A value proposition sits at the core of any brand and determines marketplace position. Informing customers of the service expected, what your brand aligns with and how you aim to differentiate yourself from competitors is essential when determining value proposition.
Whether it’s a completely new value proposition or you’re a brand that feels the value proposition needs some care and attention – it’s necessary to delve into core values and create something that best describes the brand offering, aiming to showcase the brand in the best light.
A strong value proposition:
- Explains how a product/service solves problems or improves their situation. It should resonate.
- Shows the consumer what benefits the product/service will provide them. It should substantiate.
- Separates a brand from competitors, connecting and persuading them into brand loyalty. It should differentiate
To build the most suiting value proposition, consider the following steps: define, evaluate, measure and build.
Defining the value proposition is the core building stage – ultimately deciding how the brand is valued. Six key questions to debate when creating a value proposition are:
- Does it resonate with with the target market?
Does it allow them to fulfil their needs and desires, whilst solving problems for the customer? Think benefits, not features.
- It is simple, concise?
If it’s not memorable or not easy to digest for the consumer, the consumer won’t connect with the message
- Does it really set the brand from competitors?
Don’t emulate what the industry is doing, it’s easy but it won’t work in the long-haul, be unique to your offering, sell your difference.
- Is it intriguing?
A value proposition is something that a brand is known for – it should be intriguing and ultimately spark a continued conversation.
- Is it honest and true to what we believe?
It’s all good having a value proposition, but there’s no point having something irrelevant if you can’t be true to what you say or if it isn’t an honest reflection. If you’re not ethical, or the fastest don’t claim it.
It is time to evaluate the unique selling point in comparison to competitors. Does it add benefits by looking at the status quo differently? Does it allow the product/service to enter the right competitor market with the definition?
When this has have defined and evaluated, it’s time to measure. Measuring the value proposition will allow a brand to ultimately decide if the product or service is being explained correctly and if it will ultimately connect to the target consumer. The Gain/Pain ratio is the strongest method. Ultimately, brands should deliver products with high gain ratio with minimal pain – disruptive innovation would ideally be non-disruptive to adopt which makes the value proposition and product at the highest gain. A successful brand will deliver an improvement benefit over the market share to capture more consumers.
After all these steps have been implemented, it is time to build and portray to the market, but not before removing any jargon – making sure it’s honest and true to the brand. Once the core stages of: defining, evaluating, measuring and building have been done, it’s time to publicly market alongside all service and products that reflect or are attached to the brand making sure there’s a synergy with the value proposition.
We regularly write blogs, within the realms of; branding, UX & technology. To read more, check out our website – www.noiragency.com/thoughts
Follow us on Twitter: @Noiragency