Revive Your Value Proposition with 3-Step CPR
524 professionals responded to our most recent study related to Value Propositions.
44% said they did not have a well-defined Value Proposition. Hmm… Without a clear way to communicate your value, how can you expect your prospects to connect with your value and want to work with you?
I would wager my entire retirement stash that of the 56% who said they did have a clearly-defined Value Proposition, half or more do not have a compelling, client-centered Value Prop.
What about you? Could your Value Prop use some CPR, before it flatlines completely?
Your 3-Step CPR to a Healthy Value Proposition
C = Clarity
There are two types of clarity to consider:
- The clarity we must have around the critical components of how we view our value proposition; our target market, our ideal client, and our client-centered mission. If you don’t feel clear in these areas, you can’t expect your clients or centers of influence to be clear. It’s not your prospects’ job to figure out your value.
- The clarity our process brings to the lives of our clients. A confused mind won’t take action. A confused mind will remain in an uncomfortable status quo..
Human beings crave clarity. Clarity is associated with survival. The brain’s main function is to keep the body alive; and to expend as little energy as it can in the process. Our brains scan the environment a thousand times per minute looking for threats. This takes energy (calories).
Clarity brings a sense of relief, closure, and well-being; a more relaxed state (expending less energy). The brain loves clarity.
A promise to bring clarity to the lives of your prospects should be part of value proposition.
P = Persuasive
The goal of your value proposition is to do much more than to merely to tell people what you do and how you do it; hoping they will say, “I need that. Where do I sign?”
The goal of your value proposition is to create movement; to give your prospects a little kick in their inertia so they take action. That action can range from something as small as simply responding to your email. to as important as scheduling an appointment or deciding to do business with you.
As I discussed in the previous section, the promise of clarity can be persuasive. Here are a few other elements that can go into a persuasive value proposition:
- Urgency – When you can tie the need to act to a specific time frame, your request for action becomes much more effective. Let your prospects (and clients) see clearly what the opportunities and/or costs of acting or not acting will be within that given time frame.
Many sports use a clock. The clock creates urgency. With no clock, the game would go on forever or until the players collapsed on the field or court. The clock raises the stakes. Even baseball, golf, and tennis have a defined end point that acts much the same as a clock.
- Social Proof – We get cues from others. In movies, for example, a 100% full theater will generate exponentially more laughter than one that’s only 25% full.
The same concept is true for our businesses. I know that most financial professionals are extremely limited in how they can use testimonials – if at all. But that’s not the only form of social proof.
Meeting people through referrals and introductions is a form of social proof. These prospects are much more likely to follow your recommendations, because their friend, colleague, or family member already acted on one or more of your calls to action..
When you invite prospects and potential centers of influence to your client appreciation events, they get a heavy dose of social proof. They see how your happy clients relate to you and talk about you to others.
R = Repeatability
Yes… this is a real word! (Don’t doubt me. Words is my business.)
One of the ultimate tests of a clear value proposition is how you can boil it down into a simple statement, much like a headline. In fact, it could actually be your headline.
For example, a headline that would represent my value might be: Get More Ideal Clients through Introductions and Compelling Value.
For a short statement to reflect your value proposition effectively and to create word of mouth and introductions, it needs to be easy to remember.
Another headline I like to use for my company is: Increase Your Revenue without Increasing Your Marketing Budget
What is the repeatable headline that represents the value you bring to your clients? A simple way to come up with this is by stating what your clients want; their prime want related to what you do.
- Peace of Mind Through Proper Financial Planning
- Clarity and Confidence in Your Financial Life
- You’re Going to Like the Way You Look (Men’s Warehouse)
- We Help You Fund Your Dreams for a Fantastic Retirement
Again, what do your ideal clients want? That’s your website and LinkedIn headline and a simple, easy-to-repeat way for people to connect with your value.
Repeatability is fundamental for effective word of mouth and effective introductions.