How to write the perfect value proposition (2 formulas)3 min read
We live in a sea of commercial messages and it's no secret that the brands that survive are those that offer a story and create value for their consumers.
Determining your value proposition, however, whether for a company or a personal brand, often doesn't seem like such an easy task, which is why I decided to write this article.
Actually, the topic is inspired by my recent participation as a mentor in the ABLE Weekend Activator, which gathers 30 people to learn more about entrepreneurship and develop their idea within 48 hours (by the way, coming soon). there will be an event in Varna 😉), where forming a value proposition was a key step for new projects.
Before I give you the specific formulas, let's take a few steps back.
What is behind the term "value proposition"?
"This is the unique value your business offers to its customers compared to other competitors in the market. The value proposition you offer needs to resonate with your customers.„
Let's look at a few famous examples to make it even clearer.
- iPhone - The experience is the product.
- Unbounce - A/B testing without technical headaches.
- Slack - Be more productive at work with less effort.
It becomes clear that a value proposition is usually a short statement that, in as few words as possible, should say as much as possible to the audience, i.e. be understandable and easy to grasp.
This is a mantra that can then become the core of your marketing and communications strategy. And not only does it need to be repeated enough times, but the company needs to live by it so that it becomes part of its culture.
Why is it difficult to write a value proposition?
I have noticed that usually entrepreneurs either look for too loud words to strike the reader and "leave him speechless", or delve too deeply into the originality of their added value compared to competitors, that in both cases you get a message that is extremely vague and incomprehensible to the audience.
Remember that "niche" can also mean "too niche" and will only touch a group of people.
How do we write a value proposition for our brand?
As a start, you could start with Peter Thompson's value proposition scheme, which contains all the necessary ingredients. Thompson believes that with a process like this, teams can reach ultimate clarity and boil a value proposition down to a single sentence.
Let's go through the individual components.
At the client level:
- Fears - What are the risks of switching to your product/service?
- Wants - What are the emotional drivers for purchase?
- Needs - What are the rational purchase motives? What are the hidden needs?
At product level:
- Experience - how does it feel to use your product/service?
- Benefit) - what does your product/service do?
- Features - how does your product/service do it?
When you go through these components with your team, the chance to clarify your value proposition will increase significantly.
And to finish, I add one more formula - that of Steve Blank, a former Google employee, who demonstrates how to reduce everything said so far to one sentence.
Its formula is:
"We help (X) to make (Y) by/through (Z)".
To give a concrete example, I will use the formula for two of my activities.
1- I help entrepreneurs (and their businesses) grow their audience through an integrated personal brand strategy.
2- I help IT companies in the B2B sector increase their clientele through workable lead-generation strategies.
You see, writing a value proposition doesn't have to be rocket science, but it does require some brainstorming from you and your team to make it memorable enough.
I hope you found this week's article helpful! Share your value proposition in a comment below the post or on social media! See you soon!
Etienne Yanev
Etienne Yanev is a digital marketer with over 12 years of experience, including working on projects for a number of startups and B2B companies. He has taught in Softuni Digital's core program as well as at the largest student entrepreneurship campus in the world - RANEPA International. He is the author of the Facebook learning community - "Digital Marketing for Entrepreneurs". He is also part of the Association of Bulgarian Leaders and Entrepreneurs (ABLE).