A value proposition is what will ground you in your business. Acing it at the beginning of your journey can massively influence how successful your outcome will be. So, in this episode of the Scale Up Your Business Podcast, Neil guides you on how to make a value proposition for your business. According to Neil, the key questions you should ask yourself is “What is the main problem I need to solve?” and “How can I be better than everyone else?” You should also have clarity on what you’re about to do so it can adequately reach the target audience.
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KEY TAKEAWAYS
- Motivation = perceived benefits of what you offer – perceived costs
- “54% of companies that do nothing to optimise their value propositions have significantly lower conversion rates in sales than the ones that do.”
- Understand the market. Know who are your customers and who are your competitors. Speak to your customers and find out what they need.
- Elements of a value proposition:
- A headline
- The list of benefits
- Visual element
- What makes a good value proposition?
- It has to be clear and concise.
- It shows the end benefits for the customers.
- It should explain why and how you’re offering is better.
- It needs to be read and understood in under five seconds.
- Top tactics of developing your value proposition for the organisation:
- Clearly explain your products and services.
- Clearly explain why your customer should choose you among the competitors.
- Develop a value proposition for special products/services.
- Target specific value propositions for specific buyer personas.
- Do extensive research about your competition.
- Test the value proposition in various media channels.
BEST MOMENTS
- “Value proposition isn’t just a product or service you agree to deliver to the customer; it’s the ingredient of your business that solves the problem.”
- “It [visual content] ends up being the foundation of your marketing plan.”
- “You need to be confident and assured why you’re better than everyone else.”
- “Marketing is experimentation.”
VALUABLE RESOURCES
ABOUT THE HOST
Nick Bradley is a renowned entrepreneur, investor, speaker, and business growth expert.
His background is growing and scaling Venture Capital and Private Equity backed businesses globally. Over the last decade, he has completed 117 acquisitions and 25 business exits with a combined valuation of over $5bn dollars.
His mission is to help business founders build valuable businesses and create life-changing exits so they can realise freedom, wealth, and impact.
CONTACT METHOD
Nick’s Facebook page: https://scaleup.vip/FB
Nick’s LinkedIn: https://scaleup.vip/LI
Nick's Instagram: https://scaleup.vip/IG
Scale Up Your Business, coaching/consulting: https://suyb.global