- What is the Value Proposition?
- Why is it important?
- Are they only critical to sales narrative online or they are important offline too?
In this article, we will sharpen our understanding of what a Unique Value Proposition actually is.
Before we dive deeper into the product messaging, I would like to mention that the following content is based upon the learning that I got during the ninth Week of Conversion Optimization, my mini degree course at CXL Institute, led by Peep Laja & the team.
Understanding Value Proposition
In every marketing textbook, you will find a discussion on understanding the value proposition yet people have a limited understanding of what it actually is and why it matters. In the last article, we discussed the Conversion Heuristic Formula.
C = 4M + 3V + 2(I-F) – 2A
Analyzing this formula, notice that the biggest, most influential element is Motivation.
- What is going on in your prospect’s minds when they hit the page?
- Their expectations?
- What are they looking for?
There are so many questions, yet we cannot control them. We might be able to influence the visitors’ motivation to visit the page, but the entire control is not possible. Then what can we control? The next biggest element, Value Proposition.
Let’s look at the most widely used meanings of Value Proposition.
- What’s In It For Me? (WIIFM)
- Why should I choose you over X?
- What is your differentiator?
- What’s your unique advantage?
- What’s the reason to buy from you?
Creating A Value Proposition
Now that we understand what is a value proposition, let’s dive into how to create effective value propositions. Before moving forward, we will be using the first 2 meanings/questions of value propositions. Listing them down in a sequential manner:
- Gather your team & stakeholders.
- Ask them, What’s In It For Me?
- Once someone answers that, ask that person, Why should I choose you over X?
- Don’t stop here, as soon as you get the answer, just ask So What?
- Don’t stop yet, ask again, Okay, prove it.
The objective is to stress test your value proposition so so what & prove it over and over again, that you actually get virtually anyone excited, about the promise that you are giving them.
How To Brainstorm the BEST Unique Value Proposition
Keeping in mind that brainstorming the best value proposition is really about the most promising value proposition but then you really should try to validate it with external research as early as you can. These are the steps that are recommended to take.
List Your Product’s Key Features
- Pinpoint Those That Are Unique
- List Customer Pain Points for Each Feature
- Define Desirable Outcomes for Each Pain
- Score Pains/Outcomes by Severity & Frequency
- Edit Top>Scored Pain/Outcomes Into MVPs
- Score the UVPs (and go with the best one!)