If you’ve ever been to a marketing seminar or read a marketing book, then you’ve likely come across the term value proposition. I’ve never liked the term very much because it sounds like corporate gobbledygook. But really, a value proposition is simply the collection of reasons why a client — whether an individual or a company — buys a particular product or a service.
To get sales, it’s extremely important to know what your value proposition is and to communicate it clearly in all your marketing materials, from your website to your brochures to your ad copy. It should even be sprinkled throughout your social media conversations.
The challenge for most solo business owners however, is that trying to define their value proposition is an abstract concept that never gets them anywhere. But today I’m going to help you create a compelling value proposition quickly and easily. All you have to do is answer these 3 questions.
Why is your service immediately valuable and/or important to your ideal clients?
The first and perhaps most important ingredient to defining your value proposition is clearly articulating how the transformation that you deliver directly and immediately addresses a problem, challenge, frustration or desire that your ideal clients are facing.
More than likely, you can think of many reasons your service is valuable and important. But here’s the key: you have to identify the ONE thing that will MOST resonate with the largest percentage of your target market. People are inclined to scratch their biggest, most annoying “itch” first. And, if you’ve spent time getting to know your ideal clients, it should be easy to identify the ONE thing that stands out more than all the others.
(Bonus tip: Use the same exact words that your prospects use when talking about their problem, challenge, frustration or desire.)
How are you and/or what you offer different from what others in the market are offering?
Okay, this is a biggie. And it’s something that’s worth spending time thinking about, especially if you fall into the category of life coach, business/marketing coach, consultant, internet marketer, speaker or any other field where potential clients might view what you do as a “dime a dozen” or, worse, as a commodity.
How are you distinct? How are you unique? If that’s hard to nail down, here’s another way to think about it: Why would it be difficult for a client to easily find an equivalent substitute for you or your services in the event you weren’t available?
One way to differentiate yourself is with a niche. A 7-figure business coach that I know works only with chiropractors. Sure, he could easily work with doctors, dentists and other business owners too. But by specializing, he has become the go-to expert in that field. What makes him unique — and lets him charge a premium — is that arguably no one in the marketplace has more proven experience in helping chiropractors increase their revenues to the levels that he has.
Another way to differentiate your business is through your service delivery. For example, the website 99designs.com has changed the way people buy graphic design services by having designers compete for work. And NetFlix revolutionized the way people rent movies by sending DVDs directly to their house. David Sandler of the Sandler Sales Institute said it best when he said, “To be successful, do the opposite of what everyone else is doing.”
Why should potential clients believe that you can in fact deliver what you promise?
The third and final ingredient in creating a powerful value proposition is clearly explaining why a prospect should believe you when you say you’re going to help them achieve X, Y or Z. For most solo business owners this comes down to two components: your own experience, as well as the results you’ve helped others achieve.
At a recent business workshop I attended, one of the other participants complained that she was struggling to find clients for her marketing services. However, after further prodding from the workshop leader it became apparent that this individual had never actually provided her marketing services to a client — nor did she have any previous experience in marketing. So why in the world would anyone hire this person?
If you’ve been in your field for any length of time, then it should be easy to pull together proof points. Facts tell and stories sell — so use both. Mention specific results, such as dollars, numbers, percentages, etc. And share anecdotes and client testimonials.
(Bonus tip: If you’re just starting out, then take on some “beta” clients for low to no cost in order to build up your experience and have success stories to share.)
Known as The Corporate Agent, Angelique Rewers, ABC, APR, teaches micro business owners and solopreneurs around the world how to grow their small business by working with Big Business. Get her FREE CD and articles at www.TheCorporateAgent.com.