One of the most difficult steps in creating your sales pitch is determining your value proposition. In a recent webinar on “How to Build Your Best Value Proposition,” we provided a structured process that will help you determine your value, which is explained in this video clip.
Step 1 – Identify Your Product or Service
The first step in the process of figuring out what your value proposition is is to identify what you are selling in terms of a product or service. Of course, you may sell more than one product, but just start by picking one. You can go through the next few steps for the product that you select, and you can repeat if there are other products or services that you want to include in your value proposition.
Step 2 – Identify the Features of Your Product
The next step is to identify the features and functionality of your product.
Step 3 – Identify How That Helps from a Technical Perspective
Now look at the functionality you just specified and consider any technical value that can be realized from it. Does the functionality help make anything work better, faster, or quicker?
Step 4 – Identify How That Helps from a Business Perspective
The next step in figuring out your value proposition is to look at the technical value you just identified and consider whether it will lead to business improvements. Does the technical value help your customer to increase revenue, decrease costs, deliver their services better, etc.?
Step 5 – Identify How That Helps from a Personal Perspective
Now, look at the technical and business value you came up with and try to identify whether either will help create personal improvements for your customer. Does the technical or business value help your customer be happier, decrease stress, work less, etc.?
Step 6 – Repeat for Other Products
Step 6 is where you can add other products, and you can rinse and repeat by going through steps 1 through 5 again for any other products you want to include in your value proposition.
Step 7 – Summarize to Arrive at Your Core Value
If you go through that process for more than one product or end up with multiple value points, it might be helpful to summarize some of the points to create your value proposition so that it covers multiple products or services.
