A value proposition is a statement or promise you make that attempts to position your brand as worthy of being noticed and purchased from.
Basically, a value proposition helps your customer answer the question: Do the benefits of buying from your brand outweigh the cost?
If you don't know the value propositions that make your brand and your products worthwhile, then your brand will never stand out in the crowded digital space (or elsewhere). You must know what makes your brand, along with its offerings, valuable—or it will get lost among all the other companies selling similar products or services.
Maybe that's why 69% of brands have established a value proposition. It helps them find and focus on their niche.
Here's an example of a used car salesman who really knows his value proposition:
Like it or not, he knows that his primary value proposition, "You should come to my business because you normally can't get a loan," is his best one for getting customers in the door.
You don't have to be as forward as John Loman, but it's worthwhile to identify and determine which value propositions are successful.
But how do you know whether your efforts are working?
Take the first step (it's free).
You may also like:
- How to Inspire People to Love Your Brand the Way They Love Harry Potter (or Starbucks or Disney or MarketingProfs!): David Meerman Scott on Marketing Smarts [Podcast]
- How to Achieve Cultural Velocity (And Why You Need to): Jonah Berger and Stefan Burford on Marketing Smarts [Podcast]
- Secrets to Finding the Perfect Name for Your Brand: Jeremy Miller of 'Sticky Branding' on Marketing Smarts [Podcast]
- The 10 Most Valuable Global Brands
- Nine Criteria for an Ironclad Brand Strategy: Lindsay Pedersen on Marketing Smarts [Podcast]