Why Should I Care About My Value Proposition?
In this blogpost we share our experiences regarding the importance of a value proposition for companies that want to grow and ensure their impact on prospects. With Google always on tap, we can find lots of theoretical explanations that describe the set-up of a good value proposition. In this blog, however, we tell you what you cannot find just by clicking. Below you can find three reasons why you should have another look at your pitch!
Value proposition as part of your story
As Yuval Noah Harari describes in Sapiens, the fact that we as human species tell each other stories and remember them makes us different from all other animals. Stories enable us to create anything we can imagine. It enables groups to strive for the same goals by rallying around shared values. We can do anything together, because we can assemble like-minded people that believe in what we believe. This is where collective imaginations originate before constituting countries, human rights, but also companies. In this article we want to focus on the latter.
A great value proposition tells a story, makes sure that the values and beliefs of a company are embodied. A story only works when it is a true representation of what we think, feel and aspire.
This implies a story only works when it is an authentic representation of what really drives, moves, and inspires you. In terms of value propositions, that is exactly where you should start.
How to start with your value proposition
So much has been written on this first step towards your authentic value proposition that it may no longer contain the key element of this blog. You can google Simon Sinek (and read his latest book The Infinite Game, 2019) or ask any consultant in strategy, marketing, or sales to help you clarify this part. The most important element, we believe, is asking yourself the right questions and formulating a first answer. At Merluno we like to go with ‘your why’ and just to get you started we want to ask you one thing:
If everyone in the whole world would have access to your service/product, how would you describe this world? What has changed from the world we live in now?
Did you write it down? Great! Now hang it on your bathroom mirror or in your home office, and if any words should change or you want to add something, make sure there is a pen at hand. This is how you can grow and become a familiar fixture in your life! Allow yourself to think big, see yourself as a superhero for your customers, and then watch what flows from that vision
Value proposition and the impact you make with your customers
Impact is such a charged word in a business context. It seems that all companies are shouting from the rooftop that they make an impact with their customers. And yet when you ask them about what that impact exactly entails, the shouting becomes a whisper. We know it is not easy to pinpoint which impact you want to make, or how you can concretely change the everyday life of your customer. Still, it is all the more important to let your customer understand the bigger picture (your why) as well as the change you will be making to their everyday life (your impact).
You don’t know where to start? We suggest that you plan a (virtual) coffee with your top customers and just ask them! Write down what they mention ‘top of mind’ and then match this with the services you offer.
If there is anything you should take away from this blog, let it be the fact that:
- Only the authentic stories make a difference with your prospects;
- The theme of the story you tell should be based on your ‘why’ (even if you cannot formulate it ‘perfectly’);
- You should never forget to mention the concrete impact you have with your service or product on the everyday life of your (potential) customer.
Here you can find some fundamental principles we observed while facilitating value proposition-workshops that a lot of our customers tend to forget while writing their story.
Are you interested in more? Do not hesitate to contact us! Send your value proposition to firstname.lastname@example.org with mention of this blog and we will provide feedback so you can take your value proposition to the next level!
No value proposition on paper yet? Then you might be interested in downloading our free guide to get you started.
We at Merluno have created a set of tools and techniques to help you navigate your way from budding concept to practical roadmap. Do you want more information on what we do? Get in touch, and let us discuss how we can help you. With more than 12 years of market experience with over one thousand companies – from scale-ups to multinational corporations – in a wide range of sectors, we at Merluno would be happy to take a closer look at your company’s challenges.