Crafting a Winning Value Proposition

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How to Standout in the“Sea of Sameness”

Creating a Winning Value Proposition


Purpose• To 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

Marketing Strategy

– Value Proposition

– Unique Value Proposition

– 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?

• 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

• You lack a value proposition• You struggle to communicate your value


Win More Clients

You have to be seen

You have to stand out

Value Proposition can help

1

2


Value Proposition?

• Value Proposition = 8.9 million

• Unique Value Proposition = +3 million


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• 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• Especially for service firms,

a statement could do moreharm than good:…experienced, trusted partner, client driven, results oriented, focused on long-term relationships, yadda, yadda, yadda…

• Leads to confusion


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

• As a concept you have more to work with…a collection ofreasons

• Woven into the fabric of your firm and all of your communications


Most Important Question

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


Status Quo

• Greater threat than your competition

• Defaulting to do nothing – theychoose not to take action

• They didn’t see the value inhiring / buying, now


Stand Out in a Crowd• Differentiation is important

• Try to hard to be unique

• We miss what clients 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 Proposition1. Define target audience

2. Understand target• Issues / problems• Needs• Value

3. How do you help

4. Use their language

5. Craft your value proposition

6. Add additional distinction

7. Test it…Refine it


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• 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?• 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?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 does your business solve

their problem?

• What are you promising dofor them? (emotional gratification)– Your Brand Promise


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 PropositionWe use a 3 part process:

o Part 1 =Top anxieties target faces

o Part 2 = Anxiety relief you offer

o Part 3 = Result target experiences working with you (outcomes)


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


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 firmthat does what it says and aneasy transition.


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.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.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• 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

At ProWeb we understand that if your website goes down for any reason it costs you business. Getting it up in a timely manneris not easy when you are unsure who to call.


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


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• 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 inspecific situations to specifictarget markets.


Understand Your Value• Speak in a language that matters

to your clients

• By uncovering their real needsand understanding what’simportant to them

• This alone will make you standout in a crowd and you do nothave to think about thecompetition


Value Proposition & DifferentiationWhat happens when you are facing

competition that requires more differentiation?

What do you do then?


Unique Value Proposition

Two ways to differentiate:

1. Specialization- Generalist usually don’t win

2. Brand Your SolutionTM


Part 1 – Financial Advisor

At TRG Financial Advisors, weunderstand that as you transitionthrough life you will have numerousand various crossroads.

Trying to navigate these significantfinancial decisions alone without anexpert guide may lead to anxiety, overwhelm, doubt, wrong decisions or no action at all.


Part 2 – Financial AdvisorWe 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 ManagementTM.


Part 3 – Financial Advisor

TruPath Wealth ManagementTM

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 tofeel relaxed and confident knowingyou are on track to reach all of your goals.


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• Expert with people like you…and

Brand Your Solution.


How Can We Help You?


How Can We Help You?Growth by Design™ Programs

• One-on-One Coaching

• Group Coaching

• Roundtables and Master Mind Groups


Contact Information

Kevin PolandCEO/CMO

The Renaissance Group 813.636.9181

[email protected]

Crafting a Winning Value Proposition

Business

value proposition definition

winning value proposition

marketing statement

right message

right people

service firms

right clients

crystal clear statement