This is a recording of our webinar on “How to Build Your Best Value Proposition” and below is an outline and summary of what we discussed.
What is Value
The first thing that we talk about in this webinar is taking a step back and looking at what exactly value is in the context of a value proposition. Creating a value proposition is a very challenging thing to do and it is even more difficult if you do not have clarity on what exactly value is.
We start with looking at the definition of value and one that I came across on the internet is the “regard that something is held to deserve; the importance, worth, or usefulness of something”. And a main word in this definition that I want to focus on is “worth”. Your value is what you are worth in terms of what you have to offer your customers.
Explaining that another way, we take a look at a 100 dollar bill. If you did not know what a 100 dollar bill is, you would see a small piece of paper with some ink on it. It is fairly useless from a functional standpoint. But there is a level of value or worth associated with the bill and that is what you can exchange the bill for or what it will buy.
We all know exactly what a 100 dollar bill will buy so we are very clear on what its value is. But this same concept applies to what you sell in that the product might be one thing from a visual and physical perspective but it is worth something different or more in terms of what your customer can improve or realize if they have your product and this is the value that your product has to offer.
Finding Your Value
The next thing that we talk about in the process of building your value proposition is to brainstorm value points for your product or service. We provide a step-by-step process for thinking about the value you offer and it includes these main steps:
- Identify a product, service, or feature that you sell
- Identify what that product, service, or feature does
- Identify the technical value that the product, service, or feature provides
- Identify if the technical value leads to business value
- Identify if the business or technical value leads to personal value
We also provided questions to help with your value brainstorming and those questions can be found in the webinar recording or on the slides that you can download.
Creating Your Value Prop
Once you have brainstormed a list of value points that you offer, you can then use those to compose your value proposition. In the webinar, we provide some template statements that you can plug your value points into and those can help you to create your value prop.
When to Use Your Value Prop
Once you have a good value prop, there are a lot of great scenarios where you can use it. There are key moments and ways to share your value proposition when prospecting and we demonstrate those in the webinar recording.