You might have the best product or service in the world, but, if you cannot communicate how your product or service will be of value to your potential customers, you will not sell.
It does not matter if your product will change your customer’s life forever, you have to be able to explain in a way that appeals to them in order to outline the value that you will be bringing to the table for them. This is where your value proposition comes into play. It should be carefully crafted to appeal to each customer and their unique circumstances.
What is a Good Value Proposition
Let's start by defining a value proposition. A value proposition is a promise of value to be delivered. In simple terms, it's basically a description of the value that you plan on providing to your customer.
A good value proposition is one that can quickly open doors for you by expressing value in a way that is appealing and applicable to the potential customer you are giving the value proposition to. A good value proposition makes your product or service enticing by focusing on the tangible benefits associated with using your product or service and also differentiates your firm from others. By focusing on the tangible benefits and highlighting what makes your firm different, your value is often easily understood. By clearly outlining your value, you will get more meetings with decision makers and will close more deals.
How to Tailor Your Value Proposition
As previously mentioned, your value prop should be tailored depending on who your audience is. This is the case because, in order to make your value proposition as effective as possible, it should be positioned in a way that highlights the value for the person and unique situation that they are in. Thus, in order to tailor your proposition, you are going to need to know a few things:
Who you’re meeting with - different people from different companies care about very different things. Understand what your audience cares about and use your value prop to illustrate that you can solve that problem
The organization You’re Pursuing - unique industries, industry trends, financial events can influence what is important / what the organization you are pursuing is looking for
What you’re selling - different products or services that you’re selling have different value to customers. Understand exactly what you’re selling and stay focused on highlighting that product’s value.
Tailoring your value proposition will lead to people responding to your pitch with much more engagement. They will be more interested in what you have to say because it is directly relevant to their problems. This positive feedback will enable you to have a strong pitch and belief in your product moving forward.
Understand Your Own Value Proposition
Once you have worked with tailoring, editing and iterating your value prop, you will understand the value of your product or service so much more thoroughly. This understanding will allow you to be very confident in your product and the role that it plays in the marketplace. You will no longer question if there is a market for your product or service and you will try harder to get into more accounts. This understanding and belief in your own product will help reduce your fear of rejection, further improving your ability to sell your products to others.
So go ahead and think about your current value proposition. Think of ways that you can improve it and how you want to present different variations of it to different potential clients. Use this value prop development to increase your belief in your product. Combine these things and watch how your new and improved value prop will drive your sales.
Agnes Lan, P.Eng., MBA
VP, Business Development at Change Connect
Described as influential and inspirational by her clients and peers, Agnes Lan helps organizations grow through change. She has a knack for breaking down complex strategies into tangible business tactics. Leading the way in Sales Transformation for SMBs and Enterprises alike.
Agnes has considerable experience on the assessment, strategy, design and implementation of business transformations in various industries with a focus on Sales - customer focused business strategies, organization design, sales efficiency and transformation. Agnes has consulted for clients in Broadcast and Media, Advertising and Marketing, Distribution and Warehousing, Education, Manufacturing, Professional Services and Construction.
With degrees from the University of Toronto, Indiana University Kelley School of Business, Hong Kong University of Science and Technology and Harvard Business School, her passion for learning contributes to numerous professional designations as a Professional Engineer, Lean Black Belt Professional and ADKAR Change Management Practitioner.