As soon as you decide to market your product, you need to clarify how to make users pay for it. The most obvious solution is to design a hot product value proposition, which becomes your product’s business card highlighting all its pros and strengths compared to the competitors. Still unsure how to formulate it? Stay with us as we have much information on the algorithm and inspiring examples down the page.
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Features of a Killer Value Proposition
To craft an ideal value proposition, you need to understand its fundamental goal – to explain your business promise to the customer. What will they get if they pay you? What unique features will they enjoy? Why is your product better than that of competitors? Answering these questions – briefly and concisely – can make your value proposition impactful and convincing.
With this idea in mind, you can apply the following value proposition features when composing your own one:
- Make it short. Nobody reads walls of text to see what value they will derive. People need to be hooked within the first seconds on the website.
- Stay focused. Don’t abuse cliches and time-worn phrases like “the best,” “number one,” etc. Be specific about what you can give.
- Know your customer. To deliver real value, you need to know what your customers need. Thus, a unique VP is unattainable without a clear target audience, customer profile, and research.
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Simple Algorithm for VP Composition
Though each business’s VP should be unique, you may still follow a universal model for its composition.
- First comes the headline. It’s a short slogan encapsulating your key benefit for the customer.
- Next, you give a bit more detail about the value and gains a client will get. The section will work better if it’s organized in bullet points.
- Add a creative image to the value proposition to enhance the textual message with a visual appeal.
Top 5 Examples to Follow
So, what makes a specific value proposition fail or fly? Here are the top five excellent VP examples that worked out well for the brands and products they represented. Study them closely to discover the secret ingredients of VP success.
#1 Uber
Everything in Uber’s value proposition speaks about simplicity, which is the company’s primary aim. As revolutionaries in the industry of commute, Uber creators wanted to make getting a taxi super simple. That’s what you see in the VP – “one tap, and a car comes directly to you.” Besides, Uber has made the taxi payments cashless, which is a bonus for modern users adopting innovative payment technologies and opting for their convenience. Thus, the message is simple and engaging – the whole process of ordering and paying is instant. Who can refuse such an appealing offer?
#2 iPhone
iPhone has managed to stay at the top of consumer preferences for decades, so what’s the secret? It’s primarily the emotional appeal of Apple’s value proposition for this flagship product. As Apple’s marketers put it, there’s no analog to the iPhone globally as “the experience is the product.” In other words, Apple’s marketers place the user at the top of their development efforts and work hard to improve the UX endlessly. Seeing that a tech giant works day and night to make you happy is a good reason to buy, isn’t it?
#3 Slack
You can find several value propositions by Slack, all of which focus on the ease of use and productivity gains for the team using this app. Besides, Slack emphasizes the pleasure of working via its platform, which surely can’t go unnoticed by managers striving for better communication. For instance, “Slack makes it downright pleasant to work together” is an appealing promise of better communication that leaves nobody indifferent.
Another exciting technique Slack uses is the sense of belonging and identity it raises in the potential customers. Its value propositions usually feature team members or leads talking about Slack and explaining its primary benefits. Thus, if you need a task management tool, you’re sure to be attracted to this offer.
#4 CrazyEgg
All business owners want to make their websites better. CrazyEgg marketers have captured this universal need in their value proposition by equating the service to a pair of “x-ray glasses,” empowering website owners to see what exactly people do on their websites. Their value proposition looks very convincing, with active verb phrases showing what exactly the user will achieve.
Obviously, the job that CrazyEgg does is much more complex and advanced than seeing what people do. But how to explain heatmaps and behavioral tracking principles to laypersons? A wise way out was to present the unique value of the service in simple, user-friendly terms like “x-ray glasses,” “show your boss your changes worked,” or “enjoy more conversions.”
#5 Stripe
Stripe has entered the digital payments market with its unique value proposition of a “payments infrastructure.” This positioning suggests that the company resolves many compatibility issues that previous solutions had. Online payments have always been quite a fragmented sector without a coherent infrastructure. Thus, the solution offered by Stripe comes in handy for businesses of all types as it’s scalable and flexible.
Besides, the company stresses its richness of features (e.g., invoicing, business management, payment acceptance) as an all-in-one provider. This value proposition thus works well for companies facing challenges and bottlenecks in organizing payments and managing their finances. Its offer is a simplified, combined solution that can’t go unnoticed.
Look for Your Own Path
Indeed, your value proposition is the critical element of your business success. So, never underestimate its significance and always invest extra time, effort, and creativity in it. Our final tip is to shift the focus from your business to your customer. We know how tempting it is to tell that you’re the best and can do the most. Still, people looking for a new product or service tend to think about what they will get, not what you can give. Thus, you can achieve greater conversion and persuasion by being customer-centric and highlighting the customer’s needs and pains.
