Table of contents:-
- What is Value Proposition?
- How to make an effective Value Proposition
- How do the product sales benefit from value proposition
What is Value Proposition?
Value proposition is a statement that tells about the product’s worth and value for the money to potential customers.
It lists out the product’s specialties and how it is different and better than the other products offering the same service, in order to convince the consumers to purchase it.
The value proposition is a component of the company’s marketing strategy. It comprises the consumer’s needs, product benefits, functions, and other attractive features of the product.
It conveys the company’s ideology. It highlights why it is different and better than its competitors.
How to make an effective Value Proposition
The value proposition has to be articulate and communicative to the target customer or segments.
Following steps can be followed to prepare an effective value proposition:
- Convey all the benefits of the product to the customers. Also, connect the benefits to the customer issues and needs.
- Know the target market and identify their problems regarding the product.
- Relate the product’s capabilities with the buyer’s problems and emphasize how those problems will be solved.
- Project the uniqueness of the product, how it is better than many other products that offer the same services.
How do the product sales benefit from value proposition
A well drafted and lucid proposition facilitates a more productive communication between all the concerned parties such as stakeholders, designers, sales team, end users, developers and all other groups of members at critical positions in the product life cycle.
A good value proposition addresses all the issues, aligns with the overall marketing plan and convinces the potential users to turn into buyers.
Q: What is an employee value proposition?
A: Employee value proposition is the set of perks that the employees receive in return for their skilled services and experience.
Just like a value proposition is aimed at securing the customers, an employee value proposition is aimed at securing and retaining the employees.
Q: How do you define the value proposition?
A: Value proposition is a statement that is aimed at luring the potential customer to buy the product or service by explaining the product’s features and how it will benefit the customer.