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Your value proposition (value prop) is the statement that describes the unique benefits a customer can expect to receive from doing business with you. It is the promise of the value the company will provide to its customers, and it is one of the most critical elements of a company’s branding strategy. In short: what sets you apart from the rest?
Your value prop is an absolutely essential element of your marketing strategy. It is something you have to decide, and it needs to answer the basic question your customers will eventually encounter: “Why should I do business with ___?” A strong value proposition is critical to the success of any business, and it is one of the key factors that can make or break your company’s ability to attract and retain customers.
It necessarily requires a deep understanding of your customers’ needs and desires. Just as important is understanding how your company’s products or services fulfill those needs and desires — and even exceed them, if that’s your strategy. It requires a thorough analysis of the market, your competition, and your customers’ buying behaviors. Once your company has a clear understanding of your customers’ needs, you can craft a value prop that resonates with your customer and differentiates you from your competitors. We cannot stress enough how important it is to do your homework and match your offerings to your findings.
Your value prop should be clear, concise, and easy to understand. It should communicate the unique benefits that your company offers to its customers and why your customer should choose you over your competitors. A strong value proposition is one that can be communicated in a sentence or two and is memorable. For example: the DeCoste Group offers our clients dedicated partners devoted to their success. While we may not be the lowest price, we guarantee our clients will receive the absolute best talent we have to offer, including access to our vast network of vetted experts in a wide range of highly specialized fields who will help our clients grow their businesses and achieve their goals faster. So we have a great team who is highly qualified in their respective fields. We’re not the cheap option, but we are the best. And if we don’t do it (we don’t have lawyers and accountants on staff, for example) then we can connect our clients with the people they need, whom we’ve personally vetted to ensure the highest level of expertise and best value.
Be sure you are communicating your value prop to your customers through various marketing channels and, most importantly, be consistent in how you communicate (this includes your website, social media channels, traditional advertising, and sales materials).
Make sure your employees understand the company’s value prop and can communicate it just as effectively to your customers as you can (or better!). Your employees are the face of your company and they play a critical role here. It’s worth the time and money to formally train your employees on your value prop and ensure they understand how it differentiates you from your competitors — because your competitors are doing the same thing you are!
Need help navigating this process? We can help. Drop us a line and we’ll help you get there.