Value Propositions (part 2)

Here's the 2nd part of Jeff Garrison's series (Part 1 is here):

Your Sales Value Proposition Must Have F.O.R.M. (Part 2 of 4)

Posted: 16 Dec 2009 09:42 PM PST

Crafting your sales value proposition or "elevator statement" well is perhaps the most crucial element in a systematic business development program. If done well, it becomes the foundation for all of your branding, networking, and other marketing efforts.

It actually changes the direction that your conversations go with prospects and clients!

If done well, it has F.O.R.M.

It is Focused. You Own It. It is Relevant. And it is Magnetic.

Owning Your Value Proposition

If your brand as described in your value proposition is true and accurate when you substitute the name of a competing business owner or sales person, then you don’t “own it.”

This is probably not as hard as you think.

You must discover the value that you provide that is unique from others. Often times your difference is not your actual goods, services, or price. What you may own is how you can help prospects realize greater value from you or your company’s expertise, even with products and services that are not necessarily unique.

For example, in working with a financial services representative in another city, we were able to uncover something pretty unique regarding her position in a market in which it is hard to stand out. We discovered that some of her best clients are employees of a large university. She told me, "I know their [university] benefits better than anyone."

That single statement has turned into a sales value proposition specifically targeted at that market. There are several hundred prospects that she can approach by letting them know her unique ability to quickly identify gaps in their benefit and retirement plans due to her expertise. (There is a very powerful way to ask for referrals in this situation. Look for a future post or email me if you want to know now.)

To increase her target market, she will expand her expertise beyond the one university to professional educators meeting a certain profile.

In addition to being unique, your value proposition must be something about which you can be passionate. It will hard to maintain your competitive edge described in your value proposition if it does not excite you.

Finally, to own it, what you say must be honest. If your claim to provide a certain value is not true, you will get crucified in today's Word of Mouth society. You definitely don't want to be talked about on twitter, facebook, blogs, or Linked In for the wrong reasons.

As you may have gathered, perhaps the most difficult part of "owning" your value proposition is having the courage to narrow you focus. You must believe that it is more profitable to capture significant market in a narrow market than insignificant market share in a broad market.

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