You can nail your dream target customer and where to find them. You can build a clever campaign to promote your product or service. But if you don't get your value proposition right it can all be for nothing.
I have come across various instances where people are at a loss as to why they are getting minimal engagement in their marketing campaigns. It often boils down to one or two things. They are trying to sell to everybody. Or, if they have identified their dream customer, they have not then gone on to develop a value proposition tailored to that customer.
What is a value proposition?
Your value proposition is essentially what you sell to your customers. However instead of coming up with a product or service and simply putting it out to market, you look at what you are selling, or planning to sell, and assess how it delivers value to the group of people you have identified as your dream target customer.
The aim is to create something that your dream customer will instantly recognise as valuable and as different from what others are offering. Something that hits the spot, that will make them stop what they are doing and think, hey, that’s exactly what I need!
This makes the process of selling to them so much easier.
Think what Uber did with taxi services, Air BnB with accommodation, First Direct with banking, Zip Car with car rentals.
How do you create one?
There are plenty of tools out there to help you develop your value proposition. Or, if you don’t want to do it yourself, there are specialists who can assist you.
However, to get you started, here are three simple steps:
1) Identify your dream target customer. My previous blog can give you some pointers.
2) Think about the top three challenges they face that your product or service could or does help them overcome.
3) Assess how your product or service currently performs when it comes to helping your dream customer overcome these challenges. Does it outstrip the competition on some or all three? Are any of the challenges you listed not being solved by you or your competitors? If so, what changes could you realistically make to your product or service to fill that gap? Ideally in a way that will wow your dream customers.
Work through these steps and it should make what comes next - coming up with how you communicate your value proposition - that much easier.
This article also appears on LinkedIn.
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