Do you have a bad value proposition?
If you want to sell whatever it is you’re trying to sell, you need to have a strong value proposition. For those that don’t know, a value proposition is a proposition (a statement) of value (whatever it is you’re bringing to the table that a prospective buyer should care about). Often it comes together as a collection of statements that outline the rational and emotional benefits that a consumer receives by purchasing a product or service. Below is a quick example of what the Apple value proposition might contain:
Rational Benefits: Innovative products, user-friendly interfaces, intuitive design
Emotional Benefits: Feeling cool, looking like a “creative type”, being associated with “the best”
I’m sure most of you have a pretty good idea of what your value proposition is (and if you don’t, you should probably get on that), but how do you know if it’s a good one?
Let me share with you a very simple model that can be used to evaluate your value proposition. Ask yourself whether your value proposition complies with the AID mnemonic:
Is your value proposition:
1. Authentic: Can you confidently stand behind what you’re saying? Will people laugh at what you’re proposing? Is it far more aspiration than reality?
2. Insights-based: Has your value propositioned been validated by any kind of consumer insight? Are you consistently pressure-testing your value proposition based on consumer feedback? Do you have a way to monitor performance against your value proposition?
3. Differentiating: Does your value proposition set you apart? Could you slap your competitors’ names on top of it and it would still apply? Why should people pay attention to what you have to say?
Using the AID device to ask these simple questions can go a long way in pushing the envelope to consistently drive for better performance. It also helps to protect against complacency because by asking these questions you might come to realize that what worked 10 years ago may not work today. Use this method to frequently pressure test your value proposition and make changes accordingly to stay ahead.
