An impactful requires perfect alignment between your target audience’s requirements or expectations and the features of the solution your business offers. In the said regard, the value proposition works as a gateway between both ends. It will help you address your customers’ pain points and resolve their conflicts by creating a lead generation and nurturing strategy that matches your buyer persona.
What is a value proposition?
A value proposition is a fundamental statement that completes the sales picture by answering why a customer would opt for a solution. It helps you identify the obvious perks customers will experience by preferring your business over your rivals. In addition, your value proposition must resolve your customer’s conflicts and advocate as a strong ambassador for your business by portraying your products or services as the perfect solution to their problems.
A great B2B value proposition may shed light on what makes you stand out from your competition, but it must aim at how customers perceive the value of your brand, its products, or its services. It helps you create an effective brand awareness campaign for your business, engage your prospect on a much deeper level of value proposition, and build trust with the prospects.
Value proposition formula
A Value Proposition formula requires you to work on the following vital aspects to produce a complete and perfect picture of your brand’s value proposition.
- Determine your customer’s pain points
- Determine the key benefits of your products or services
- Define what makes these benefits unique and noteworthy
- Align these values to your customer’s pain points
- How can you stand out from your competition by offering this value?
Why is a value proposition important?
It requires a dedicated effort to determine and craft a perfect value proposition that shines out against the surroundings. It’s worth the effort as it helps you enhance your digital marketing and lead generation efforts. A better ROI out of lead generation campaigns means:
- Improved bottom line
- Effective portraying of your product benefits and use cases
- Keeping your customers informed and interested in the solution your business offers
How do you create a value proposition
Let’s discuss the breakdown of creating a value proposition for lead generation in 5 easy steps.
1. Determine & define the customer’s problem
Who knows better than you about your product’s perks and use cases and how they will remain instrumental in resolving the problems of your target audience. But to showcase the true value and essence of your products or services, you need to define the problem you will resolve. If there is no problem, then there would be no solution. It also helps you determine and inform your prospects about unseen problems or pain points that make their business restricted.
2. Assess the impact of your solution
You cannot blindly offer any solution out of nowhere without any market research or potential use cases. It is mandatory to consider the impact your solution is going to cast on your potential client’s business. Leverage your buyer personas to start identifying the impact of your products or services to craft a perfect value proposition for lead generation strategies. Another effect is to take your potential customers or clients on board by scheduling different meetings. It helps you determine how well your solution can resolve their pain points.
3. Research your competition
Your value proposition must be engaging enough to hook your target audience instantly. This is the primary reason behind determining & defining the problem of your B2B customers followed by acknowledging the impact your business solution is going to cast on their business. But you need to craft a unique value proposition for your business. Therefore, conducting extensive market and competitor research is mandatory to differentiate your value propositions that stand out from the rest of the industry.
4. Harvard Business School Model for value proposition completion
After you gain a rich idea of the problem, the impact of the solution, and what your rivals are up to, it’s time to give a proper picture and frame to your value proposition. You can opt for the Harvard Business School model that suggests three vital aspects to consider as a process to layout your value proposition:
- Which market segment you are going to treat?
- Which needs or wants you are going to fulfill?
- What is the ideal price to give the perfect value-to-money option to your clients or customers? Or How can you make your products or services more profitable for your B2B customers?
5. Draft value proposition in a shareable format
The final step is to draft your value proposition to share it with all your team members. It’s an iterative or cyclic process. First, you write, evaluate, and then rewrite your value proposition until you prepare a highly impactful value proposition that helps you hook your target audience effectively.
How to draft a value proposition? You can begin with a simple template as a value proposition example shown below:
You have got a rich idea about what is a value proposition and how to build one for your brand. However, even if you have already drafted a value proposition, you need to evaluate it and compare its efficacy with the current market trends.
In today’s digital era, market dynamics and businesses continue to evolve at a rapid pace. You need to adapt these changes to survive and make necessary changes in your value proposition to compete in the digital world. Revisit your buyer personas, your competitors’ focus, and market trends, then make necessary adjustments or a complete overhaul of your value proposition.