I’m pretty sure that we have touched on this idea numerous times in the past, either in defining it or refining our definition of the value proposition. However, value propositions are central to the marketing of any business, and as such, I feel it is important to reflect on what such a proposition entails with some regularity. Consider this either a reminder to evaluate your company’s value proposition, or a second (or third, or fourth) look at what the elements of a good value proposition are.
At its core, a value proposition considers your business as it relates to your business’s ideal customer. As such, before you can create a valid value proposition, you must know who your ideal customer is. Once you know that, then the value proposition simply becomes the answer to the following question: “If I am your ideal customer, why should I buy from you?” You can point to any number of different reasons, but the most convincing of these reasons is your value proposition.
In essence, the value proposition is your declaration to your ideal customer that you are the best business in some specific way. It is, however, nothing but another empty claim in the eyes of your customer, until you back it up. This is where businesses succeed or fail, in many cases: If they have a value proposition, and have a reputation for consistently proving that their proposition is more than, “just another empty claim,” then that business avoids being thought of as “just another X provider.” In other words, a real value proposition, that is delivered on consistently, causes a business to stand out on its own merits. That means positive word-of-mouth, recommendations, and referrals from your previous customers, and that means low-cost, high-value marketing for your business.