When customers are buying or bargaining about a product, they express their choice. Whenever they choose your product over your competitor’s products, they notice more value in your product. But when companies provide similar dishes with similar features, what will you choose? How do the potential clients or customers decide what is best? That’s where the value proposition comes into the picture. A perfect value proposition convinces the target audience why your product is better than other products in the market. This article will help you walk through the bullet points to craft your value proposition skill and make an outstanding value proposition canvas template.
What is the value proposition?
The value proposition is a service which convinces your target audience to buy your product. It explains the salient feature of your product and why your product is unique in the market. Some of the different names of value propositions in the market are:
- Value statement.
- Value prop.
- The proposition of the brand.
- Unique selling proposition (USP)
- Unique value proposition(UVP)
The different names don’t change the meaning of the value proposition. The work stays the same. A company can keep more than one value proposition. Some of the types of value propositions commonly used everywhere:
Value of the price- You can show why your product or service is the most efficient and trustable one.
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Unique product value-You can show the company’s unique features to your target audience.
Difference between value proposition and mission statement
People generally confuse the value proposition with the mission statement of the company. The company’s mission statement can inspire your value proposition but has nothing to do with the external environment. You can talk about your mission statement, but it is always an answer to a “why” statement, not the proposition.
Elements of value proposition
- The headline
- the subheadline and
- a graphic component
are the three key components of a value proposition.
Here are a couple of templates to use when formatting a value proposition so that you can see these tools more clearly.
Value Proposition Free Template Example
After reviewing the components, visual aids, and templates, let’s look at some examples of brands that successfully recognise and cater to their target audience’s demands.
An intuitive CRM, according to HubSpot.
“An easy-to-use CRM,” the headline reads.
“HubSpot’s CRM platform includes all the tools and integrations you need for marketing, sales, content management, and customer service,” says the subheadline or paragraph.
- Client Profile
- Gains in Customer Jobs
Four major questions of a value proposition
You can find a thousand ways to write the value proposition for your company, but the four questions will always top the list of questions. You should be able to answer the questions to have all the tools required for writing the value proposition. The four major questions are:
- What do you offer? Explain to the target audience about your service.
- Who is your audience? Identify your audience carefully.
- What is your value? The bunch of opportunities you are providing.
- What is unique about you? Explain the features and the advantages of your service.
Here are some more tips you should consider for better preparation of your value proposition.
- Clarity is the key to good business. Talk straight and to the point with your customers.
- Usage of the value props to explain the best results your crafted value proposition can provide to the customer.
- Employers should avoid sales jargon and buzzwords to a great extent.
- Keep it brief, simple and understandable.
How to make a value proposition?
The tools discussed below will help you know more about the customer experience and the results after using the product. Accepting value proposition will also help you learn other aspects like go-to-market strategy.
- Gain creators.
- Company’s products.
- Pain relievers.
- Pain points.
Your value proposition Canvas
The value proposition is generally a tool that helps you map your customer’s profiles and how they connect. Your potential clients have their own needs and expectations from you. You should be able to meet these expectations in every area.
- Jobs to do: customers have various needs to be fulfilled because they need the emotional and professional tasks to be completed.
- Expectations of your customers: while searching for a good product, a customer will always have certain expectations with the type of product they are searching for on the internet.
- Pain points: customers generally don’t like the pain points of a product like expensive, bad customer care service or very complex product functioning.
- Services: your product should be able to fulfil customers’ expectations.
- Gain managing staff: the people should know how to increase the gain of a particular product. A high-quality product at an affordable price is always preferred over an expensive one.
- Pain relievers: your product should be easy to use and reliable too.
A value proposition can be called the best way to what your customer needs. This service is helpful because it helps in keeping track of your customers and aligning your product for the same.
Go deeper into the questions and learn the value proposition
Learn some of the questions and their answers to your audience queries.
- What kind of customer do you want to serve?
- Which needs are you going to fulfil for your customer?
- What kind of products will provide maximum profit and leads to the company?
A question that arises mostly is analyzing the pinpoint of the product selected by the customers.
HBS explains the importance of price as an important factor. Depending on your target audience, what they are trying to search and how much you can meet their needs.
Two types of companies exist in the market: low price and quality but huge business, maintaining the quality and the price simultaneously. For example, Apple company maintains the quality of its product. At the same time, a company like Walmart reduces the price to maximize the business.
Usage of value proposition templates
Many business people use the value proposition and have tried to make it much easier. Companies try various tactics to make their value proposition look catchy. You can refer to their value proposition by visiting their website and observing their methods of gaining leads. By this, you can learn more about what to offer your customers. Another place to witness a strong value proposition is by creating strong headlines. Here we have tried to provide you with a free value proposition template with all the above mentioned points.You can also download or similarly create a value proposition. This is a editable value proposition canvas. You can use the value proposition canvas to create a new version of your product and services. the free template.
Summing up with the overview of the value proposition
This article taught us the main tips and tricks required to master the art of crafting value propositions. The most important thing to remember is that customer satisfaction depends on the company’s service. Good service returns you with new leads, and bad service will deteriorate your impression in front of the existing leads. The Value proposition canvas explained above-discussed points will help you prepare a dynamic value proposition.