Before we develop your marketing, creative and channel strategies we need to uncover why visitors should purchase from you instead of a competitor or alternative solution. This is called your value proposition / unique selling proposition and is used as the foundation/blueprint for future strategies.
Very often times you can find your value proposition hidden in your about us / contact-us pages. That is a good place to start digging.
What exactly is a value proposition?
A value proposition is a company statement or theme that answers the following: Why should I buy from you instead of a competitor (or find an alternative solution)?
This is a question that all of your visitors ask themselves, half of the time subconsciously, and must be addressed for business success.
A value proposition is not an opportunity for a vague “We offer the lowest prices and have the best customer service” pitch (who doesn’t?). It should instead focus on distinct benefits that speak directly to your target audience (in their terminology) and differentiates you from competitors as clearly the optimum choice to meet their needs.
Claims should be substantiated and/or quantified.
Example:
No – Xyz is a painting supply company offering the lowest prices
Yes – Xyz was rated #1 by Painters Choice Magazine for best pricing and overall value.
How do I create or refine my value proposition?
To create your value proposition you need to answer: Who is my target customer/market and why should they buy from me instead of a competitor? Try to think like your customer and what their needs / worries might be. Make sure you are honest and do not try to be all things to all people.
Focus on your customer. Remember, the more quantitative and exclusive your value proposition is, the stronger affect it will have on your bottom line. Use reviews, testimonials and success stories to support your value proposition.
For more help, download the Squeeze Juice Value Proposition Template at the end of this article.
Help! We have a couple value propositions and we can’t decide which one to use! / Ok, I’ve created my value proposition, now what?
Time to test! Take your value proposition(s) on over to your Google AdWords account and set-up an Ad Group with relevant keywords and use each value proposition as a specific ad. Example:
Value Proposition – “Xyz offers a 5,000 color “no-drip” paint selection for canvas artists and was rated #1 by Painters Choice Magazine for besting pricing.”
Alternative Value Proposition – “Xyz offers a 5,000 color “no-drip” paint selection for canvas artists and was rated #1 by Painters Choice Magazine for overall value.”
To test these we might try the following ads (make sure the under campaign settings the option ‘Rotate: Show ads more evenly’ is selected!)
5000 No-Drip Paint Colors
Choose From Over 5000 Colors
#1 Best Pricing by Painters Choice
www.XyzPainting.com
5000 No-Drip Paint Colors
Choose From Over 5000 Colors
Painters Choice – #1 Overall Value
www.XyzPainting.com
You can test as many variations as you’d like – just keep in mind the more testing the longer you’ll have to wait for your results! The ad that receives the highest click-through-rating / conversion rate is your winner and gives you a solid place to start.
To further assist you I have created a Value Proposition Template Worksheet that you can use to help you uncover your value proposition.
Key Takeaway from Play 2
For success online (or off) you must identify and clearly express your value proposition, through every stage of your business & customer interaction.
Tags: ecommerce marketing strategy, marketing plan, usp, value proposition