Within the series of Practice Sessions that the Business Support Department in Berytech is organizing every month, the second module ‘Developing your Value Proposition’ took place in February 2018 led by the Business Support Manager Joanna Abi Abdallah.
Developing a value proposition is based on a review and analysis of the benefits, costs, and value that an organization can deliver to its customers.
Creating a value proposition is a part of business strategy – strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation.
Here are Joanna’s top 10 tips to when you are writing your value proposition:
1. Make sure you understand your customer’s problem and that you are able to explain how your product solves your customer’s problem.
2. Write your value proposition in a clear and concise form.
3. Your Value Proposition should be read and understood in about 5 seconds and by a 5 year old.
4. KISS: Keep It Simple Stupid by avoiding technical jargon.
5. Avoid hype (“an amazing miracle product!”) and superlatives (“the best”).
6. Talk about your product’s benefits and not its features.
7. Your value proposition is Not a Slogan, is Not a Motto, is Not a Catch phrase.
8. Explain why it is different and better. Your Value Proposition should explain why your customers should buy from you and not your competitor.
9. Research and be inspired from good value proposition examples. Find some of the best ones here.
10. Finally research methods to come up with your own value proposition. There are plenty out there, pick the method that talks to you the most. My favorite: Steve Blank’s XYZ. “We help X do Y doing Z”
The upcoming Practice Session is Market Research on Wednesday March 14, 2018.