CUSTOMER VALUE PROPOSITIONS FOR SUCCESS
Value proposition: Why WOW!-factors are so important today
Short and sweet: value propositions are the promise of value to be delivered to your target groups by new products or services. Functions, features and arguments that create value. And ideally generate uniqueness. Make things better. And thus, leads to buying decisions. Value propositions enable to stand out from the high noise level of the fast-moving digital age. And thereby, convince customers in a trustworthy way – for repurchase and loyalty.
A value propositions is not a kind of a slogan or claim. But a strategic and unique promise of value, developed and tested with real users. Thus, it’s helpful to ask yourself the following questions: How does my offers improve customers’ live? How do customers feel when using my products or services? How does the unique, specific benefit look like? Why are customers willing to use my products or service – although they might have thousands of options?
These are key questions a good value proposition must answer – in a short, simple and specific way. For your company, your products and services.
Starting points are specific problems of your customers and target groups. The needs and demands + benefits your product or service can offer to solve problems. Thus: generate insights. Analyze customer needs. Identify specific problems to be solved. And then: Find solutions. Also, important: a specific and transparent communication. Thereby, use customer language – explain value propositions with focus on your customer.
To create your value proposition there are many different tools and methods. There is no formula for success or the “one and only tool”. We from EARLY BRANDS know: value proposition design is always specific and individual – depending on companies as well as customers. What really matters: people + empathy. Thus: slip into your customers shoes. Make use of persona, who will use your product or service. Generate insights. Detect WOW!-factors.
Maybe it is a unique, customer-orientated online service. Maybe an exclusive product design. Perhaps you can convince your customers with an extraordinary quality or an unbeatable price. Maybe your product or services gives customers superpowers. Or solves the unsolvable. A value proposition can literally be anything. What matters is customer relevance + values. Features like one-day-deliveries, free shipping or 2-for-1 offers are great arguments BUT: definitely not unique. Thus, you won’t be more successful as your competitors only having these arguments in your pocket.
So: take time for value proposition design. An unambiguous, specific and differentiating statement, which communicates the values of your offers easily and as plain as can be, is a critical success factor today. It will become more and more important for business success as number of innovative products and services continuously increase.
To keep a long story short: focus on your customers. A value proposition developed with and for your target groups, is a value proposition that secures market relevance + enthusiasm of different stakeholders. From customer, employees to partners.
Catch the Future…!