By Blair Williams, founder of MemberPress
A value proposition is something that every business should use when marketing their products or service. All entrepreneurs and business owners want to make the best possible merchandise for the right customer base. When you think of a value proposition, what comes to mind? Many people think of it as a small but essential set of information that can influence a consumer’s buying decision. While this definition is correct, there is much more to this fundamental aspect of marketing.
When you’re creating a proposition for your customer, you’re making a promise that they will receive something useful in exchange for an action. In many cases, this action involves purchasing a product, joining a mailing list, or subscribing to a blog. If you’re wondering how to create your own value proposition, I’ve got you covered. Here is how to create an excellent proposal that will entice potential leads while retaining your current customer base.
Understand customer desires.
Your offer should play off of the desires and issues that plague your ideal customer. For example, the workplace productivity application Slack puts an attractive value proposition on the table. Its website reads, “Imagine what you’ll accomplish together.” If you’re a business owner looking for a way to manage your small team, the value is you’ll be able to bring everyone together and increase productivity with far less effort.
You can take this small example and apply it to your niche. If you own a site with gardening advice, you could say, “Subscribe today and learn how to build your dream garden.” Many people who are into gardening want a lush, beautiful, dream garden. The tradeoff here is simple. You’re asking them to subscribe to your mailing list, and in exchange, you’ll teach them how you’ve managed to grow the perfect garden.
Split test often.
There are countless ways to design your value proposition. A/B testing, or split tests, are a great way to try new things when creating your offer. A split test involves taking one aspect of your offer and changing it to see if there’s a significant change in the number of people who convert. Many people use A/B testing to reduce churn and fine-tune their marketing campaigns.
Tweaking different aspects of your campaign is possible. For example, change your subheader below the offer that explains the benefit of your product or service. The change in language could result in more customers seeing your vision and converting.
Your changes could be a bit more subtle than changing the text of your proposition. Many marketers have found that changing the color of their call-to-action button (e.g., subscribe now, save today, learn more, etc.) had a marked impact on how many people followed through with the offer. According to a 1996 study titled “Relationship Between Color and Emotion: A Study of College Students,” specific colors can stir different emotions: The color red tends to bring feelings of excitement, while the color blue establishes feelings of trust. Virtually every color stirs up a vastly different emotion.
Split testing all of the individual aspects of your offer can help you mold and change your proposition for maximum effectiveness.
Create your proposition for the right platform.
Value propositions come in a variety of shapes and sizes. You can add these offers directly to your website, on your social media page or within your email marketing copy. When you’re creating a proposal for your audience, take some time to think about where your audience is most active.
If you notice that you have high engagement rates on specific social media platforms, this could be an excellent opportunity to appeal to this audience with a new and exciting proposition. Similarly, if you have a long email lead list, you may want to craft your offer so that it makes sense within the content of your email.
The key to creating the right proposition is knowing where it will be most effective. Your Google analytic data and social media engagement rate can help you decide which platforms and outlets you should use for maximum efficiency.
If you want to grow your business, your proposition is a great way to show your current customers and potential leads what you’re working on. These offers also give new customers an idea of what to expect once they subscribe. Every niche is a little different, but as long as you’re targeting the right leads on the right platform, and experimenting often with your campaigns, you’ll be able to create a compelling value proposition.
Blair Williams is the founder of MemberPress, an all-in-one membership website software for WordPress.