value prop
value prop

There is one thing that makes customers make purchases from a certain business, something that motivates groups of people to continually shop from the same company, despite the hundreds of alternative products available on the market – something that makes that particular organization better than any of the rest, in the eyes of the consumers, and that’s the value proposition.

Having a great value proposition, oftentimes means increasing a company’s conversion rate and improving the marketing strategies that are already in place across all of the available channels. Furthermore, one of the most important marketing activities for businesses today is to have an efficient and compelling way to present the value of their products or the company itself.

The value proposition is whatever value the business promises to deliver to its consumers once they make a purchase. Put simply, it’s what makes that product attractive to the ideal target customer base. Furthermore, there are three criteria when making a compelling value proposition to customers – the benefits of the purchase are very specific. They are focused on solving an issue, and it’s very exclusive, which makes it desirable.

The value proposition should hone in on what the customers will get by making a purchase, and that should rarely focus on the product itself or the features. Instead, it should be all about how the business or its products can fix a pain point that’s meaningful to the consumers, how it can improve their lives, and the great way it will make them feel in the end.

The first step in creating a good value proposition is to interview some of the company’s customers or create a survey to better understand how they speak about the business – both to themselves and other people, like their friends and family. The customers tend to use certain words or phrases when talking about a business they enjoy shopping with, which means they can become common phrases or words.

See also  Gen Z and SEL

This language can then be further used to make the entire value proposition as clear as possible. It should clearly state the product that’s being marketed, the target audience for the product, what improvements will consumers see when they get it, why that’s the best product on the market, and when the customers will receive that value. It should be a couple of sentences at most, and every word should be efficient.

Instead of focusing on superlatives, such as “this is the best product”, businesses should be focusing on the distinct benefits and the concrete values that their product delivers to their customers.

Finally, there are different value propositions that a business can use, such as a company, a category, a homepage, or a product value proposition, which is the one we’ve narrowed down here. Each one fits on the respective website pages, and each one should be differently worded in a way that highlights the benefits that the consumers will get from the products or the company itself.

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Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 175 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, and a 2020 Top Crisis Communications Professional by Business Insider. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, was named to PR Week's "40 under Forty" list, is a contributing columnist for Forbes and the New York Observer, and his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations" is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities.