This is a recording of our webinar on “How to Build Your Best Value Proposition,” and below is an outline and summary of our discussion.
What is Value
The first thing we discuss in this webinar is taking a step back and examining what value is in the context of a value proposition. Creating a value proposition is challenging, and it is even more difficult if you do not have clarity on what value is.
We start by looking at the definition of value, which I came across on the internet: “regard that something is held to deserve; the importance, worth, or usefulness of something.” The 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 its value. But this same concept applies to what you sell: 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 customers can improve or realize if they have your product. 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 brainstorming 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, which 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 many great scenarios where you can use it. The webinar recording demonstrates key moments and ways to share your value proposition when prospecting.