Value propositions are the most important part of a brand. This is essentially the core promise a brand makes to the consumer and this is what builds the relation between a brand and a consumer.
For a consumer, it is important to understand if the promise is a genuine one, or just a marketing gimmick. Thus the consumer should understand the process of how a brand comes up with a value proposition and what does it do, when it doesn’t have anything concrete.
Every Brand should answer these to come up with a value proposition
- What product or service is your company selling?
- What is the end-benefit of using it?
- Who is your target customer for this product or service?
- What makes your offering unique and different?
Questions that you need to answer explicitly in your value proposition
- Is your website easier to use? How specifically?
- Can your product be better tailored to the market?
- Do you have a kick ass customer service team?
- Is your return policy or customer guarantee superior?
- Are your prices lower?
- Do you have faster shipping options?
- Is your atmosphere better?
When brands don’t have true value propositions, they use these
- Free shipping
- Fast shipping / Next day shipping
- Free bonus with a purchase
- Free setup / installation
- No setup fee
- No long-term contract, cancel any time
- License for multiple computers (vs 1)
- (Better than) Money-back guarantee
- A discounted price (for a product)
Keep these in mind and look for the real promise. Don’t let a marketing gimmick fool you.