Early on, we defined one of the basic tenets of marketing as focusing of clear, strong, unique value propositions. First, let’s define “unique value proposition” as an industry term. There are several “correct” definitions for the term, the difference among them being mostly semantic and a matter of perspective. Unique value proposition are commonly defined in three ways:

1. A statement that outlines the unique value you provide to your customers
2. A statement of why anyone should choose your product or service over someone else’s
3. A statement of the specific benefits or results a customer can expect from using your product or service

While these forms of expression of the definition of “unique value proposition” vary semantically, they all mean more or less the same thing and strive to tell the customer in an efficient and interesting manner why they will achieve better results or solutions to their problems if they use your product or service over that of your competition.

In order to develop an on-target value proposition, you must achieve three things in a succinct statement about your product/service/company:

1. Differentiate yourself or your product or service from your competition
2. Find the one outstanding differentiating factor that makes your product far exceed that of the competition, and highlight it in your value proposition
3. For the aspects of your product or service that are not differentiable from those of the competition, emphasize general quality. In these aspects, show that you meet the industry best practice or standard.

As an added concern, market-specific or solution specific value propositions should be fleshed out based on the overall value proposition you craft for your company. These market, customer, or application-specific value propositions must focus on the specific solutions you can provide to your customers. Communicating the fact that you are highly knowledgeable about your customers’ industry, problems, and needs is essential in building trust and developing unique value propositions. Think about showing your customer that your familiarity with what they deal with best positions you to offer solutions that will work from the get-go. Focus on the ways in which your product or service adds value to the life/work of the customer that purchases it. Note, this is not at all the same thing as focusing on product features, but rather a call to focus on marketing campaigns and collateral that show the customer in no uncertain terms that their problem or desire is understood by you, and that you already know how to solve it.

Once you have identified all these characteristics and unique solutions, how do you craft them into a coherent, cohesive, succinct value proposition? That is the craft of the marketing professional. For practice, make yourself a spreadsheet in which the columns consist of differentiating factors, single most outstanding factors, and industry best practice factors for your product, and then add a column that has to do with the specific problems for which you offer solutions. Combine these columns in various ways to see what works best as a customer-facing value proposition.

Read More…

• Back to Basics Marketing
• Marketing as Company Wide Responsibility
• Mobilization: Reaching Outside the Marketing Department
• Advanced Lead Qualification: Sales and Marketing Work Together
• Sales’ Feedback into Marketing: Profiling Prospects and Their Problems
• “Inside Marketing”: Marketing to Your Own Sales Organization
• You Are Here Developing Unique, Customer-Focused Value Propositions
• How to Train an Entry-Level Marketing Employee
• When Return on Investment Doesn’t Paint a Full Picture
• Defining and Presenting Value Propositions in a Competitive Market
• Logos and Promotional Product Designs for “Difficult” Subjects
• Defining and Refining Value Propositions for Luxury Items
• Evaluating Return-On-Investment (ROI) for Tradeshow Activities
• Management Mistake in Small Business: No Investment during Trying Times