How to define your value proposition
You have probably heard the term "value
proposition" in some meetings before. While it may seem like a buzzword,
it is one of the most important things you should define and take ownership of
your business. Often, in the brand, we talk about the importance of knowing
your "why". With the value proposition, we are really focusing on the
"what". Your value proposition defines what it has to offer its key
stakeholders. In short, your value proposition is your niche. It's what makes
you stand out from the crowd.
What is an actor?
An interested party is anyone who has a stake in the work
you do. For designers, the key player is commonly considered the customer. The
client is certainly central to their work, but they are not the only
stakeholders involved. Other common stakeholders for the designers include
their team, collaborators, the industry in general and the user / final
audience for the work itself.
This is the most delicate thing: most of the time, the value
that you BELIEVE that you are providing to your stakeholders is really
different from the value that THEY are seeing. As a result, when defining your
value proposition, it is essential to keep your mind open and evaluate both the
value you personally project and the value perceived by those around you.
Recently, we published a series of toolkits called Give All
that capture all the methodologies we have used with hundreds of clients over
the years. One of those toolkits, the Value Proposal, is excellent for working
on this important process.
Here is a quick activity from the toolkit to help you define
your value proposition:
First, begin to inquire into as many things as you can to
shed light on how you have been projecting your value. This may seem like a
collection of public material (such as social media posts, website content,
etc.). If you do not have any of that, remember the last time you explained to
someone what you did. Read all this and take some time to reflect.
What message is being projected about the value that your work provides?
What keywords are you using and then describe what does it
do to you or your unique product / service?
Next, evaluate how others perceive their value. Take some
time to talk to existing customers and ask them what they think is valuable
about what they do.
How do these interpretations of your value align with the
value you have been projecting?
How can you refine your message to make that value clearer?
Based on what you have learned so far, try to write a short
description (not more than 3-4 sentences) that defines your value proposition.
This must be informed both by the projected value and by the perceived value
that you have just discovered, but also by a number of other factors, including
ideas on the following:
The greater need of its key stakeholders, and the way their
work meets that need.
Your biggest competitor, and the key differences between
your work and approach and there are.
Your own personal values, and what drives your perspective
of the world.
I will not cover this with sugar, it is not an easy task.
That said, if you see your value proposition as something that is in a constant
state of greater definition and evolution, it removes part of the weight of the
process as a whole. The best you can do is start. Know that it is natural (and
really great!) That this value changes! Some final tips, selected from the best
practices section of our Value Proposition toolkit:
When developing your value proposition, work with your
current audience to understand how you are perceived, and see how it differs
from the unique value and differentiation you project into your current
marketing material. If you are starting something from scratch and do not have
a hearing to receive comments, you can also talk with colleagues or former
employers about your work in general.
A common mistake in the design of the value proposition is
spending too much time thinking about your competition, as well as all the features
and benefits of your organization. Do not have tunnel vision! Instead, think
about your users. What do you need? How are your competitors currently meeting
those needs? How do you best meet those needs? Take the time to understand how
the need you are meeting fits the ecosystem of your other needs (what others
can satisfy!).
The value proposition has to talk to its core competence. As
a result, it will be impossible to appease every negative point of your users.
Stay true to what you know you can offer well and classify pain points
identified according to this reality.
