Did I mention That I got a New Job? Yes! I am on an expedition to learn from the field…Like everyday when I was on a brainstorming discussion with my reporting head, I got to learn something new.. Well the Whole concept of Digital Marketing itself is new to me… But this is something that I felt that all of us should learn.. Value Proposition…
Value Proposition is like poetry.. it is an art.. But an Art that requires a lot of business knowledge. Else it becomes a bunch of phrases hanging around without purpose.
So What exactly is Value Proposition?
Value Proposition in simple words is a catchy tagline (Not exactly a Tagline except for the word count!) that proposes a product/ service to a prospective client. It is like a solution statement that a client would want to hear about a product/service that would meet his/her business requirement. According to the Dictionary, it is a promise of value ” an innovation, service, or feature intended to make a company or product attractive to customers.” Purely intended for the purpose of marketing, Value Propositions are those promise statements that do the first level of talking to the customers even before they approach a company for a particular product/service. This shows how quintessential these features are in this Digital Marketing Era.. Aren’t They?
How are Value Propositions Framed?
Getting to the basics of the topic of discussion, Value Proposition as said earlier is an art. However, it is one art that requires a little math work to be done. Value Propositions are framed based on the following 5 pillars… One may call it a Template, But the word Pillar is apt because they hold a great support to any business. Also they are the pillars that hold up the face value of any organization. Missing out on any one of these may mislead or lead to missing a potential client.
- Target audience One must clearly understand and jolt down for whom a Value proposition is written. Is it written for B2B clients or B2C customers or both or any other target group. This helps in understanding the language to be used in a Value Proposition. This because, one must be able to gauge the expectation of the target audience before coming up with the promise statement that has to win their trust.
- Pains- Tapping the points of dissatisfaction of the target audience is the best way of saying that their problems can be attended to. Also, it is universal that pains are more obviously visible to human eyes than the pleasures that seem to run faster. Hence, but coming up with the paints or the current alternatives that the customers are looking for in the market it is easy to pitch a product/service that caters to that particular need.
- Uniqueness- The next level of attraction comes from feeding the target audience’s curiosity. An answer to the question What is new?
- Gains- Having mentioned the Pains it is very essential to say how it can be solved. Thus, by saying what one can gain from a product/service a client (prospective!), get’s to know the means to meet his ends. Eureka!
- Competitiveness- Another most important and final pillar of Value Proposition is ruling out competition. Showing the client that the solution is available in its best form only from you is the best way of winning him. So it is important to say how a product/service is different from the other similar ones. For example, Though there are a number of ink pens available in the market, we go for Parker for its brand value and the promise of longevity unlike the other pens available in the market.
When all these pillars are carefully raised they build an enriched Value Proposition that promotes the Brand Value to the Targeted customers. One of the key skills in Digital Marketing is the art of Framing Attractive Value Propositions. One theoretical approach that would give a better understanding of the concept is the Value Proposition Canvas.
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Happy Reading and Sharing,