We have a lot of idioms, expressions and acronyms that we use here at Jibe. And if you listen closely, the term “value proposition” is one that you will hear thrown around with some regularity. But for those who aren’t fortunate enough to sit in the inner sanctum, let me shed some light on what this particular Jibe-term (or Jib’erm) means, what it is used for, and how it helps our clients to be successful.
A value proposition is a company’s unique contribution to a consumer – it’s the thing that sets this company’s product or service apart from the competition, and implies a promise of what is received upon consumption. Just as the name implies, the value proposition indicates the worth of making an investment, and gives the consumer a reason to do so.
Once the value proposition is identified, this information should be a pivotal piece in marketing efforts. It’s these differentiators and assurances that compel customers to purchase from one company over another. So, they need to come across loud and clear in your marketing efforts.
There are many good examples of value propositions that have been well executed among recognizable well-established brands.
Nordstrom = you will receive superior customer service and quality
Apple = you sit on the cutting edge of technology and design
Target = you have access to the best value and selection at affordable prices
Godiva Chocolates = you can indulge in luxury and extravagance through your refined tastes
While it’s true that the more specific the value proposition, the better, you will likely agree with what I’ve given as examples. These companies have all been so effective in communicating their value propositions that they are completely embedded in the identity of the brand.
But how do you write a good value proposition? This article gives some great tips. In order to do so, however, you need to take some time out for some introspection. This can be hard for many businesses to identify what they do, and how they do it, because it’s easy to get entrenched and not see the forest through the trees. But, with some conviction and determination, you can develop a concrete value proposition that can be used as the springboard for all future marketing efforts.
Oftentimes it helps to get an outside perspective. That’s where we at Jibe add a lot of value. As an objective third party, we are able to see what is going well, what the perception of others is, and what value you bring to your market. With our help you can start setting yourself apart from the rest and identify what places you above your competition.