Your Products & Services – A value proposition cannot be a vague description of the products and services you offer. Clearly show your clients the benefits they will receive by solving their challenges or improving their current situation. Achieve this by including actual charts and percentages to visually engage your clients.
3. Identify Your Competitors – You will need to dig deep on this one. Don’t stop at just knowing the names of your competitors. Continue to borrow the mind of your client and research what your competition offers or does to create value. Completing a SWOT Analysis, strictly focusing only on your competition, can be an effective tool in determining how you can position your firm ahead of your competitor.
4. Recognize Saying, “We Are Different” Is Not Enough – Knowing that trust, excellent client service and knowledge will not differentiate your firm is the first place to start. While these are excellent traits, clients expect them. Delve further and answer these questions from your client’s perspective.
- Why should I buy this product?
- How will it solve challenges I have?
Be specific in your answers by utilizing graphs and factual numbers to illustrate the benefits. You should also answer why your products and services are better than the competition and what your client values most about your firm.
Now that you have completed the above steps, highlight your answers and craft your value proposition.
Your value proposition should not be lengthy but provide enough information to show why a prospective client should do business with you. The trick is being able to articulate your value in 60 seconds or less by highlighting the benefits and how you will solve the needs of your market. Without a strong value proposition, people will search for something better.
Don’t forget to share the 60 second value proposition challenge with your team! If you haven’t already looked at our article on creating a unique value proposition, please do so now – this will provide you with further insight for your value proposition creation.
Question: What challenges or success have you experienced in creating a value proposition?
Let us know! We want to hear from you!