The Power of Value Proposition in Marketing Your Business (Part 1)

With increasingly sophisticated consumers, it takes more than just the basics for businesses to convert them into paying customers. As entrepreneurs, you need to convince potential customers to choose your business over your competitors, and this is where value proposition (VP) plays an important role. 

In this 3-part series, we will look at all aspects of VP from concept, creation to integration into your business marketing strategy. Part 1 will give you an overview of VP and why it is important.

 

What is a Value Proposition?

A value proposition (VP) is the unique edge your business has over your competitors that makes consumers choose your products and services. A well-defined VP explains these three areas of your business:

 

• How your products/services solve problems
• Specific benefits for customers
• Reasons customers should buy your products or services over competitors’ brands

 

Examples of VP:

• Milo Refreshing nourishment – body and mind
• Domino’s Pizza Best pizza delivery in Malaysia
• Grab Your Everyday Everything App

 

Benefits of a great VP

Integrating a well-defined VP into your marketing strategy including your website and social media content will ultimately lead more customers to your doorstep. Here are 3 top benefits of an effective VP:

 

1. Upfront message – A well-constructed VP clearly communicates to consumers how you can solve their problems right from the start so there is no misunderstanding.

2.Better lead generation – With a clear message, your business VP will attract consumers who really need your products or services. This increases the chances of converting them into paying customers.

3.Differentiation – A stellar VP helps your business stand out from your competitors as it points out what value you and only you can offer to your customers.

 

With the rapidly changing business environment post-pandemic, it is even more crucial for businesses to stay relevant to consumers’ evolving needs. Hence, it is necessary for businesses to review and reevaluate their VP to stay competitive.