A refined Value Proposition is a crucial element of an organization’s Belief System and Manifesto – a component perhaps as integral to an entity’s long-term success and sustainability as its Mission, Vision, Values and Culture. I have reviewed countless definitions and articles regarding Value Proposition as of late, but most fall short of recognizing the complex purpose that such an important assessment and statement needs to achieve.
I would argue that it is a discredit to the higher causes of Strategy, Growth and Sustainability to simply dismiss Value Proposition as nothing more than a sentence or statement that addresses why potential consumers might select one deliverable over another. Every process, entity and its stakeholders demand far more significant investment, research and refinement than that.
As the CEO | Chief Strategy Officer at Escalate Solutions, I counsel my clients, boards and audiences that a Value Proposition is only effective and worthwhile if it responds to what I have labeled as the core, multi-faceted marketing pillars of the “Four I’s”: Informational, Illuminating, Inspirational & Inciting. Not only must the outcome succinctly and effectively describe/capture the essence of the product or service being provided in terms of its differentiating value, ROI, benefits, inspiration and exceptionalism to potential consumers, but it must be so powerful, promising, convincing and engaging that it incites potential consumers (especially within today’s competitive marketplace) to the tipping point of converting them into purchasing customers.
Do you truly know why are you better than your competition? Why the marketplace selects your product/service over another? And more importantly, can you successfully translate those analytics into effective marketing messaging and campaigns as outlined above…capable of readily converting candidates into clients? Addressing the 8 Critical Topics in Strategic Planning (Aspiration, Assets/Challenges, Competition, Acumen, Customers, Infrastructure, Analytics and Profit Centers) is a start…but there is more to it. Once those topics have been outlined, demand has been researched/documented, and targets have been identified – the concept must be translated into marketing messaging and campaigns that strike a chord regarding the aspirations, anxieties, desires and expectations of potential buyers/clients. Does your team know how to effectively achieve this tipping point?
Consider adding the following talking points within your team’s next management discussion regarding Value Proposition and Marketing Strategy.
Why is your service or product perceived and demonstrated/proven as more:
How does your service or product better address consumer:
Escalate Solutions will explore this topic in greater detail in 2017. Please check back for more posts.