If you asked the key members of you team to describe your company’s value proposition, how consistent would the responses be? My experience with clients ranging from Fortune 500 to start-ups indicate that you’d get a variety of answers ranging from the tagline on your website, to some version of your company mission statement, to a simple (but honest) “I really don’t know.”
A good value proposition conveys - in just a few sentences the unique qualities of your company, your product or services. It conveys how you meet the needs of your customers better than anyone else. It explains what the customer gets in return for doing business with you. So naturally, it starts with a clear understanding of who your customers are, their needs and perhaps what their pain points may be.
For example, a recent online survey conducted by Avidan Strategies and published in Forbes asked CMO’s to name the main areas of discontent with agencies. More than half (53%) feel that agencies have a poor level of knowledge of issues that impact their business. This represents a great opportunity for agencies who want to separate themselves from the pack. If they address these legitimate gripes in a meaningful way, it becomes a key part of what makes them different and better. Now, that means they are not only willing to change what they say, but change the way they do business as well.
Investing the time to really think about your business and its value proposition can be a beneficial exercise that gets your senior leadership team aligned and focused on the things that are most likely to move the needle and stop wasting time on efforts producing little or no ROI.
While it would be nice to be the “best,” at everything you do, realistically it may be challenging to be the best in just one way. But even if you are the best in only “one way,” you can focus on this differentiator, incorporate it into your value prop and use it to guide your business decisions as well as your marketing efforts.
In fact, a strong value prop may be the single, most important element of your B2B and B2C marketing. It’s what drives clicks, generates leads, improves closing ratios and improves response rates.
So what’s your value prop? What is it that you do that meets your customers’ needs in a different and better way? If you can answer that question in a meaningful way, you have the makings of a great value prop. Not to mention a significant edge over your many competitors who don’t.