By now, you probably feel like you’ve read one too many articles offering ideas and guidance on how to respond to the current pandemic. However, for your brand’s long-term success, you must take some time to revisit why your value proposition—why you are in business and what customers and prospects want and need most from you.
What is a Value Proposition?
In a nutshell, a value proposition is an assurance of value to be delivered to your customers. It’s an easily understood promise from you to your customers, offering them an obvious reason to act. It answers the question, “Why should I buy from you and not your competitor?” It’s the primary reason a prospect should buy from you. It’s also the #1 reason that determines whether people will bother to read more about your product or service or click the back button
Your value proposition is one of the most critical elements of your brand messaging. As you think about writing it, start with what you’d say if you were having an informal conversation with a prospect.
Questions to Ask Yourself
The best value proposition is clear: What is it? For whom? How is it useful? Specifically, begin by asking yourself:
- What is product or service is my brand offering?
- Who is the target customer?
- What are their pain points?
- How will my product or service remedy their issues?
- What companies and products compete with my brand?
- What differentiates my brand from those competitors?
While COVID-19 may require you to reengineer your value proposition, it has not changed the attributes that make it compelling and resonate with prospective buyers. The first, most critical step is to identify how the pandemic is currently affecting your customers’ and prospects’ business operations and how it will likely impact them in the near future.
The next step is to identify the attributes of your product or service offering that meet those immediate needs. Finally, focus on your offerings’ attributes that make them superior to your competitors’ offerings at meeting those immediate needs.
For a more in-depth review the fundamental principles of customer value propositions, check out my previous post on FullSurge.com.