WHAT IS A VALUE PROPOSITION? Flashcards
★ refers to the value a company promises to deliver to customers should they choose to buy their product
VALUE PROPOSITION
★ part of a company’s overall
marketing strategy
VALUE PROPOSITION
★ provides a declaration of intent
VALUE PROPOSITION
★ can be presented as a business or marketing statement that a company uses to summarize why a consumer should buy a product or use a service
VALUE PROPOSITION
REQUIREMENTS OF A VALUE
PROPOSITION?
- should always be DISPLAYED
PROMINENTLY - must be INTUITIVE
- has a STRONG, CLEAR HEADLINE
○ leaders need to understand
how they create value
Understand the benefits customers receive
○ link these benefits to the value the company creates for customers
Connect benefits to the value
○ decide who is the target
segment for the product or
service
Target your audience
○ can include
■ location
■ demographics
■ income
■ occupation
■ hobbies
■ other factors
Target your audience
○ most critical components of all
○ how they are different from
other competitor
Differentiate the Product and
Service
○ statement should NOT BE LONG, but should quickly inform customer of who the company is
Put everything into a clear and
easy to read sentence
○ work with marketing to get the statements as many places as possible ○ should be included in a website, logos, email, and everywhere possible
Place it everywhere
○ assess how the value proposition is adding revenue and bringing in new customers
Test its effectiveness
