How to create a powerful value proposition that sells in 5 steps.
In my day-to-day work with brokers and firms in commercial real estate, associations across multiple industries, and professional service firms, I’m often asked how to develop a powerful value proposition. They–whether an individual, firm, or association–are confident in the value they bring, but they’re just not sure how to frame it into a value proposition. The result is that they end up skipping the process altogether. Sound familiar?
A value proposition is a statement that differentiates you from the competition, states why you’re better, and identifies the pain point you solve.
There are many definitions out there about what a value proposition is. Pick any one of them. The bottom line is... Why should your prospect choose you over a competitor?
What do you/your firm/your association bring to the table that sets you apart? Not sure?
Here are five steps you can implement over five days to craft a powerful value proposition that highlights your highest value selling point.
BONUS TIP: Pick a time you can do this every day. For example, during lunch or your coffee break so it doesn’t get lost in the shuffle of the day-to-day.
Day 1 | The Competition: Check out the competition and others in the business to see how they’re communicating their value proposition. Write down the ones that stand out the most to you and why.
Day 2 | Ask: Ask your clients why they choose to do business with you. I guarantee that you’ll be surprised. Aim to get at least 5-10 responses. Do this by phone and make sure you let them know why you are asking them and that you value their feedback.
BONUS: This outreach is also an excellent opportunity to get back in touch with a client you haven’t spoken with recently and check in on how they’re doing.
Day 3 | Cross-reference: Make a list of the top five things that you think differentiate you and your offering. Now cross-reference them with the feedback you got from your clients and see which ones match.
Day 4 | Value-Add: Review the list and see for which attributes you offer a value-add based on how you do what you do. What is the pain point that you–in particular–resolve for your clients? What have you done or do you do or offer, that no one else has/does?
Day 5 | Make it short and sweet: One sentence. Or, two phrases. Period. Put pen to paper (so to speak) and brainstorm. When you’ve gotten a few down, select one or two final options. Now, sit with them for a weekend or so before sharing your proposed statements publicly to see how each resonates with you. Run your options by close friends and family that you trust will give you constructive feedback and then make your adjustments.
Here are some great sample value propositions to kick-start your creative process.
- Evernote: Remember Everything
- Gusto: Payroll and Benefits, under one roof
- Publix: Where Shopping is a Pleasure
- Bitly: Shorten. Share. Measure.
- Mizzen + Main: Performance Fabric. Traditional Style.
Good luck and let me know how it goes! Keep in mind that this isn’t set in stone. As you go forward, you can make adjustments to fit the evolution and growth of you and/or your organization.
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