A promise made must be a promise kept — Aristotle
We make promises every day. We promise our landlord we’ll pay rent at the end of the month. We promise our relatives we’ll visit soon. We promise our kids they can have ice cream if they eat their broccoli. We even promise ourselves a reward if we go to the gym. But have you ever thought about the promises we make to our clients or customers? That’s where a strong Value Proposition (VP) is important.
What is a Value Proposition?
Wikipedia defines a VP as “a promise of value to be delivered, communicated, and acknowledged. It is also a belief from the customer about how value will be delivered, experienced, and acquired.”
A VP sets you apart from competition. It can persuade leads to become clients by showing them how your product or service brings unique value to their lives. Your VP outlines the opportunity or benefit they receive by working with you that they won’t find elsewhere.
It’s the “how” and the “why” connected to the “what” of your mission. A value proposition is your mission statement written from the customer’s perspective.
Why Should I Have a VP?
It may seem like an unnecessary exercise to write a VP. But a well-written VP can be critical to your overall marketing strategy. Your marketing team should use the VP to create target audience personas and brand messaging guidelines. After all, if your promise does not resonate with your target market, neither will your product or service.
How do I Write a VP?
First, review your business goals, both long- and short-term. What is your strategic plan? What you plan to accomplish in the next 5 years, 10 years, or 25 years? How will your product or service offerings grow or change? Are you planning to enter other sectors or markets? Any or all of these strategic avenues should be reflected in your final VP from the perspective of they will benefit your customers.
Second, consider your brand. Your brand is your reputation. How do you want customers to perceive your business? If you are an already well-established business, this is an excellent time to learn exactly how your audience sees you by talking to your customers and getting useful feedback. Do you need to change or amend how your company is viewed? You can do this by concentrating your VP on a specific value or benefit.
Third, think through who your customers or target personas are. You may have more than one. Are they the people you thought they were? Are you fulfilling the promises you want to fulfill for them? How are you adding value to their lives? If your audiences are very different, you may want to create a VP for each one.
Fourth, review your mission, values, structures, and systems. Are you set up to meet your goals? This is a great time to do a SWOT analysis of your business to identify possible roadblocks to attaining your promises or potential differentiators to include in your benefits.
Craft your Unique Value Proposition
Once you’ve reviewed your strategic plan and made decisions about who is most important to your future, you can start to craft your VP. Remember, a VP is a clear and impactful statement of the benefits you bring to your customers. It’s the promises you are making to win your business.
Here are some tips:
- Focus on the WHY (think Golden Circle by Simon Sinek). Why would your customers do business with you? Outline how your product or service solves a problem or provides a benefit.
- Speak your customers’ language. Write the VPs from their point of view. Tailor your VP to their needs, views, sensitivities, and attitudes. Use active verbs and descriptive language that is inclusive and succinct.
- Emphasize how your promise will be kept. Customers will not trust smoke and mirrors. Be as specific as possible. Outline not only what you will do but also what your customers will be able to do as a result.
- Highlight how unique your products or services are compared to others like them. This communicates how your business is best equipped to champion your customers’ specific needs.
- Most importantly, remember that your VP is a promise. It should be hopeful, optimistic, forward-thinking, and most of all, achievable.
Real Life Examples
Uber — Tap the App, Get a Ride. Uber is the smartest way to get around.
Grammarly — Great writing simplified. Compose bold, clear, mistake-free writing with Grammarly’s AI-powered writing assistant.
Slack — Slack saves time by tearing down communication and systems silos.
AirBnB — Travelers benefit from a truly local experience and hosts benefit from extra income.
Please note that a VP is not a tagline or slogan, although some can be used that way. A good VP is representative of your business. It could be 5 words or a couple of sentences. It depends on your customers, your promise, and the complexity of your products or services.
Quick Start
If this seems a little daunting, here’s a quick template to get you started. Again, this simple exercise may not work for everyone, but I hope it will help get you thinking. Write down the answers to these questions:
- What do you offer?
- Who is your audience?
- What value do you deliver?
- What makes you different?
Now, use the answers to write a sentence or two. For example, here’s my first draft VP.
I (Pam, the freelancer) write well-researched and actionable long-form branded content for B2B companies and agencies that will meet their strategic marketing goals. Don’t worry about getting it perfect. Your VP will evolve with you. Mine sure will.
Take a look at your business. Are you engaging the customers with clear and compelling promises? If not, start now by creating dedicated Value Propositions. As Aristotle said “A promise made must be a promise kept.”
