6/24/2015 ValuePropositionTemplate:BuildingyourBrand'sSuccess!

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Value Proposition Template: Building your Brands Success!APRIL 29, 2014 BY RICHA

The value proposition of a company is the foundation onwhich its marketing strategy is based on; it presents all thebenefits and values that the business promises to deliver toits customers. For example the value proposition of Red Bullenergy drink is to fight mental and physical fatigue. Thecompany brand tagline goes It gives you wings and surely itdoes! With this innovative marketing strategy and valueproposition, Red Bull has covered 70% of the energy drinksmarket share. Value propositions differentiate one brandfrom another and are crucial to your productimageamongyour target customers. Value propositionsmust bedesigned carefully to give your product or service anedge over your competitors brands. If you are a marketing strategist, business analyst or owner of a small

business, you should take this course to learn how to create a compelling valueproposition.

In this article will help you understand the importance of value proposition and how to create a strong valueproposition statement.

What is Value Proposition?Value proposition presents the complete positioning of your brand in the customers mind and is the answer totheir question Why should I buy your product or service? It is the core of a business model and the basis onwhich product marketing strategy and brand positioning is built on. It helps you describe your product vision,benefits and values that your business promises to deliver.

A value proposition must be carefully crafted in a simple statement to address three main points of your business:

1. Whoare your target customers?2. Whyshould the customer buy your brand?3. Whatare you delivering?

For an in-depth understanding on formulating a value proposition, take ourcourse on design value proposition.The value proposition is the sum total of the essence of yourbusiness value and must reflect a clear and compelling message to your customers. Lets look at how to create astrong value proposition that is specific and targeted effectively.

How to Create a Strong Value Proposition?With the help of a strong value proposition, you can determine how and to what extent your business will bring inprofits and how you will reach out to your customers and build their confidence in your offerings. While writing avalue proposition, keep in mind the following points that are the key to the success of your value proposition:

Understand Value Proposition Creation

There are several types of value propositions that you can build based on pricing and benefits. Kotler andArmstrong, in the twelfth edition of their bookPrinciples of Marketingdescribe the concepts of the five winningvalue propositions more for more, more for the same, the same for less, less for much less and more for less! Aclassic example of a more for more value proposition is the case of Starbucks coffee. They entered the market asthe most expensive brand but their product quality was second to none. The perfect cup of coffee that weenjoyed along with the amazing aroma of the coffee beans in their friendly little shops, is a testimony of their

success. This course takes a unique approach to show you innovate ways to valuecreation.

Know Your Target Customers

After youve understood your brand value proposition, its time to find out its acceptability in your consumers

mind. Its important to know what segments of the market will use your product, how your customer will perceivethe benefits of the brand, how effective is your positioning statement and how well you can differentiate your

product from other similar brands.Get more insights on understanding your target

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6/24/2015 ValuePropositionTemplate:BuildingyourBrand'sSuccess!

https://blog.udemy.com/valuepropositiontemplate/ 2/2

product from other similar brands.Get more insights on understanding your targetaudience with this special course.

Describe Your Product Vision

Product vision helps to clearly state the deliverables and benefits that your brand promises to your customers.You must decide on which segments of the market you will concentrate and what your positioning strategy willbe. Southwest Airlines positioned itself clearly as a no-frills, low-price airline that had a vision to provide qualityflying experience at rock-bottom prices. Customers dont mind the absence of amenities like meals or first-classcabins; they enjoy the low cost on-time travel and the services from the cheerful employees, who go out of theirway to surprise and entertain their passengers. Their product vision and implementation has made Southwest

Airlines the most profitable air carrier in the United States. This course can help you to similarlybuild a strong brand.

Test the Minimum Viable Product

Test the effectiveness of your product by testing the minimum viable product with the help of a small group ofcustomers, called early adopters. They will try to understand the product, its vision and benefits; they will giveyou valuable feedback that can help you in important processes like idea generation, presentation, marketanalysis and learning.

Create Your Value Proposition Statement

Once you have defined, evaluated and measured your value proposition process, its time to build your valueproposition statement. As explained earlier, the statement must be simple and clearly defined; it must answerquestions like who are your target customers, why should they buy your brand and what you plan to sell.

Value Proposition TemplateA good value proposition statement is built on the below fundamental framework:

For ( the target customer)Who (specific needs, demands, buying criteria etc.)We provide (solution name / brand description)That ( specifies benefits and business values to clients)Unlike (the competition)Who ( provide solution, features, functions, benefits)Our company (better approach, solution, functions, benefits)That (offers a better customer experience)

So, whether you are the owner of a small or medium business, an entrepreneur or a marketing strategist, itsimportant to develop a strong value proposition statement thats the building block to your brand success!

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