Value Propositions: What about Bob?
Value Propositions. Why are they relevant, and why should a company have one? Why do marketers focus so strongly on determining a value proposition, and how does that shape the strategy of a marketing machine?
If you’re like many people, either in or outside of the marketing realm, you may have had similar questions. So let’s take some baby steps together and learn.
The truth is, the value of an accurately crafted value proposition has far reaching effects for your business, in multiple areas. Basically, they’ll help you feel good, feel great, feel wonderful.
Conversion XL defined a value proposition as: A promise of value to be delivered. It's the primary reason a prospect should buy from you. It explains how your product solves customers' problems or improves their situation (relevancy). It also tells the ideal customer why they should buy from you and not from the competition (unique differentiation).
But how do you actually create a value prop, and what do you do with it?
I believe a value proposition is best started after you determine the persona of your client. This can be their characteristics, interests, or job responsibilities, as examples. Once an ideal persona has been crated (we suggest giving the persona a name, which helps to better connect with it), you’re then ready to look at their gains & pains.
Let’s say we’ve named our persona Bob. What are Bob’s gains? What makes him feel like he’s getting ahead? What does he want out of life or his career? What is he attracted by? What would help Bob to thrive?
Conversely, what are Bob’s pains? What makes him stumble in his career or life? What are the demotivators that bring him down? What are the thorns in Bob’s side?
These questions allow for us to explore more of the details in our target persona’s life, which helps us to know what type of value they seek from your business. It’s important to remember, that you’re looking to identify the overlaps and commonalities of your client base, and not simply trying to conform to any specific needs of Bob or any other one client.
After pains & gains have been established, it’s time to determine why Bob would seek your company’s products of services. The pains & gains listed previously are the connector to what your company can offer Bob. If you’re an accounting software business and Bob’s pain is that he can’t keep track of his business expenses, you’ve likely got a product which could help him stay organized. Using the same example, your product would make Bob look very organized to his boss, thus creating a gain creator.
The last step in creating an accurate value prop, is summarizing all of the gain creators and pain relievers into a summarized statement, likely to be a paragraph or less. Keep in mind that your value proposition should simply define the key benefit(s) you promise your most important customers.
From there, your value proposition should be heavily utilized as you promote your company’s purpose and messaging. The value proposition is a terrific backbone when determining, and sticking with, the voice of your business while also helping to shape much of your marketing strategy and framework.
Bob is out there, and he needs you. He may not know it just yet, but by having a strong value proposition in hand, you’ll know exactly what buttons to push when you seek him out and make that sale.
