One of the most difficult steps in creating your sales pitch is to figure out what your value proposition is. In a recent webinar on “How to Build Your Best Value Proposition”, we provide a structured process that will make it easier for you to figure out what your value is and that 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 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 that you just specified and try to think about any technical value that can be realized from that. Does the functionality help to make anything work better, faster, quicker, etc.?
Step 4 – Identify How that Helps from a Business Perspective
The next step in trying to figure out what your value proposition is is to look at any technical value that you just identified and try to think about if that technical value will lead to any business improvements. Does the technical value help your customer to increase revenue, decrease costs, delivery their services better, etc.?
Step 5 – Identify How that Helps from a Personal Perspective
Now look at the technical value and business value that you came up with and try to identify if either of those will help to create any personal improvements for your customer. Does the technical or business value help you customer to be happier, decrease stress, work less, etc.?
Step 6 – Repeat for Other Products
Step 6 is where you can add in other products and basically rinse and repeat by going through steps 1 through 5 again for any other products that 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 more multiple value points, it might be good to try to summarize some of the points so you can create a value proposition that covers multiple products or services.