There is a problem, however. Customers have a variety of companies they can purchase their products/services from, and many times customers can not differentiate between companies. For those companies that can differentiate, they are magnets for increased traffic and customer conversion.
How can you avoid parity in your messaging?
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- Value propositions are important to businesses. These statements are essentially their benefits statement - how they are different that their competitors. These statements are focused on the attributes of the product and/or company.
- Value creation is an approach to customers that focus first on the consumer, then how your capabilities/products/solutions help them meet their goals and needs. It encompasses the value proposition in a way that allows companies to better communicate and link solutions to what a consumer needs.
To build your value creation statement(s), here are a few areas to contemplate:
- Understand who your target is - What is the profile of the buyer you want and who you will communicate with? You may have several target groups, so defining them will help you with your efforts. Without this first step, marketing initiatives have a lower chance for success.
- Understand what is important to your target groups:
- Pain points/what keeps them up at night
- Goals/objectives of a purchase
- Best location for purchase/seasonality
- Marketing mediums that they respond to
- Price sensitivities
- First mover advantage/technology
To read more on the topic, visit Partners in Excellence to read an interesting article entitled "Your Value Proposition is no Longer Sufficient."