08 Apr “What’s In It For Me?” – The Value of a Value Proposition
Most marketers think of their business as an organization of great features. “We offer only the finest USDA Choice steaks from 100% grass-fed cows.” “Our Certified Pre-Owned Vehicles go through a rigorous 16-point analysis.” “Our exclusive Italian footwear is made from the world’s finest leather, imagined by Europe’s most experienced and innovative designers.”
These are all just collections of nice features. Challenger Brands need to get in the habit of speaking in terms of benefits – what’s in it for the customer – and not just rattling off features. The marketer who thinks of the customer first when developing their messaging, is well on their way to connecting with that prospect and motivating them to action. Creating an effective Value Proposition requires focusing on the single most valuable benefit to the customer.
We define a Value Proposition as the “What’s in it for me?” statement. The VP should prevent the prospect from ever saying, “So what?” You have great service…So what? You’re experienced…So what? You’re responsive, trustworthy and professional…So what, so what and so what?”
Your Value Proposition should clearly define the key benefit a prospect enjoys by working with you or purchasing your product. The VP addresses your solution and why it will change your prospect’s life. Keep in mind, value lies not in your product or service, but rather, in the solution your product or service provides.
Here are 10 of our favorite examples of exceptional Value Propositions and how recognized brands answer the question, “So what?”:
- Skype – “Wherever you are, wherever they are – Skype keeps you together.”
- Odwalla – “A fruitful palette for vibrant living – how we care for our beverages, bars, people and planet.”
- Newman’s Own – “All profits to charity.”
- Salesforce – “No hardware. No software. No boundaries.”
- Tom’s Shoes – “With every product you purchase, TOMS will help a person in need. One for one.”
- Eastbay – “Eastbay empowers athletes by offering the best selection of pro-grade gear available, along with the knowledge and advice needed to win on and off the field.”
- Yahoo! – “The new Yahoo! experience makes it easier to discover the news and information that you care about most. It’s the web ordered for you.”
- Lyft – “Lyft is your friend with a car, whenever you need one. Download the app and get a ride from a friendly driver within minutes.”
- H&R Block – “H&R Block tax preparation guarantees you get the maximum tax refund.”
- Dollar Shave Club – “Dollar Shave Club sends high quality razors to your door for a few bucks a month so you can always shave with a fresh blade. Satisfaction guaranteed.”
Successful Challenger Brands speak in terms of benefits and prevent prospects from ever saying, “So what?” Let us know if you could use some help converting your lovely features into compelling benefits in the form of a valuable Value Proposition.
Until next time…
Photo be Peter Miranda