The Power of Value Propositions
Can you articulate the value proposition for your company’s products and services? Value propositions are critical in influencing and convincing customers to make a decision to buy. A strong value proposition should be used at every step of the sales cycle, whether it is making the initial call or closing the sale.
A value proposition is a clear, concise series of factual statements about tangible results your products or services will deliver. Value propositions are focused on the customer. It’s about the value the customer is looking for and the value you can deliver. It’s understanding and meeting the needs of the client. The more specific and targeted the value proposition is, the better. The value proposition should also differentiate your company from the competition.
Your value proposition should address customer needs, such as:
- Reducing operational costs
- Increasing productivity
- Improving cash flow
- Improving inventory management
- Increasing revenues and profits
- Increasing market share
To be effective, the value proposition must be customized to the customer’s specific needs. A strong value proposition should be mentioned multiple times in every proposal. It should be a compelling reason that drives the customer to buy from you. A strong message about what it is you provide will go a long way in every step of the sales cycle.
Value propositions are designed to either relieve a pain or achieve a dream. Look at some great examples of succinct value propositions that have separated these companies from their competitors: Wal-Mart’s “Everyday Low Prices” and Avis’ “We Try Harder.”
Personal factors can also affect a buying decision. A value proposition for an executive might lead to a promotion, solve a problem that has had the person under extreme pressure, or help the person gain control. Such personal factors are just as important as business reasons when it comes to making the purchase.
A value proposition must be crafted to state what your solution does, its benefits, and why it is better than a competitor’s solution. If you want to beat your competition, build a better value proposition!
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