William Wong Blog

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Establishing that we have a strong connection with our idea in step 1 of the Ideas to Reality methodology provides the input for building a compelling value proposition. The philosophy that we follow at Ideas to Reality is that each step builds on the previous step with each step adding more detail while maintaining focus. When we get to a step that doesn’t work, we can go back to the previous steps to evaluate what needs tweaking.

The purpose of the value proposition is to articulate the benefit that you will provide that will make your customer love your product and become a loyal customer. We’re striving to create new demand or something that is 10x better than the current alternatives.  Every idea requires a lot of work so make it count!

5 Keys to an impactful Value Proposition:

  1. Focus on one primary benefit and one target audience. It doesn’t need to spell out the audience but your audience should immediately see the benefit when reading your value proposition
  2. Articulate it in a concise statement. If it becomes too wordy, either it’s not clear in your head or you need to break it up into smaller ideas.
  3. It should make your potential customer say “I want that!”.  Think about creating a feeling of excitement. An emotional connection to a customer is stronger than a logical one.
  4. Avoid delving into features. Leave that to step 5 of the Ideas to Reality Methodology.
  5. Test your value proposition on your target audience. It’s what they think that matters.

 

Examples:

Yahoo

 

How does the Yahoo value proposition make you feel? It doesn’t articulate any benefit. It appears they may have acquired a bunch of products without a value proposition and now they’re trying to create a statement that encompasses all their products. This is an example why it’s important to have your value proposition figured out before you build a product.

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Google Pixel

The value proposition for the Google Pixel phone is all about incremental features. The phone looks exactly like an iPhone. Based on my guidelines for creating a value proposition, this would not be a good one. However, I use this example to illustrate that all the steps of the Ideas to Reality Methodology must be considered. Step 3, Secret Sauce, is what makes you uniquely positioned to deliver the value proposition. In this case, Google has the resources and the brand recognition to deliver on incremental features and be profitable at it. 

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Spotify

What does this statement mean to you? It’s not clear what the benefit is. Avoid making catchy statements that don’t communicate a message or evoke a feeling. The next few pages go on to describe some potential benefits. Doesn’t everyone expect Music, Playlists and New Releases from a music streaming provider? It’s not clear how this service is 10x better or better at all.

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Freshbooks

The value proposition for Freshbooks has a clear and focused benefit. By specifically targeting small businesses and not all businesses, they can put themselves in the shoes of a small business owner and create a great experience for them. Creating a great experience for fewer is always better than creating an ok experience for more.

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Salesforce.com

Salesforce is an example of a company that created new demand. They pioneered the use of the cloud as a new way to run a company’s back office. Their value prop after all their success is still clear and focused. Sell, service, and market faster with the world’s #1 CRM.    

William Wong

I am the founder of Ideas to Reality. I collaborate with innovative visionaries to create tomorrow, fulfill their potential and prosper equally to their ambition.

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