I have to admit that I talk about value a lot! When you hear me talk about what entrepreneurs provide to their clients, you’d undoubtedly hear me mention value. I repeat it over and over again because it is very important.
Value is what you bring to your customers as a solution to their pain points, I believe that the value you provide is what determines how your customer reacts to the price tag attached to it.
In my opinion value is similar to quality. You know when you find that perfect handbag or pair of shoes and the quality is on fleek! Even though the price tag is more than you were planning to spend, once you understand and agree that it is well worth more than your slim budget, you make a decision to buy or not to buy, to save for it or to pray that it goes on sale!
Let’s bring this back to business. How do you define your value proposition? Your value proposition is what makes you standout and helps you connect with your target audience. It’s similar to your elevator speech, however your elevator speech is a quick statement that describes who you work with and how you can help them. On the other hand, your value proposition lets prospective customers know who you are and what you are all about. Therefore, it is super important that you have it nailed down.
I don’t claim that you’ll have the perfect value proposition at first try, in fact, I believe that you would have to keep refining it until you get to a happy place where you love the way it sounds and it rolls out off your tongue easily when you get that “so what do you do?” question.
Your value proposition should be clear and concise. It should be conveyed in the language your customer speaks. Do not load it with jargons that you think would impress your customers. They’ll only be able to relate to it if it is presented in a way they understand.
There are 3 elements in a solid value proposition:
1. YOUR TARGET AUDIENCE
This is you niching down to your specific customer. This is the instant connection you make with your target customer letting them know that “you’ve got them”. This is not to say you will not get inquiries from potential customers outside of your niche. Of course there will be outliers, but you know who you primarily serve and you want them to know that you exist and you are available to help them.
2. THE BENEFIT
There are two parts to this point, one is the solution you provide and then the benefit that will be derived from you solving your customer’s pain point. This is the crux of your value proposition. Your customers want to know “what’s in it for me?”. This is where they determine if the benefit they will receive is worth the investment they’ll be making.
3. HOW YOU DO IT
This is your claim to fame, what makes you unique, what makes you shine, what makes you slay at your game! This is the part that helps you highlight the benefit you provide to your customers and why you are the entrepreneur of choice to help them solve their pain point.
For example, in my business, I ensure that I provide a three-step solution which is ranked as short range, medium range and long range. The reason I do this is because I want to provide solutions that will yield results immediately with a bit of effort and as more work, time and effort is applied, bigger results will be seen.
Your value proposition should tug at the heartstrings of your target customer. It should describe their pain points and most importantly, the expected results that you provide should be clearly expressed. Avoid ambiguity and lots of fluff. Be careful not to make promises you can not deliver.
I strongly encourage you to take some time out to write value proposition and if you would like to share it with me, write it in the comments section and I will be sure to respond to you with encouragement or pointers as applicable.
Questions or comments? Please leave them below and feel free to share this with your friendpreneurs!