Creating a Winning Value Proposition

How to Standout in the “Sea of Sameness” Creating a Winning Value Proposition : 

How to Standout in the “Sea of Sameness” Creating a Winning Value Proposition Presenter: Kevin Poland

Purpose: 

Purpose T o create or improve your value proposition To win more of the right clients To achieve improved retention, increased revenues and profits

Stand Out from the Crowd: 

Stand Out from the Crowd Marketing Strategy Value Proposition Unique Value Proposition Core Message

Core Message: 

Core Message The message is critical People respond to what you say, not what you sell Right message in front of the right people

Where Are You Now?: 

Where Are You Now? Do you have a value proposition? What is it? How do you use it? Does your staff know it? Why do people buy? Why do they keep buying?

Your Challenges: 

Your Challenges You lack a value proposition You struggle to communicate your value

Win More Clients: 

Win More Clients You have to be seen You have to stand out Value Proposition can help 1 2

Value Proposition?: 

Value Proposition? V alue Proposition = 8.9 million Unique Value Proposition = +3 million

Value Proposition Definition: 

Value Proposition Definition A crystal clear statement of how your product or service: Solves a customer problem Delivers a benefit Improves their situation

Value Proposition Definition: 

Value Proposition Definition A business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings.

Not a Statement: 

Not a Statement Especially for service firms, a statement could do more harm than good: …experienced, trusted partner, client driven, results oriented, focused on long-term relationships, yadda, yadda, yadda… Leads to confusion

Value Proposition Definition: 

Value Proposition Definition A value proposition is the collection of reasons why a person or company benefits from buying something

Value Proposition is a Concept: 

Value Proposition is a Concept As a concept you have more to work with… a collection of reasons Woven into the fabric of your firm and all of your communications

Why Do you Need a Value Proposition?: 

Why Do you Need a Value Proposition? Often 1 st impression Struggle to articulate value You don’t have one clear marketing message To stand out in the crowd T o start a conversation with a prospect or referral source

Most Important Question: 

Most Important Question Why should I buy (from you) instead of any other option I have, including the option of doing nothing ?

Status Quo: 

Status Quo Greater threat than your competition D efaulting to do nothing – they choose not to take action They didn’t see the value in hiring / buying, now

Stand Out in a Crowd: 

Stand Out in a Crowd Differentiation is important Try to hard to be unique We miss what clients value

Value?: 

Value? What is value? “Something of relative worth and importance or desirable; a fair return for goods or services; estimated or appraised worth”

Value Proposition: 

Value Proposition Define target audience Understand target Issues / problems Needs Value How do you help Use their language Craft your value proposition Add additional distinction Test it…Refine it

First WHO, Then What: 

First WHO, Then What Value is in the eye of the beholder Start with your ideal target client The value proposition needs to speak to some one – your target Varies according to client, segment and timing

Understand Their Issues: 

Understand Their Issues What are their most pressing issues or problems? What are their pain points? What is keeping them up at night?

What Does Your Target Value?: 

What Does Your Target Value? To create a value proposition you need to know what they value. What do they value? What language do they use describe value? What are the 3 to 7 things they value above all else?

What Do They Value?: 

What Do They Value? The answer lies inside their head. Ask them: Why did they buy? What did you say that persuade them? What stories did you tell? Why did they choose you over everyone else…or doing nothing?

How Do You Help?: 

How Do You Help? How does your business solve their problem? What are you promising do for them? (emotional gratification) Your Brand Promise

Use Their Language: 

Use Their Language Translate your selling points (features) into a compelling message (benefits) Do not use industry language or “jargon” Clear always trumps clever

Creating Your Value Proposition: 

Creating Your Value Proposition We use a 3 part process: Part 1 =Top anxieties target faces Part 2 = Anxiety relief you offer Part 3 = Result target experiences working with you

Test It & Refine It: 

Test It & Refine It Take your draft and share it Ask or survey clients and COI’s Test it…do your results improve when using it? Tweak it and refine it…use it

Value Proposition: 

Value Proposition It’s a pretty simple concept to grasp. Like all simple, but important concepts, it takes some thinking to understand it deeply and use it to your advantage.

Example - Medical Billing Co.: 

Example - Medical Billing Co. They didn’t have a value proposition. They emphasized price, then ROI in terms of increased profits. Interviewed the physicians and found they valued a trusted advisor, peace of mind, a firm that does what it says and an easy transition.

Part 1 - Medical Billing Co.: 

Part 1 - Medical Billing Co. At Medical Billing Inc . we know you have heard all of the promises of improved billing, only to be disappointed by unfilled claims and late payments. Resulting lack of revenue and cash flow.

Part 2 - Medical Billing Co.: 

Part 2 - Medical Billing Co. We work with you to diagnose your situation and then advise you on the best solution for you. We work with your staff during the transition period. We don’t just go away, we are there to consult and advise you on any issues and help you overcome any obstacles.

Part 3 - Medical Billing Co.: 

Part 3 - Medical Billing Co. Medical billing is not a product but an ongoing service and relationship we provide. The peace-of-mind of knowing your billing is being handled by a trusted advisor will allow you to focus on improving the health of your patients. You can relax knowing you never have to call another insurance company asking about payment again.

Example – Web Design / Hosting: 

Example – Web Design / Hosting Initial value proposition: We make better websites Emphasized they were high-end, design functionality, e-commerce and customization After interview, they found their target values: reliability, single point of contact, accessible, turn-around time, trustworthy

Part 1 – Web Design / Hosting Firm: 

Part 1 – Web Design / Hosting Firm At ProWeb we understand that if your website goes down for any reason it costs you business. Getting it up in a timely manner is not easy when you are unsure who to call.

Part 2 – Web Design / Hosting Firm: 

Part 2 – Web Design / Hosting Firm We have created the ProWeb Advantage providing you with a redundant hosting system to guarantee reliability and uninterrupted performance. Additionally, every client has their own personal service concierge they can contact any time.

Part 3 – Web Design / Hosting Firm: 

Part 3 – Web Design / Hosting Firm Our ProWeb Advantage results in you knowing your site is up and working 24/7 leaving you feeling confident and that you have one less thing to worry about.

Understand Your Value: 

Understand Your Value Value doesn't need to be unique It just needs to be genuine, distinctive, and valuable to your target audience You don't need to be the only one, just the most worthwhile in specific situations to specific target markets.

Understand Your Value: 

Understand Your Value Speak in a language that matters to your clients By uncovering their real needs and understanding what’s important to them This alone will make you stand out in a crowd and you do not have to think about the competition

Value Proposition = Magnetic Marketing: 

Value Proposition = Magnetic Marketing Magnets attract and repel A well thought out Value Proposition woven into your communications will be your magnet to attract

Value Proposition & Differentiation: 

Value Proposition & Differentiation What happens when you are facing competition that requires more differentiation? What do you do next?

Unique Value Proposition: 

Unique Value Proposition Two ways to differentiate: Specialization - Generalist usually don’t win Brand Your Solution TM

Part 1 – Financial Advisor: 

Part 1 – Financial Advisor At TRG Financial Advisors, we understand that as you transition through life you will have numerous and various crossroads. Trying to navigate these significant financial decisions alone without an expert guide may lead to anxiety, overwhelm, doubt, wrong decisions or no action at all.

Part 2 – Financial Advisor: 

Part 2 – Financial Advisor We have developed a consultative approach to financial advice that combines expertise, overall coordination and aligning financial choices with life choices. We call this process TruPath Wealth Management TM .

Part 3 – Financial Advisor: 

Part 3 – Financial Advisor TruPath Wealth Management TM results in a personal financial strategy that will bring all of the elements of your financial life into one clearly focused picture. It will allow you to feel relaxed and confident knowing you are on track to reach all of your goals.

Your Take Aways: 

Your Take Aways Value is in the eye of the beholder Concept, not a statement Communicating value is the first part of differentiation Add points of distinction E xpert with people like you…and Brand Your Solution.

How Can We Help You: 

How Can We Help You Growth by Design TM Program Monthly Webinars: September 14 th at 3:00 p.m. How to Improve Employee Productivity Special Offer = Marketing Tune-Up

Contact Information: 

Contact Information Kevin Poland CEO/CMO The R enaissance Group  813.636.9181  Kevin@RenaissanceConsultants.com