A recent market study completed on behalf of an association delivered insights that will set the course for future offerings and growth strategies. It was not until after we delivered our findings that we asked if the association had developed a value proposition. It had… and we were gratified to see that member responses related to member needs and their perception of the association generally aligned with their value proposition.
However, we’ve also worked with clients whose value proposition was missing or in flux. For that reason, we thought it might be useful to quickly review the fundamentals of a value proposition.
A good value proposition is precise and employs language your customer will understand. Focus on the solution, benefit, or outcome your customer will realize- and how your solution is better than that of your competitor (without resorting to hype or superlatives). Find the right words by researching how customers describe the solution, benefit, or outcome. And then make it concise: a good value proposition should read and understood in less than ten seconds.
In short, it should ring with Clarity; be Concise, and be written for your Customer (not you).
Your value proposition should resonate with and motivate your customer base. If it doesn’t, it’s time for an overhaul.
Nancy Musselwhite is a Senior Consultant at Geo Strategy Partners, a B2B/Industrial focused market research and strategy consulting firm.