What’s really in it for me? Is what every prospect wants to know. Why should they, or anyone for that fact – buy your product or service? Frankly, if you can’t convince someone else that your product or service offers better value than your competitors, then there is no point in wasting any more time trying to sell your solution because you’ll only ever hear “Eh, No Thanks.” Therefore, if you don’t want to waste your time, you need to find or create the value proposition to what you are offering before you do anything else. However, it doesn’t stop there – you also need to understand and implement the best ways to share that information with your potential customers. Below we have explained the 3 Steps it requires to Differentiate Using A Value Proposition in Sales in an easy to understand and detailed guide.
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What is a Value Proposition in Sales?
The definition of Value is perceived monetary worth by your prospect – In simple terms, exactly how much someone is willing to pay for a product or service. However, It is also how much someone considers something essential or beneficial; or has a high opinion of.
A Proposition is your companies suggested scheme or plan of action; your product or service. Therefore, a Value Proposition is your company’s statement of how prospects will benefit from buying your product or service.
We’ve defined a Value Proposition, at this stage it’s critical to note that many people tend to confuse the terms slogan or tag line with a value proposition, but they are not the same thing. Moreover, It is critical to remember that such a statement focuses on the customer’s final aim, and you should not get caught up with describing the features of the solution. Harvard Professor Theodore Levitt makes this concept instantly comprehensible with his well-known quip, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”
4 Key Answers Prospects Need | Value Proposition in Sales
When we pull back for a wide overview of value propositions, we become aware that the most successful ones always answer four main questions for the potential customer:
- What problem will your company’s product or service solve?
- Who might benefit from your solution?
- What are the real benefits the solution offers?
- Why is your company’s solution better than the ones your competitors are offering?
4 Step Formula For Creating Your Value Proposition in Sales
Building a value proposition for your business isn’t difficult; in fact, it is simple. To form a definite value proposition statement, all you need to do is answer the previous section’s four questions. Over time, marketers have found a formula which does this well and at the same time appeals to potential customers. While nothing is ever set in stone when it comes to marketing, this brief outline is a good foundation for designing your value proposition.
A good value proposition should contain:
1. A brief, attention-grabbing headline
The amount of time you have to entice someone with your solution is minuscule, and you better make it count. The most effective headlines are 60 characters or fewer and answers at least one of the four questions which your prospects want to know.
2. A sub-headline
Clearly define who your customer is, and acknowledge their pain point, consider that this has to be concise to fit into a short paragraph with a maximum of three sentences. Then, assure the customer that your company’s product or service is a viable solution to alleviate that pain. Don’t forget to find a straightforward way to differentiate your company from your competitor.
3. Three REAL Benefits
Not two or four benefits; three. Humans naturally gravitate towards groups of threes. Therefore presenting three real benefits is a surefire way to make your value proposition in sales is undeniably attractive to potential customers. You can offer these benefits with bullet points, images or typography, but ensure that it is easy for potential customers to identify each benefit.
4. Match Your Image To Your Copy
An image may be worth a thousand words, but the wrong one can destroy otherwise brilliant copy. A controversial or shocking idea may draw eyeballs, but that not quite the attention you want in this instance. Avoid any graphics which distracts a prospect from thinking about what you are trying to sell.
Develop Your Message
Carefully Consider Copywriting
Okay, you have your basic value proposition down on paper, but is it good enough? If you want to make your copy really sing, then you must guarantee that the language you use mimics the way your potential customers communicate among themselves and ensure that you talk about your value proposition in as clear and concise a manner as possible.
There is a good chance that the way you talk about your company’s product or service is very different from how your targeted customers do. Whether based on age, ethnicity or social status, each group has its own unique vocabulary and social references. If you want to make the largest impact on your target customer, you must use their authentic communication style.
If you are not a member of your targeted group, you will find it worthwhile researching appropriate language, or you run the risk of coming off not only as unauthentic but pandering as well.
A Word Of Caution
It’s best to aim for being as clear and concise as possible. Your message has to be delivered in the simplest language which is capable of doing the job. Now is definitely not the time to experiment with your inner Milton. Yes, style is important, but the substance is what truly turns prospects into customers.
Trying to be too clever can actually backfire by obscuring the benefits of what you are offering and muddling your message. Your goal should be to allow your potential customer to learn what you are selling, who you are selling to, and what benefits your product can offer them in as little as five seconds.
Remember that your value proposition is probably the first part (and perhaps the only part) of your website that a visit reads, so you want it to answer your prospect’s main questions as quickly as you can.
Measuring Success | Sorry – You’re Not Done Yet!
Always test out a few different value propositions before choosing the one. Of course, you can start asking for opinions in-house, but in order to get the most accurate results, consider utilizing live A/B testing. Remember that there isn’t one perfect value proposition for your business, and you must constantly reimagine and rework them to maintain the highest rate of return.
Learn how to convince your prospect to buy from you with a stellar value proposition in SOCO Academy!