Creating a signature value proposition involves finding, defining then leveraging your brand’s highest value that solves your clients’ biggest problem.
Products and services solve problems. In effect, the purchase of a product or service is to meet a need, alleviate a pain point or fulfill a desire or want. The extent to which a person will pay for the right solution to their problem depends on how big the problem is to them. And the bigger the problem, the higher the value the person will place on the solution. This is because a big problem causes a person to experience cognitive dissonance – a feeling of unease, tension or discomfort about a situation that the person seeks to relieve.
When you can articulate the distinct value of the solution you provide through your product or service, you will connect with your target market in a very powerful way. And as you dive deep into understanding their motivations, desires and frustrations, the clearer it becomes that it is the VALUE of the solution, rather than the particular product or service itself, they are really buying. That is, how effective the solution takes them from where they are now (stuck in their problem with an unmet need or unfulfilled desire) to where they want to be in the future (having their problem solved, need met or desire fulfilled).
While the definition of a value proposition is quite straightforward, defining the ‘value’ part of value proposition is more complex to grasp. This is because not all value is created equal.
Like beauty is in the eye of the beholder, value is a perception that resides in the mind of each individual customer. For instance, let’s suppose I value ‘timeliness’ and ‘affordable’ pricing, I may choose to buy a plain watch from the local variety store. However, if I value ‘timeliness’ and ‘prestige’, I may choose to buy a Rolex watch from a specialist watch store in the city. While both watches will tell the time equally well, clearly the purchase decision is influenced by what I value most.
So, how do you articulate a highly desirable value proposition that’s perfect for your target market? By finding, defining, then leveraging your brand’s highest value.
Next week, I’ll show you how you can achieve this so you can attract and connect more effectively with your target market.
©Ros Weadman 2022 Ros Weadman is an award-winning brand communication and reputation strategist who helps professional service providers to enhance their reputation. She is the author of “Brandcode®” and “The Reputation Equation”. Her new book ‘Enhance Your Reputation’ will be available in March 2022.
To receive this enews straight to your inbox, subscribe here. You can connect with Ros via email email@example.com or by phone 1800 677 600.