{"id":27289,"date":"2023-01-03T16:31:50","date_gmt":"2023-01-03T16:31:50","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/03\/how-to-write-a-good-value-proposition\/"},"modified":"2023-01-03T16:31:50","modified_gmt":"2023-01-03T16:31:50","slug":"how-to-write-a-good-value-proposition","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/03\/how-to-write-a-good-value-proposition\/","title":{"rendered":"How to write a good value proposition"},"content":{"rendered":"

<\/a>\n<\/p>\n

\n

Marketers are often tasked with articulating and communicating the value proposition of a company.\u00a0<\/span><\/p>\n

But what is a value proposition, why is it important and how do you get started?<\/span><\/p>\n

What is a value proposition?\u00a0<\/span><\/h2>\n

A good value proposition is a compelling statement that summarises why a customer should choose your product over the other alternatives out there.\u00a0<\/span><\/p>\n

It should be succinct and use plain language \u2013 you want it to be easy to understand within a few seconds as most people scan content rather than read each word. It should be memorable, but most of all, it should highlight what\u2019s desirable about your product.\u00a0<\/span><\/p>\n

In 1954, Rosser Reeves nailed it with \u201cThe Milk Chocolate Melts in Your Mouth Not in Your Hands\u201d for M&Ms. At the time, the patented double-chocolate coating process wasn\u2019t part of the messaging around the product, but bringing it to the forefront helped set it apart from the competition and established the value for customers.\u00a0<\/span><\/p>\n

The value proposition is an essential piece of your product messaging that lays the groundwork for a sale \u2013 it addresses people who are in-market for your product and actively looking for solutions. But it isn\u2019t necessarily a tagline for your latest ad campaign and it isn\u2019t a list of all the features or benefits your product delivers.<\/span><\/p>\n

While it works at the product level to help people make a buying decision, its origins come from deep within the business. Your value proposition goes back to the original reason your company was formed \u2013 it\u2019s all about the problem you\u2019re trying to solve for your customers.<\/span><\/p>\n

Writing about value propositions for <\/span>Harvard Business Review<\/span><\/a>, James Anderson, James Narus and Wouter Van Rossum say that \u201cproperly constructed, they force companies to rigorously focus on what their offerings are really worth to the customer. Once companies become disciplined about understanding customers, they can make smarter choices about where to allocate scarce company resources in developing new offerings.\u201d<\/span><\/p>\n

It\u2019s about being the best in your industry at something \u2013\u00a0the best solution, the best cost, the best value for money, the best process, the best customer experience. Without that distinction, there is no competitive advantage \u2013 and no true value for customers.\u00a0<\/span><\/p>\n

It\u2019s about delivering your product or service in a way that your competitors either can\u2019t or won\u2019t replicate.\u00a0<\/span><\/p>\n

The company controls the things that go into the value proposition \u2013 in the product itself, the cost and process of creating it, the external price, the distribution channels \u2013 but value is only realised in the mind of the customer. Roger Martin <\/span>likens it to two sides of the same coin<\/span><\/a>, you need both the company and the customer to have a complete value proposition.<\/span><\/p>\n

The elements of a value proposition<\/span><\/h2>\n

Before we start writing our value proposition, we need to gather several key elements that all make an appearance in the final iteration.<\/span><\/p>\n

Your target customer segment<\/span><\/h3>\n

I firmly believe that everything in marketing starts with identifying who you\u2019re talking to. The value proposition should address a specific customer segment and it should be different for different audiences.\u00a0<\/span><\/p>\n

We are all working with limited time, resources and budgets. And we cannot be all things to all people. To make incremental gains, be intentional about who you need to target and where you can drive the most value in the first instance.\u00a0<\/span><\/p>\n

Start with one audience at a time and work through them iteratively. They may be named explicitly or they may be implied by the context on the page, but you need to know in your mind who you\u2019re talking to.\u00a0<\/span><\/p>\n

Their customer journey and buying triggers<\/span><\/h3>\n

Once you\u2019ve selected your audience, you want to understand the journey they go on from problem aware to solution aware to consideration to purchase \u2013 with all the nuances that exist for your industry:\u00a0\u00a0<\/span><\/p>\n