Value Proposition: The One Ring That Binds Them

Almost every company I have worked with as a Fractional VP Sales has struggled to express their Value Proposition (aka Value Prop) clearly and succinctly. It’s an area that seems to need work with almost everyone, yet it’s a fundamental and crucial piece of your go-to-market. It forms the foundation of your sales, your comms, your elevator pitch and reflects in almost every facet of the business.  It is in fact, the 'One Ring' that binds together all of these elements.

The Essence of Your Value Prop

At its core, your Value Proposition is not about the features or the catchy tagline you adopt. It transcends these surface elements, delving into the real value you deliver to your customers—from their perspective. It answers the fundamental question: "Why should a company choose to buy your product?"

Framework To Forge Your Value Prop

Two frameworks I have found useful to crystallize Value Propositions: the Value Proposition Canvas and the Steve Blank template "We help (X) do (Y) by doing (Z)." Both offer unique lenses through which to view and refine your Value Prop.

The Value Proposition Canvas: This tool excels in delineating between your product's features, benefits, and advantages, aligning them with your customers' needs and desires. The act of filling out this canvas is amazing for forcing clarity to your thinking.

The Steve Blank Template: Favoring simplicity and directness, this framework encapsulates your value in a straightforward sentence. For example, Duolingo's Value Prop might read: "Duolingo teaches second-language students how to speak a new language by providing an app that gamifies language education." It's concise, clear, and speaks directly to the value provided.

An Evolving Understanding

Recognize that your Value Proposition is not static. As your business evolves, so too should your understanding and articulation of your Value Prop. You should revisit your Value Proposition at least annually to ensure it remains aligned with your company's direction and the needs of your customers.  As your offering and customer base evolve, so too should your Value Prop. 

A Collective Foundation

Perhaps most importantly, everyone within your organization should deeply understand your Value Prop. It's the cornerstone upon which all customer interactions are built. When your team has a firm grasp on the Value Prop, it informs their actions, decisions, and the way they communicate with customers and prospects.

Journey’s End: Wielding Your Value Prop

Forging a compelling Value Proposition is not just about finding the right words; it's about uncovering the essence of the value your company provides. It's about delving into the very depths of your market armed with the 'One Ring' that binds all facets of your business. So, wield your Value Proposition wisely. And try not to drop it into a volcano.