Creating a Value Proposition for Companies
According to Ronn Torossian, before companies can create the best possible value proposition for their target audiences that will get potential customers to convert, they need to take several things into consideration.
Offer
The first thing that companies need to take into consideration before they are able to create a value proposition for their customers is what the solutions that the company provides are, as well as how they work. It’s important for companies to think about how the target audience perceives the company and its solution when figuring out the offer, to be able to explain that offer in a way that the consumers will enjoy. The way that a company communicates and the messages it uses are important, and even if a company has the perfect solution for its target audience, those potential consumers won’t consider the company as a viable option in terms of a purchasing decision if the company doesn’t communicate its offer in a way that makes it clear to them. That’s why companies should be thinking about the target audience and what that audience needs, and making sure that the value proposition will be able to meet their needs as much as possible.
Audience
Another thing that companies have to think about before defining their value proposition is the audience that they want to target with their value proposition and solutions. To do that, companies have to conduct audience research to learn more about the potential customers and what they want from businesses. Companies should have some core information about the audience before proceeding including things like who the audience is, what they enjoy doing, their professions, beliefs, wants, pain points, and more. After the company has put all this information about its target audience together, it should create a buyer persona that can be used to personalize the value proposition.
Competitors
When a company is looking to create its value proposition, it’s important for it to include some element that will help it stand out from its market competitors. Most companies these days have competitors that provide similar solutions to the same groups of customers, and the best way for companies to get more customers is to stand out from those competitors by being different and better than them. Even if a company already understands all of the things that set it apart from its market competitors, the business should conduct competitor research and learn more, such as what the company is already good at and what it can improve, what the competitors lack that the company can capitalize on, and most importantly, why the consumers should care about all of those differences. Once a company has all of these different pieces of information together, it can start working on its value proposition and including it in its communications and promotional efforts with the target audience. That way, the company will be able to create a positive and unified customer experience that will motivate potential consumers to convert.
