What is your company’s greatest value?• Your best prospects may not be who you think they are• The value they seek may not be what you think it is—or even what Sales or prospects told you• Your current products may not command the highest value• When you get your value proposition right, you can expect a dramatic and permanent increase in revenues• It takes research to ensure you get it right
What is a value proposition? • Tells prospective clients why they should do business with your company • Speaks to their needs—rather than your capabilities • Describes how their situation will MATERIALLY IMPROVE when they work with you.
Why is having a value proposition important? • Doesn’t require one-to-one interaction • Can use in marketing collateral – Leverages your time – Shortens the sales cycle
What makes a good value proposition compelling? • Speaks to a pressing concern • Focuses on a single benefit • Is specific rather than general • Is clear and concise • Creates a sense of urgency • Mitigates risk
Most businesses need multiple value propositions• Value varies: – By segment – By application – By role – Over time
Pinpoint the most promisingprospects• List the segments that need your capabilities• Eliminate segments that are too small to meet your revenue goals• Eliminate segments that don’t value your strengths• Then, assess the desirability the remaining segments
Figure out what they want--how they preferto buy • Think like a journalist • Deep insights drive sales
What’s the best approach for getting this information?• Ask directly, rather than making assumptions• Consider working with a third-party
“So what” or “Must have”? You must test to be sure
Your value proposition is the foundation for all your marketing • Services • Promotion • Positioning • Distribution • Pricing • Packaging
From value proposition to marketing message• Limit to one benefit• Keep the focus on the client• Consider using a professional writer
Keeping your value proposition up to date• Value evolves and changes• Keep abreast of events and trends that may affect value• Conduct research on an ongoing basis• Modify your value proposition as needed
Summary• Value is not absolute or constant• Determining what your market values most takes ongoing research and validation• When you get it right—and use it to inform all your marketing efforts--you can expect a dramatic increase in revenue
Strengthen your value proposition• Does it tell people what you do?• Does it address the highest value your company can offer the market?• Is it compelling?• What’s the evidence?• Where are the holes?• How can you plug them?
Your value proposition• Want to discuss your grid? Email email@example.com and schedule a phone appointment• Want more tips? Give me your business card to receive articles as we publish them—or visit the BB Marketing Plus blog at www.bbmarketingplus.com/blog
BB Marketing Plus• Barbara Bix, Managing Principal• Established in 1994• Has helped more than 75 organizations accelerate sales and increase revenue – Specializing in high-tech, health care, and professional services firms – Ranging in size from Fortune 500 companies to start-ups