5 Ways To Improve Your Value Proposition
Customers are generally known to be careful about the way they spend their money. A lot of consideration goes into the purchases made by customers but at the end, the question they always ask is this; ‘what do I have to gain?’ They want to know why they should buy a product or engage a company for service in preference over others. It is never an easy task for a marketer to craft a value proposition as it is an encapsulation of so many issues that combine at the end to present a compelling reason for the customer to deal with a particular enterprise instead of others competing with it. Furthermore, this value proposition is usually just a statement that condenses so much for the customer to digest easily. Therein lies the difficulty and the potholes facing most marketers and their companies. We can summarize these challenges like this:
- An companies’ lack of a value proposition
- An companies’ lack of clarity in expressing its value proposition
- An companies’ inability to test or measure its value proposition
In the face of these challenges facing marketers, it is very important that the value proposition be crafted so as to ensure a lucid picture to the customers and prospects. Obviously, even where there is a value proposition already existing, it must be up to date as far as the target audience are concerned and must always be presented to them in a way most favorable to them and ultimately, the company. This improvement can only be achieved through constant testing and measurement.
In trying to improve on an enterprise’s value proposition either for its products or services, the following tips can be taken into consideration:
- Research Your Target Audience: The fact remains that you are crafting a value proposition for your target audience and they must be a major consideration in the value proposition. It is therefore imperative that you know what it is that they really want so as to align your product or service via the proposition with that.
- Precision & Clarity: The customers and prospects must be able to grasp the value proposition and this is possible if the idea is presented in very clear language without the use of long winding sentences and strong language.
- Research with Colleagues: It is not only the target audiences that are a source of information. Colleagues are also a veritable means from which critical information can be elicited. Additionally, after conducting research, colleagues would also provide important insight into the way the research findings can be weaved into the value proposition.
- Always Test The Value Proposition: It is imperative that the value proposition be tested for its efficacy. If after testing, there are still some shortcomings, it can be reworked and then subjected to more testing until the best version is obtained. Testing is one of the best ways to improve a value proposition.
- Weave stories Around The Value Proposition: People understand stories better. Providing fact and figures of how the product or service helped other customers will help in better grasping the value proposition.