USP is the only thing your customer will ever care about your product. The value you offer is what will decide whether or not they will stay with you and continue using the service. Establishing your VP is critical if you want to start the journey from your "idea" to building a successful company.
Identifying unique and efficient value proposition begins with figuring out one exceptional value you offer that your competitors don't. There must be one precise value every product/business should excel in, even though every single value is our goal.
A Successful VP is happening only if people understand the value of your service and they believe in it. It can be defined as the tangible business value that companies get from using a product or service. It is the outcome of your offerings. So, your challenge is to figure out what your outcomes are?
It has 3 components,* It should be focused on business objective that someone measured it,
* VP has the Movements. They are doing it because to increase sales, decrease costs and improves efficiency.
* It has the metrics. The strong VP are the main reasons that someone wants to meet with you.
Value Propositions are critical to the growth of your business. Startup Business will have to do market analysis and make sure the business model/idea is viable. At this time, you will come to know the market need, your prime prospects wants and market demand. Then, you can craft the solutions by focusing on their passion and possibility. It includes your products or service. Gather the information from testimonials, case studies to get the paying clients and customers.
Here, you can see some companies crafted their VP so well!
The Factors to Evaluate are,
* Market Value
* Market Size
* Competition Level
* Level of hindrance to access
The small market will have less value and less hindrance to enter into the market but excessive competitions. A Unique service/product with high value made for the large market holds high level hindrance to entry, but it is made/available for the exclusive audience.
These are some of the cliches people use to drive away from your business,
User 1: I am not interested your story!
User 2: Got something that will enhance my business? I will get back to you.
User 3:Want me to try your product? I hardly have the time to try etc.,
So, Here are the best practices for building killer Value Propositions that will help you sell your services and win new clients.
1. Once you have gone through the defining, evaluating and measuring steps, you are ready to build the value propositions, it has the framework of,
* For (target customers)
* Who are dissatisfied with (alternative)
* Our Product(New Product)
* Provides(Key Problem-Solving)
* Unlike (Product alternative)
Use this template, to create clear and compelling VP's,1. Value Proposition ,
2. Value Proposition
2. Identify Core Competencies : The competencies could be in the area of your business process, technology, market relations, people, industry positions etc. It needs to be solidly founded in your company's competencies. It should translate what is unique your business in the area of design or engineering services or manufacturing and the value to your customers. The value proposition helps you to stand out from the competition and provides a clear message for prospects about why they should engage your services.
3. Put your Value Statements in the Right Order: Identify 3 or 4 major areas in your value propositions like,
* Areas of business you serve
* Types of problem you solve
* Type of firms you serve etc.,
The customer kept describing your offering as a rich information system that got its detail of a payment transactions. Customer's will see the long term value of the information generated would be more powerful than lower payment processing costs.
4. Include Marketing Language in your Value Propositions: Providing proof of your abilities will create another important layer of credibility. Value proposition needs to polish it, refine it, validate it and refine it again. Add the proof points to your value propositions for credible and meaningful VP. Proof points should be quantitative examples and benefits like " Our teamwork of web design services often reduces cost by 30% or more" Are you interested our services now? The industry certifications, awards, customer testimonials and anything else make your claims real and credible.
5. Audit your value every 2 years: Value evolves in competitive landscapes. Your today's unique value propositions may be the market expectations tomorrow. It is important to complete the brand audit every two years.
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