Arguably one of the most difficult things to create and define for your website, the Value Proposition is also one of the most critical sales-enhancing components you can optimize.  Most websites fail to even include their value proposition in the site’s design and messaging, while others display it poorly and/or haven’t articulated it properly. 

If you’re not sure what a value proposition is, let us help you to understand it.  One of our earlier blog posts covers the Importance of Value Propositions and should help you get up to speed so you can begin working on your own value statement(s).

I recently participated in a Marketing Experiments webinar in which they went through specific ways to analyze your current value proposition and to get the most out of it that you can.  The details of that webinar can be found here.

In addition to the basic evaluations of analyzing value propositions, the team at Marketing Experiments has created a table/chart to help you determine if your value proposition is up to par.  The two key factors in the table are Exclusivity and Desire, two elements that your visitors will be thinking about when deciding whether or not to buy from you. 

Ideally, a good value proposition should be highly exclusive, meaning you’re one of the only companies in your industry offering the “value”.  There also has to be a high desire for that value, otherwise your the benefits will not be recognized.

In regards to creating and communicating your value to customers, the following ideas are suggested:

• Clearly differentiate your product/service from your competitor.
• Make sure that you’re competitive or on equal footing w/ your competitors on other levels of value.
• Stand-out from the competition w/ at least one unique value.
• Develop a value statement for your company, as well as your product/service; they are two different elements.

The details of the webinar will certainly help you to review your own website, but ultimately you will not know which value statement works best for your audience until you test it.  PPC ads and/or A/B testing are great methods to complete the testing of your value propositions.

Once you have developed your value proposition, test out different ways to communicate it to your customers.  It is one thing to have a value, but it is quite another to effectively communicate it.  Test, test, test…

Ask yourself in, at most, 10 words: “Why Should People Buy from My Website?” This is the start to finding and expressing your value proposition.
 
A value proposition is a statement that expresses the key reason why a prospect should buy from you or leave his or her contact information.  It should leave an impact on your visitors and be displayed prominently on the landing pages. Continuing on within your site, it should be expressed somehow (with logos, images, etc.) throughout.
 
A competitive analysis will help you identify your value proposition by uncovering your company’s strengths and weaknesses. By differentiating yourself from your competitors’ offers, you will excel in at least one element of value; thus, becoming the best choice for some customers. But…you cannot determine what the best choice for your customers is unless you know and understand your customers. It is important to discover your market’s motivation, perceived risks (or concerns), and obstacles they have about purchasing your product/service or leaving their contact information. Once you understand your market, you can address their needs and concerns in your value proposition.
 
Touch Points for Assessing your Value Proposition:
 
a.       It shouldn’t contain too much promotional language.
b.      It communicates who your market is, what you can offer them, and why they should accept your offer.
c.       It is articulated in 1-2 sentences.
d.      It differentiates you from your competitors.
e.      You can really deliver what you’re promising.
 
Lastly, one thing to keep in mind, the creation of your value proposition may be an evolutionary process. I recommend using A/B Testing to determine which versions have the greatest impact on your potential customers. If you would like more information on A/B testing, Multivariate Testing, or Conversion Studies feel free to give us a call!

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