Why should a consumer purchase what you offer?
A lot of brands believe that the innovation they’ve created or the great feature of their product or service is enough to win consumers over. The truth is no matter how great your product or service is, if consumers cannot see how it fits into their lives, they are unlikely to make a purchase.
One of the most important things to note in building a brand is understanding that consumers need things spelt out. The human mind is lazy, and people don’t want to work to figure out how your revolutionary product with a million amazing benefits meets their need; you have to tell them. Markman puts it succinctly: “… people want to minimize the amount of time and brain energy they spend thinking about a choice…” This means the bulk of the work is in the hands of the brand; you want to leave as little “figuring out” as possible for your consumers. And this can easily be done by articulating a sharp Value Proposition.
A Value Proposition Statement is a well-articulated statement reflecting a brand’s unique offering and who it is for in a clear and concise manner. It is important to put together a Value Proposition because if you have a great offering; one that meets a real need, someone somewhere needs you! But more than that, they need to know you exist and why they should accept your offering. Arriving at this statement requires a very reflective exercise and thought process, to review the most important information about the brand’s offering and its consumer.
The first step here is answering the question: “Who is your offering created for?” It is important to identify who needs your offering, so your communication with them is informed: when, where, and how. You need to know basic information about them: their demographics and lifestyle. The second equally important part is to find out their job to be done. This means identifying their end-use. For example, people buy TVs because they want to be entertained; people buy water to quench their thirst. Entertainment and thirst-quenching are the jobs to be done; the real reason why they need the products. Identify the same for your consumer.
Outline your key product(s) and/or service(s) — what do you offer, and how is it different from what is available? But most importantly, identify and spell out how it fulfils your consumer’s job to be done. If your product is a TV, how is it the best choice they can make for entertainment? Perhaps your TV has innovative features (e.g. crystal clear screen and dynamic colours as well as exclusive in-built apps) that can take their entertainment to the next level. Note here also that sometimes, when brands get to this point, it becomes easy to identify some gaps in your offering that can be easily included or some competencies you already have but are not spelling out well enough to compel a purchase. Sometimes, you have to go back to the drawing board and tweak your offering. And that is good; better than good in fact, it is great for brands! It means you are creating a solution closer to what your consumers actually need.
One Simple Statement
When all this information is gathered, it is imperative that you put it together in one simple statement. It is absolutely necessary to use the language your audience will understand. It must be fool-proof, jargon-free and straightforward. Avoid big words and complex sentences. Keep it short and simple.
One of our key services at The Y Brand is helping brands create effective Brand Strategies to deliver effective communication and ensure that Return on Investment (ROI) is positive. The Value Proposition exercise is the first step in our Brand Positioning framework. Send us an email today at email@example.com to get started on your journey to effective Branding and Marketing.