Defining Your Value Proposition: A fresh look
Defining what your value proposition is the most important thing to communicate to your customers.
What does it mean?
It means communicating the value that your product or service has to offer the customer.
How does it work?
People have different values and preferences.
- Firstly you need to identify what people actually value
- Show customers how what you offer as a business feeds into these values
By identifying what customers value and then showing them how your business offering actually feeds in to these values, you make your proposition become more compelling.
What do people value?
There are wants, there are needs and then there’s what people value. We might want something but we may not actually value it. I wanted an ice-cream last night. Did I value the ice-cream? Probably not. I may have a need for a car. Is it something that I really, really value? My car is not a vintage Alfa Romeo so if I lost my car, it isn’t the end of the world.
Everyone values at least one of the following:
- Money and Assets
- A cause
What people value is what shapes their lives. Some people really value time. Most people in small business do. Time is something that is very precious to me. Other people really value family. It might be their No 1 value. Some other people really value their health. A lot of people really value themselves. If your products or services do something that makes a customer feel good or is all about them then communicate this. For example an interior designer helps people express their own individuality in their home or workspace.
It is important to understand which factors are really, really important to your customers and then translate how your business assists with each factor. Once you’ve identified what it is that people really value. Identify what it is that you do that aligns with those values and communicate that to your customers.
That’s the breakdown of a value proposition. It isn’t about what you’re offering that you think is of value, it’s what you’re offering that your customers think is of value. AP Marketing Works help businesses clarify their value proposition.