Articulating the value proposition for a marketing campaign is more than just wordplay. It tell customers why they should buy from you, and it only works if you hit a hot button.
MarketingExperiments defines a value proposition this way:
"Essentially, your value proposition is the answer to a single question in the mind of every visitor that lands on your website: If I am your ideal prospect, why should I buy from you rather than your competitors?"
In the new issue of the Marketing Experiments Quarterly Research Journal, Dr. Flint McGlaughlin and his intrepid researchers test five things customers value:
- Price
- Savings
- Support
- Product Design
- Benefits (e.g., business growth, ease of use, etc.)
An ingenious test using pay-per-click ads measured what customers value most by the number of clicks each ad got. This is a pretty simple technique that anyone can use to test and refine a value proposition.
Dr. McG. concludes: "[A] value proposition is not something you dictate; it is something that you discover."
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