Does your value proposition resonate?
When did you last evaluate your value proposition(s) – did you discuss with customers? Does it compel prospects to engage?
You put lots of effort into market, customer and competitor analysis to identify the core reasons customers buy from you. Time is spent crafting messaging and imagery to communicate value to your target audience. You take the effort to educate team members to pitch propositions and you launch. Success follows. But things change. How often do you reflect if the proposition still hits the mark or the messaging is still relevant and resonant?
It’s surprising how often value propositions remain static – even in light of increased competition - and how little input is sought from customers.
If you haven’t reviewed your value propositions for 6 months or more it’s time to take action. Start by speaking to customers – note what they say in their terms. “Voice of customer” initiatives are quick, simple and powerful – they’ll provide you with messaging that resonates. They can inform much more than value prop.’s too. I guarantee you’ll learn something from the exercise and customers will value being engaged. Where possible ask prospects that didn’t buy from you why not – you’ll learn something about your competition.
And last but not least do your propositions align with your purpose, mission and meaning? That’s for a future discussion.
Here’s a simple check-list to refine your value propositions:
Conduct a “voice of customer” initiative;
Re-evaluate your competitors’ propositions and update battlecards;
Critically evaluate your value propositions and messaging in light of the above;
Refine and re-message where necessary;
Check understanding by having your sales, business development and marketing team members pitch to you;
Where possible present the revised propositions to select customers and seek feedback.
