Improving Your Value Proposition

I assert that many businesses are somewhat oblivious to the essence of what they’re selling. This concept even applied to me while composing this article—I had to reevaluate my own offerings!

Sure, every company is aware of the products or services they’re billing for, but what about the perceived added value? This often aligns with the explanation of how your so-called solution addresses issues or enhances a client’s circumstances. But, can you articulate why your product should be preferred over the competitor’s?

Prospects keep asking what you do

Clearly, this is problematic.

It often takes more time than desired to clarify your company’s role. Naturally, the goal is to provide a clear understanding as promptly as possible to initiate meaningful dialogue with prospective clients. After all, your objective is to conduct business. In face-to-face interactions, such as conferences, you can provide clarity by addressing common queries like: Could you please elaborate on what you do? Could you provide a detailed explanation?

Consider the last time you conducted an online search for assistance and landed on a website that left you puzzled about their offerings. Did you linger? Likely not. You probably returned to the search results more often and moved on to the next option. First impressions matter greatly online; you seldom get a second opportunity to impress.

The competition could be your doppelganger

Awareness of your competition is crucial, undoubtedly. However, how do you differentiate yourself? This question distinguishes a beneficial value proposition from a generic list of offerings. Unfortunately, it’s commonplace for companies to enumerate every service or product they deem mention-worthy.

Why not assist your potential clients instead? Often, they’re merely comparing prices and seeking differentiation. Wouldn’t you?

Let’s imagine you’re selling regulatory or compliance-related services. A quick online search will reveal numerous providers offering similar packages.

So, how can you distinguish yourself? Perhaps you cater to a specific region, your team comprises ex-EMA staff, or you specialize in biosimilars. If you don’t highlight these distinctions, your customers may remain oblivious!

You get inquiries for services you don’t provide

While occasional inquiries for services you don’t offer are expected, a recurring pattern should prompt a reevaluation of your value proposition. Such a pattern suggests that you’re attracting an inappropriate audience. After all, why else would they presume your assistance?

Moreover, consider the potential clientele you might be missing. Ideally, you aim to attract qualified leads that instantly allow a shift in focus from lead generation to deal closure.

Your promotional language is overly ambitious

Avoid using grandiose language such as: “JPP: your single-source, truly global provider of life sciences business development solutions.”

Claims like these, composed of an assembly of buzzwords, often lack substance.

Steer clear of making exaggerated claims and cease suggesting you’re the sole provider in your field—this is seldom the case.

Instead, communicate honestly and succinctly the advantages of working with you. Employ everyday language to make this clear, avoiding corporate jargon.

Clients identify different benefits than you advertise

When you encounter this, attentive listening is crucial. Without delving into customer satisfaction surveys, when a client shares their perceived value from your offering, it’s essential to record and contemplate their feedback.

Your audience’s understanding of your added value should align broadly with your intentions. Use this feedback for refining and improving your value proposition if it diverges significantly from your vision.

Remember, learning and adaptation are ongoing processes.

Even with a steady flow of leads, such insights help you tailor your proposition to your specific audience. It’s also worth noting that this feedback could reveal opportunities within an audience segment you hadn’t considered!

Revise, Adapt, Excel

Occasionally, minor tweaks or additions to your value proposition can make a world of difference. However, there may be instances where a complete overhaul is the best course. Ultimately, your value proposition should focus on: what you’re offering, who your target market is, and why you stand out from your competitors. An effective value proposition is typically expressed in a single, credible sentence—more of a guiding principle than a slogan. For improving your value proposition, keep in mind that a good proposition:

• Is tailored to your customers
• Clarifies the ”how”
• Explains why they should choose you over competitors
• Avoids inflated claims

Moreover, I believe it’s most effective to:

• Keep it simple and tangible
• Incorporate elements of enjoyment or fascination
• Emphasize genuine value