Compelling Value Proposition

Value is defined as the worth of something for which something else can be exchanged.  This exchange is by free will. This exchange, in marketing, is with the money that the customer is willing to pay.

Many marketing professionals confuse the value proposition, with the value statements that they make from from time to time. One of them - the (dreaded) elevator pitch. 😠 Dreaded elevator pitch makes the other guy in the elevator, press the "emergency" button to get off the next floor, even of he was not intending to get off there. 😠 😠 

Even some experienced marketing professionals believe that a value proposition is merely a single statement or a sentence. It is not so. It a comprehensive way to define value, especially from the point of the customer. Thus, an elevator pitch, a Unique Selling Proposition(USP), a Unique Value Proposition (UVP), a Minimum Value Proposition (MVP) are just parts of the value proposition. You can call them the subsets of the value proposition - each important in its won way, but not defining the whole thing.

Value Proposition forms the foundation of the business. It flows though all that we have in business (remember the McKinsey 7S Framework consisting of Structure, Strategy, Systems, Skills, Staff, Style, Shared Values ?) Unless value is fully developed and internalized, the growth of the business will always be less than the potential it has for growth. Some of the platforms, where the value gets shared are the (partial list of) touchpoints like 

        Website                                         Blogs                                        Podcasts

        Social Media                                Customer Events                   Inbound Calls

        Brochures                                     Personal Meetings                eMails & SMS

        Networking Events                    Community Events               Social Gathering

Value Proposition has 3 main purposes.

1. Attract right prospects to the business
2. Disqualify wrong people for the business
3. Create Action !!

Attract right prospects to the business

It is said that clear intentions bring clear results and vice versa. An intention is a statement of what you intend to receive / create / take action on. Most of us, set intentions in a state of something happening in the future. Wrong way. You need to set your intentions in a way where you have already received them. Intentions set like this, almost always get the results.

If you are not clear who is your ideal customer, you will communicate less than the maximum value to them. This will result in a lack of power to attract and convert enough numbers of the right client. Even worse, if your clients want to give you a referral, they won't know who will be the best person to refer to you. Double loss !!

Disqualify the wrong people for the business

As much as it is important to attract the right people, it is equally important o keep the wrong people away. They will be a distraction, at the very least. At worst, they will eat into the precious resources (of time, effort and money) that you should, ideally, be using to get more of the right people.

Many a times, we fall short in our understanding that new customer acquisition is a mutually qualifying and disqualifying process, not just for you but also for the customer. After all, a prospective customer is looking at how close a fit you are to his needs. Initially, it may not be possible to be so choosy, but you need to keep this in mind and try to be in that position in a few months.

Such a qualifying / disqualifying would create a Win-Win situation. 

Create Action !!

If you have a great value proposition, you will get instant action. Else, you will get hesitation, which could swing in either direction. Usually, it swings in the direction of 'No Action'. 😖 A compelling value proposition would result in any one of these 

• a return call
• an eMail
• follow the instructions you gave
• fix appointment for meeting     
• ..... etc.

My compelling question to you - have you incorporated all of the above into your value proposition ? If not, what are you waiting for ? Pls share your thoughts and action steps on the blog, so I can compile and share with all.

I am giving away FREE to the first 10 persons, a Special Video Coaching Session (of upto 60 mins) on How to Create a Compelling Value Proposition. Just get in touch with me asap, over phone (7983826309).