Why would a person buy your product/service?
The answer to this question is your business’s ‘value proposition’. It explains or promises the ‘value’ your customer will get if they buy from you. And it is not the same as the slogan. A value proposition might be just 10–20 words long, but it has to perform the important task of capturing the attention of your potential customers & then convincing them to buy from you. It has a very direct impact on your conversion rate, and has to convert within the first glance (3–6 seconds).
Let’s see some examples of great value proposition:
- Stripe: “Web and mobile payments, built for developers” — A set of unified APIs & tools that instantly enables businesses to accept and manage online payments.
- Gengo: “People-Powered Translation at Scale” — Gengo provides fast, affordable and quality translations by native speakers located worldwide.
- Evernote: “Feel organized without the effort” — Evernote helps you capture and prioritize ideas, projects, and to-do lists, so nothing falls through the cracks.
- InVision: “Design Better. Faster. Together” — The digital product design platform powering the world’s best user experiences
- Jord: “Luxury Hand-Crafted All-Natural Wooden Watches”
There are 3 key messages that a great value proposition must convey:
Product/Service: What are you selling?
Specific benefits/Pain-points: What problem does your offer solve? How will you make their life better?
Uniqueness: Why should they buy from you & not someone else.
A broad framework for a value proposition can be:
For (target customers) who have (specific needs/problems), our product provides (key benefits & values). Unlike (competitors), we are (differentiators).
— — — — — —
From the desk of Aditya Khanduri
About me (Why I started Polygyan)
