Your value proposition is the overall value you provide to clients after they make a purchase. This value is ultimately what makes your product attractive to potential consumers.
A successful value proposition is comprised of three critical factors:
- It is specific. What is the particular value and benefits that your customers will receive by purchasing your products?
- It’s solution orientated. What is the specific pain point in your customer’s life or experience? How will your product alleviate those challenges and/or improve their life?
- It creates a sense of exclusivity. How do you effectively market your products to make them desirable and exclusive? What do you do to create a competitive advantage that sets your business apart from other competitors in your industry or market?
While value proposition is a crucial element of a comprehensive marketing strategy, it shouldn’t be confused with specific marketing tactics. Brand slogans, catchphrases, copy or even branding are not value propositions. Instead, they are elements that should serve to amplify your value propositions.
So, what exactly is a value proposition? A value proposition is very rarely your product in itself or its specific features. Your value proposition is how you represent your products as a solution to your customers’ problems and pain points.
In addition to solving a problem, your value proposition should also position your products in a way that improves your customer’ lives and how it makes them feel.
In some industries, a value proposition is easy to identify. However, in others, it requires more refining and deliberate work to differentiate yourself within the market.
Essentially, in order for your value proposition to be compelling and successful, you need to exclaim it loud and proud! Your value proposition should be front and center on your website – or other retail space – to drive conversions and attract new customers in high purchase intent areas.