If you’re struggling to win new business it may be because your value proposition is weak.
Many agencies have vague and nebulous value props that done explain the business benefit of working with them.
You need a strong value proposition that is irresistible to potential buyers and compels them meet with you. However many people don’t know what a proper value prop is and don’t know the difference between it and other commonly used terms like USP or elevator pitch.
Put simply, your value proposition answers two important questions for buyers:
- How can you help my business?
- What difference do you make?
If focuses on the specific business outcomes of working with you and it demonstrates tangible business benefits of your offering. It’s usually financially oriented and speaks to the critical issues your target market is facing.
How you should do it?
Many marketing agencies have value props that sound something like this:
- ‘We help businesses use online marketing to generate new leads and business’
- ‘We help technology, manufacturing, financial services businesses use social media to increase brand awareness’
- ‘We help business in the IT space differentiate from their competition using content marketing’
These statements are not bad but they are not specific enough to encourage buyers to sit up take notice and more importantly meet with you.
What difference do you make?
While your agency services may deliver tangible business value your inability to articulate it in the language of the prospective buyer is probably one of the main reasons you’re not winning enough business.
‘We offer full services marketing services to help your business grow’
‘We design and develop websites to handle all your branding and awareness needs’.
So what? Why should a buyer waste their valuable time meeting with you? These value props contain no measurable quantifiable business results. These statements are just information and don’t tie what you do to business results.
Buyers don’t care about what you do, they only care about what you do can do for them.
Getting the decision makers attention
If you start incorporating the following terms into your value prop you’ll definitely start getting their attention.
- Increased revenue and profitability
- Faster time to market
- Increasing lead to sale conversion ratios
- Decreased costs
- Integrating operations
- Increased market share
- Increased sales per customer
- Decreased operational expenditure
- Improved marketing utilisation
- Increased time to profitability
Be as specific as you can
The more specific your value proposition the more attractive it is to decision makers. If possible quantify the value your offering delivers. The best way of expressing tangible value is in the form of numbers, percentages and time frames.
- Increase traffic to lead conversion ratio of 4%
- Cut marketing costs 25%
- Increase marketing attribution in 6 months
- Improve market share by 5%
If you can speak the language of the decision maker you will almost always get an appointment. Focus on helping them achieve their goals and talk about the tangible measurable business benefits, you’ll immediately notice a difference in how you’re treated when you find the right words.
This exercise will help you:
- Craft a strong telephone opening script
- Create marketing collateral which will have a bigger impact
- Form the basis of your presentations and pitches
Have a great week.