Value propositions and USP - Unique Selling Position

Author:Finola Jennings Clark

for the Cultural Development

Foundation, Saint Lucia

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VALUE PROPOSITIONS and USP

How to turn your FAB into a slogan or product promotional concept




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What is a Value PropositionValue : Establishing how important it is to the customer – the BENEFIT: Note that this is not always what we think it is

Value Proposition – a statement that explains our product offering and it’s value to our customer.

It will include mention of company and / or brand

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Remember FAB?: Features Advantages Benefits

Use FAB to get to the core of what makes a product sell

and help you craft your USP and Value Proposition“F” Features: the tech specs – what’s in the

box“A” Advantages: what it does better than the competition“B” Benefits: How it relieves a problem or fulfills a desire for the customer – this is always associated with creating positive feelings or relief to a customer

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Elements of Value for Customers

Quality, Specs,

Affordability, Cost

Transparency,

Guarantee

Ease of access – ease of

purchase and

delivery options

Status pricingImage, Brand Value

Money-saving

Combine your FAB

elements

Customer service during

purchaseTribe –

creating a relationship

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The Value Proposition

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• The Value Proposition should make it easy for your customer to identify THEIR DESIRE to purchase your item/brand:

• The term TRIBE is useful here; Your product is aimed at a specific group of people – a ‘TRIBE’ if you want your customer to easily identify THEIR desire to buy your products, you need to know – WHO they are and what makes them tick – what are their ‘CUSTOMS’?

• What age; gender; income; hobbies; habits; how do they communicate; what music do they like…find the things that are common to them so you can develop a way to effectively communicate with them and build a TRIBE




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• TRIBE:• People like to feel like they belong• People like to feel like their

individuality is recognized and catered to

• If you can combine targeting both these seemingly conflicting things, you will be able to form a strong TRIBE of your customers




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• TRIBE – why does it matter?• You want to build brand loyalty for

• Word of mouth promotion• Repeat purchases

• If your TRIBE really feels they can identify with your brand, they will drive both of these and build a strong base from which you can build your business




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• So to craft a Value Proposition that makes it easy for your customer to identify their desire to purchase your item/brand, you will need to:• Clearly state who your tribe is• Capture what that tribe wants or needs• Briefly name and describe the product you have

for this • Bring it home with the key BENEFITS• And clarify what makes it superior over the

competitors - ADVANTAGES




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The Unique Selling Proposition

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• An essential foundation of a good Value Proposition is knowing what your USP really is:• Remember that you will always have competitors• Identify what makes your product different and

ideally, preferable to your competitors – what is your Unique Selling Proposition?

• Our instincts are to be everything to everyone – spread our nets as WIDE as we can

• But in fact, being able to refine, define and target a very specific market sector is actually a much stronger foundation for success




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Crafting a Value Proposition The Value Proposition should be

Concise specific and engaging to your customers

To get a feel for this, take a look at some examples from the internet http://yourbrandvox.com/blog/2014/7/18/13-value-proposition-templates http://torgronsund.com/2011/11/29/7-proven-templates-for-creating-valu

e-propositions-that-work/

https://blog.udemy.com/value-proposition-template/ http://conversionxl.com/value-proposition-examples-how-to-create/

http://yourbrandvox.com/blog/2014/7/18/13-value-proposition-templates

http://yourbrandvox.com/blog/2014/7/18/13-value-proposition-templates

http://torgronsund.com/2011/11/29/7-proven-templates-for-creating-value-propositions-that-work/



https://blog.udemy.com/value-proposition-template/

https://blog.udemy.com/value-proposition-template/

http://conversionxl.com/value-proposition-examples-how-to-create/






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A great example




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Dissecting the Motts Juice Maker Value Proposition

Who do you think the target market for the Motts Juice Maker is?

List the items that you think are ‘Advantages’1) 2) 3)

List the items that you think are ‘Benefits’1) 2) 3)




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Example Customer Value Proposition




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Crafting a Value PropositionTo get your started, you can work with the following outline - Your Value Proposition should include these basic elements:

For_______________________________(target customer)

who_____________________________(opportunity/need)

the_________________________________(product name)

by_________________________________(company name)

that ________________________ (USP/benefit

statement)




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Customer Value PropositionNext once there are competitors already in the market, you need to establish superiority to them, so include these elements:

Better than______________________(alternatives/competitors)

By/with ___________________________(how it works better – include

the B of FAB here – emotions)

If it’s a new concept, the benefit statement will establish what challenge is solves - the last part will focus on how good it will make the customer feel.The Value Proposition must be truthful – it must establish your credibility and trustworthiness




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The Call to Action!Did you notice an added element?

Try convenient, ready to pour, Motts Juice-Maker today!

This is a ‘Call to Action’ and if you are in the process of selling – vs the process of doing market research – it is very important to include a ‘Call to Action’. Don’t just leave your prospect hanging – encourage them to make a decision!We often think of selling as a sleazy thing – like a Used Car Salesperson or a Multi-Level-Marketer, trying to make people pay more for something than they need to – but in reality, people appreciate good selling because it is helping them genuinely solve a genuine problem – it is trustworthy. So do a good job of helping people find good solutions to their needs!

Marketing

Value propositions and USP - Unique Selling Position