My summer has started off with a bang. I am doing an internship at a startup and my main task is writing an MRD for a brand new product. From scratch.
This morning my task is to come up with a "value proposition." This is a term I hear all the time (from MBA's) but to be honest, I was having trouble defining it. It was easy enough to put in my outline but what does a value prop actually look like? I just kept staring at the page...
Then I looked for some articles on VP's and ran into an article by Jill Konrath. I liked what she had to say so here are some highlights.
How to Write a Strong Value Proposition
A value proposition is a clear statement of the tangible results a customer gets from using your products or services. The more specific your value proposition is, the better.
Most people and companies have lousy value propositions. They're weak - and I mean really weak. Often they're simply a description of the offering's features or capabilities. Or they're filled with self-aggrandizing puffery.
With today's tight economy and overburdened decision makers, you need to have a strong value proposition to break through the clutter and get their attention. That means you need a financially oriented value proposition that speaks to critical issues they're facing. And, by including specific numbers or percentages you get the decision maker's attention even faster.
Strong value propositions deliver tangible results like:
- Increased revenues
- Faster time to market
- Decreased costs
- Improved operational efficiency
- Increased market share
- Decreased employee turnover
- Improved customer retention levels
Documented success stories make you believable to prospective buyers. That's why the two professors have such a compelling value proposition.
