How to Write a Value Proposition
WHAT IS A VALUE PROPOSITION?
Simply speaking, a value proposition identifies the value you will render your customers through your product or service. It’s the guarantee of what your potential customer will receive through your business whether that is emotional or functional value. Within this statement, you should also indicate what sets your business apart from your competitors and why someone should choose your product or service over another competitors.
STEPS TO WRITING A VALUE PROPOSITION
Successful value propositions are relatively simple, concise, and avoid using confusing jargon—they incorporate a headline which draws the audience in and outlines the core benefit, a sub-heading which more specifically outlines the pain points your business is solving for, features in bullet point format, and finally a visual element or call-to-action that directs your customers on what to do next.
DEFINE WHO YOU ARE AND WHAT YOU’RE ABOUT
Before diving into writing a value proposition, you should already have identified the core business base such as your purpose, mission, vision and values. Your business makeup is a key component within your value proposition and in reality this should be at the core of all your brand messaging.
Who are you? Why does your product / service exist? What does an ideal future look like within your business? What does your brand represent?
Once you’ve nailed these items, then you can move onto your value proposition while keeping these top of mind.
IDENTIFY THE CORE BENEFITS OF YOUR PRODUCT OR SERVICE
What value does your product or service bring to the table? Think of the areas that differentiate your business from others. If a customer were to buy your product, what will they be receiving in return? When brainstorming core benefits, make sure to think creatively about this as it doesn’t just mean the value a specific product functionally will help with—it could also mean the emotional value. What does your company represent that enables your customers to live better? It could be that your customers are supporting a local business or that your company is environmentally friendly and thus helping your customers participate in a better future.
OUTLINE YOUR CUSTOMERS’ NEEDS AND PAIN POINTS
Put yourself in your customers’ place. What are their needs and what is the market currently lacking that your business can help with? Understanding your target audiences’ demographics can help to understand what their needs are and what their pain points are that your product or service will help with.
DRAW A LINK
Why is you product relevant to your target market and what does it do to resolve the issues your customers are currently experiencing? Your business is more likely to be successful when it addresses a specific gap in the market—this can be product-related or emotionally tied. Make sure this link is clear and concise and speaks directly to your target audience.
DIFFERENTIATE YOUR BUSINESS
What is different about your product or service that sets you apart from the rest? Why should a customer buy from you as opposed to your competitors? This should tie directly into the core benefits your product / service provides.
BE CREATIVE
A great value proposition should work to incorporate all these elements together, while also being creative and simple to understand. Speak directly to your target audience and make sure not to over-complicate your messaging. Your value proposition should be in line with your unique brand voice and messaging and be compelling enough that your audience understands the value your business will bring into their lives.