A value proposition is a carefully crafted positioning statement that shows consumers the distinct way your offering will benefit them. Defining your business’ unique selling point is crucial in the current marketplace, and a well-written value proposition assists you in doing just that.
69% of B2B firms have established value propositions – Hubspot
For those operating in the B2B sector, constructing a sound value proposition it crucial. Organisations targeting B2B typically have to pass through a far more complex buying process than what is required from those in B2C contexts.
Often this is due to the pure scale and expense of business-related purchases, meaning that buying decisions need to be agreed on or approved by multiple members of an organisation.
Your business’ value proposition helps you make a strong, clear impression on potential customers. It gives you the opportunity to leave a lasting memory of the value you offer and, because of this, there’s a greater chance your audience will remember you when considering their options.
The Process of Creating a Value Proposition
There are a number of key steps that can guide organisations in developing a unique value proposition of their own. These are as follows:
1. Identify Your Target Markets’ Needs
To truly understand the value your offering delivers to consumers, it is, of course, essential to get to the root of the distinct needs they have.
Your unique selling point plays an important role in differentiating your brand from competition. If you don’t know your market’s needs, defining this will likely prove to be a relatively difficult process.
Is there a gap in the market that you could fill, or a particular area where you have the opportunity to go beyond current market standards? These are key considerations you will need to make prior to writing your business’ value proposition.
2. Define How Your Offering Can Solve A Problem Faced By Consumers
When creating a positioning statement, organisations need to isolate the core benefit their product or service offers their target market. By identifying a key problem faced by your business’ audience, you can then provide them with a viable solution to their issue.
This is an instrumental step in the development of a value proposition as it allows for businesses to build a stronger identity, visibly differentiate their brand from competitors and more accurately target consumers.
By showing potential customers the positive impact you can have on their current situation, you have the opportunity to increase the overall desirability of your brand.
3. Differentiate Your Brand From Competitors
By this point, you’ve probably realised that differentiating your brand is pretty important when it comes to writing a value proposition. You know your customers, you know how to address their needs, but how can you make your offering superior to others?
This is where differentiation comes into play; you need to show consumers why they should choose your brand over everyone else.
4. Write Your Value Proposition
When writing your value proposition, make sure to incorporate the key problem-solving capability you’ve identified. Think about the identity of your brand, and how you can convey this to consumers in your statement.
Your final value proposition should be a clear indication of who you are as a business and, as the name suggests, express the unmatched value you can deliver to consumers.
What Do Great Value Propositions Have in Common?
So you know how to write a value proposition, but how do you make it spectacular?
Here are some core elements that are common to great value propositions:
Clear And Concise
Your value proposition should be brief, but meaningful. It needs to show your distinct purpose as a business, without being overly long and confusing.
The final statement simply needs to act as a unique identifier, grabbing consumers’ attention and stimulating interest in your brand. If consumers like what they see, they’ll likely look into your business further.
Blatant And Critical in Nature
In the B2B context, this is particularly important. Blatant and critical problems are highly relevant in nature and, as such, customers are aware of them. Problems of this nature are relatively acute and businesses have to solve them, it isn’t optional.
In such instances, your business doesn’t need to educate your audience on why your offering is important to them. They’re able to recognise the current need they have, and you’re able to provide them with an exceptional solution that is outlined in your value proposition.
Interested in finding out more? Our experienced team can assist your business in developing a strong value proposition that your customers really resonate with. For expert guidance, please do not hesitate to get in contact with the Lead Agency today.