You need both for a successful marriage.
Before I get started talking about your value
proposition I wanted to ask right up front to please
send this link to your friends and share this free
Ezine with them...
www.strategicprofits.com/ezine
We work had to bring these to you and we want to
share them with people who we can make a
difference with. Again, don't be lurkers, share the
wealth. Thanks.
If you had just ten words with which to describe
why people should buy from your company instead
of another's, what would you say?
About a week ago, I did a special call and the
subject was "what is your elevator pitch?" That call
sparked much conversation and many great ideas.
We talked on that call about the importance of your
value proposition. As a result, I have been receiving
many requests to talk more about it. I was also in
Miami this week at the Sherpa event and this came
up again, so I wanted to share this information with
you.
This Ezine may read very sterile, but I feel this will
be the best way to get this important point across.
In a conversion process either in your web site or
landing pages, there is a process that I use to check
to make sure we are following best practices.
That conversion process is C=4M + 3V + 2(i-f) - 2A
Got that? Great. We are off to a good start.
Of course I am kidding and there is much more to
this that I can explain in this Ezine. Go to Marketing
Experiments and brush up on this sequence. For
today's Ezine, the second coefficient of 3V is our
focus. But first just a brief explanation of motivation
is in order to help walk you through the process.
The number one and highest factor in conversion is
4M which is the motivation of the user. Or, where
is your traffic coming from? That is where you get
deep into your channel map. Channel mapping is a
multi-step method to determine the performance
and effectiveness of the channels of traffic that
generate revenue for your business. It enables you
to make smarter business decisions and is much
more effective than simple "Marketing Projections."
In reference to your site, channel mapping is the
process of identifying the primary sources of
traffic, measuring their performance, identifying
"why" they perform as they do, and using that
information to find new channels that will be
effective.
When we refer to motivation however, we are
thinking of 2 components:
1. The nature of the customer's demand for the
product--that is, the reason(s)
2. The magnitude of the customer's demand for
the product
That might be a little gray to you at this point,
but I wanted to give you some explanation of the
most important factor in your conversion. More
on that later.
Now onto Value Proposition or, the primary reason
why a prospect should buy from you. I explained
that this should also be clear to you when
developing your "elevator pitch." This is where you
MUST differentiate yourself from your competitors.
It is okay to match what your competitors can offer,
but there must be one or more major reasons that
set you apart. You need to excel in at least one
element of value. When you excel, you become the
BEST CHOICE for your customer.
The value proposition for your company is
different from the value proposition for your product.
You must address both, or what I should say is that
you need to focus and clearly state your value
proposition for both your company as well as when
you are selling a specific product. They are not the
same. You must have this same mindset when you
are creating your pages for your products. In our
internet marketing world, every product offer you
make has its own value proposition as well.
Ok, here are the principles for creating and
possessing your value proposition. These are
things to be thinking about while you are creating
it:
-A value proposition is not usually determined; it
is discovered. It grows out of need.
- Avoid a sales-driven approach to product
development. You should develop products for the
market.
- Ask yourself this question: "Why should my ideal
prospect (the group you intend to serve) buy from
me instead of a competitor?"
- Compare your answer with the claims of your main
competitors.
- Refine your value proposition until you can
articulate it in a single, instantly credible,
sentence.
Now that you have it, the objective is to convey
your value proposition through your landing pages
and message in the clearest and most compelling
way possible.
There is a significant difference between the
possession of a value proposition and the
communication of a value proposition. While one
group fails because it does not possess an effective
value proposition, another fails because, although it
possesses an effective value proposition, it does not
communicate it effectively.
To overcome the latter problem one must think
holistically about the value proposition. This involves
two key elements; Congruence and Continuity.
Congruence--having every element of your page,
Adwords, emails, etc. either state the value
proposition or support the value proposition.
This can be expressed in your . . .logos, price,
design features, images, colors, etc. . . . And Yes!
It's that serious, and we do think about that in
everything we do here at Strategic Profits. It is a
daily conversation in the marketing group.
And Continuity--making certain that each step of
the buy process either states or supports the
value proposition. (All the collateral supports or
states value prop).
To approximate the potential appeal of an offer,
use this simple ranking system. Its value lies
more in its conceptual framework than its
mathematical precision. It can be a useful tool for
optimizing your offers.
Desire
0-No interest
1-Possible interest
2-High interest
Exclusivity
0-Anywhere else
1-Somewhere else
2-Nowhere else
1. Rank the ideal customer's desire level for the offer.
2. Rank the exclusivity of the offer.
3. Multiply the two integers.
4. If the total is less than 2, re-craft your offer.
Enough said!
Well enough said except for one thing. How are
you drafting your value proposition in times like
today? When people are scared, don't want to
spend money, are hesitant to invest in assets
never mind their education.
Well, here is your answer; get on this free 2 hour
Jay Abraham call and listen to what Jay will teach
you about this process and taking your business to
a whole new level. I promise you won't be
disappointed.
Go here to register:
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