Compel Through Your Value Proposition
Have a compelling value proposition that your clients who refer to you can share.
It should hit on the major challenges you solve. You may hear the term “value proposition” tossed around in business and marketing circles, but what is one? What do you do with it? And how do you write a good one?
A value proposition is a positioning statement that explains the benefit you provide for your target buyer and how you do so uniquely well. In other words, it explains why prospects should choose you over your competitors and how working with you will benefit them.
Sounds simple enough, but writing a good one can be tough. Your value proposition has to address multiple topics in a limited amount of space. It must speak to critical issues your target market is facing and also explain how you help remedy them. Without one, your prospects will be forced to make up their own minds about what you do and the distinct benefits you offer. Why leave those potential sales up to chance?
You’ll also need an elevator pitch, which is a shorter version of your value proposition. An elevator pitch is something you state in an extremely short period of time that will capture attention. It typically includes who you work with and a solution you provide.
Want vs Need
One major mistake in developing a value proposition is neglecting to include what your target audience WANTS, not just what they NEED. A strong value proposition includes both. Because let’s be honest, we don’t always choose what is best for us just because we know we NEED it. And even if we do, part of the decision-making process will always be based on personal preference. This is human nature.
NEED
At (our financial planning firm), we help individuals and families reach their financial goals through creating a financial plan and helping them implement it.
WANT
At (our financial planning firm), we help executives reach their financial goals through stock option planning, doing the work to get their financial life organized, and helping them invest while reducing taxes.
People don’t necessarily WANT a financial plan, they NEED it. Entice your target buyer with what they WANT, so you can then deliver to them what they NEED once they become a client.
Not sure where to start? Don’t worry. We’ve got you covered.
Simply begin by filling in the blanks of the following value proposition formula:
My ideal clients are… _________________________
What I do uniquely well is… ____________________
You may be tempted to list out all your services here—don’t! That is not the point of the exercise. Remember, it’s not about the long list of what you do. It’s about the results that are delivered. People don’t want to hear about the labor pains, they just want the baby. Be specific!
After you fill out the formula, go back and ask yourself: is this reflective of the result of working with me? Or does this describe the process? This will help you eliminate the excess.
Here’s a shorter version, or elevator pitch, of the one above: We help executives reduce taxes through smarter investing strategies.
Phone A Friend
Still at a loss for words? Phone a friend. If you aren’t sure how to verbalize what the key benefits of your services are, consider asking your best clients the following questions:
- What is the most important benefit you receive from our organization?
- What have you accomplished as a result of working with us?
- How do you think we are different than others?
- What would you tell others (similar to you) about why they should do business with us?