The importance of an effective, powerful value proposition is widely misunderstood. It may be just a few words (usually 10 words or less) but as a marketer it may be the most important and challenging thing you ever make. It’s important because it will serve as the foundation for all of your other messaging. It needs to be short and unique. It must also sum up the most important things customers need to know about your company or product.
A strong value proposition is a very valuable tool that must be generated from a need in the marketplace, and used to convert even the most skeptical customers.
Developing a value proposition is more of a discovery process than a writing task. It doesn’t matter how much experience you or your marketing team have, it can’t just be a written statement or declaration. It needs to be the result of the analysis of customer activity and feedback and then it must be tested.
It may start with brainstorming ideas but it is optimized and refined with a methodic approach and it’s not as complicated as you might think.
Here are the 4 steps you can use to discover your value proposition and boost conversions.
- Answer this question: If I am your ideal customer, why buy from you rather than your competitors?
- Compare your answer with the claims of your main competitors.
- Keep fine tuning your value proposition until it can be expressed in a single, credible sentence that is immediately understood.
- Once you have a few good possibilities for a strong value proposition, you need to put them to the test.
How do you test your value proposition? Test it using A/B Testing with Google Ads.
You create a series of ads and landing pages to test each one of your value propositions and see which one appeals to people the most. There is a time investment but you don’t need to a large advertising budget to get your answer.
With a solid value proposition in place you can move forward with your various advertising campaigns with confidence.
This simplified article introduces the basic principles of developing a value proposition. It’s purpose is to provide a basic overview of processes we learned from MECLABS.
If you would like to find out more about how we can help your company develop a value proposition or if you have any other questions about marketing, please don’t hesitate to book a free consultation.
