One of the constant battles I struggle with companies is to stop thinking about what they do and start thinking about why people use their product or service. I’ll give you a quick example… day to day, you’ll find me recording and editing podcasts, writing integration code, implementing third-party solutions, and training my clients. Blah, blah, blah… that’s not why people contract my services. They could get any of those services on Fiverr for a hundred bucks a job. My clients hire me because I can transform their digital marketing efforts and substantially grow their results for a modest investment.
There’s an analogy I often use. I have a car that I bring in for maintenance every month or so. It’s to keep my car in good shape and keep me going back and forth to work. I’m not that mechanic. Would I bring it to that mechanic if I wished to get my car modified and upgraded to win races? No. My agency isn’t an oil change shop, it’s the win the race shop.
Sounds easy, right? No… because companies think they’re shopping for an oil change but need to win the race.
What is a Value Proposition?
Also known as a Unique Value Proposition (UVP), your value proposition is a short, compelling statement that encompasses the benefits of the services you provide and how you differentiate yourself from your competitors.
Pro Tip: Before you move forward with what you think is your Unique Value Proposition… ask your current clients or customers! You may be surprised that it’s not what you actually believe it to be.
Your compelling value proposition has to accomplish four things:
- It must capture the visitor’s attention. Your company isn’t getting the results it expects from your marketing investment – that’s why people hire me.
- It must be easy to understand. I share that a business relationship with me costs less than the cost of a full-time employee while providing decades of expertise.
- It must differentiate you from your competitors online. If your list of value propositions is similar to your competitors, focus on one they are not focused on. In my example, we’re not an agency focused on a single channel, my expertise spans a multitude of technologies and strategies so that I can advise business leaders on how to improve their business while communicating to their resources how to execute it.
- It must be enticing enough actually to sway the visitor’s purchase decision. Example: We offer a 30-day out to our sponsors since we believe in our value and want to ensure our client’s success.
- It should touch on your prospect’s pain points so they can identify your solution’s value.
In the e-commerce industry, there are several common unique value propositions… speed of delivery, cost of shipping, return policies, low price guarantees, transaction security, and in-stock status. All these are utilized to increase trust and get the visitor to a sale without them leaving the site and comparing shopping elsewhere. For your product or service, you need to be creative… is it your resources? Location? Experience? Clients? Quality? Cost?
Example: DK New Media
I needed to ensure I had a value proposition that resonated with our prospects and was easy for my partners and clients to explain.
DK New Media is a digital transformation consulting firm that assists its clients in realizing a better return on their technology investment.DK New Media
That’s a simple statement that’s quite subjective… on purpose. While many companies pinpoint the services they offer, we want to focus on the technology our clients have deployed and how we can help both build internal efficiencies to save money with the deployment and extend its functionality to drive additional revenue and profitability. The pain point we’re focused on is how much money they’ve spent on implementing solutions but not realizing their full potential for savings or producing additional revenue.
Communicating Your Value Proposition
After determining a unique value proposition, you need to communicate it internally and consistently embed it into every sales and marketing message you’re deploying.
Your UVP may not lead to an entire rebranding… but it should be evident from your web, social, and search presence what your value proposition is! Here’s a great infographic from QuickSprout, How to Write a Great Value Proposition.