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” and in that sales training session, we provide a structure process that will help you to figure out what your value is.
This video clip shows the segment of the webinar that explains our step-by-step process for you and below is a summary of the steps as well.
Step 1 – Identify Your Product, Service, or Feature
The first step in the process of figuring out what your value proposition is is to identify what your product, feature, or service is. We include the option to select a feature because there may be something very compelling bundled into what you sell but it may be more of a feature and not something that you actually sell in terms of having a price or being broken out on an invoice.
Of course you may sell more than one 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 What Your Product Does
The next step is to identify what your product does from a function standpoint. We don’t need a long explanation, just one short sentence or description if possible.
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. Do either of them 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.