How do you create a strong value proposition and elevator pitch?

At StandOut Authority we help our clients perfect their XYZ Statement - I help X to achieve Y so they can have Z. X - Ideal client, allowing others to know exactly who you help and who you do not. Y - the service you provide. The biggest issues most people make is the try to sell the service. No one cares how the hamburger is made they just want to enjoy the feeling they get from eating it which brings us to... Z - the out come, the emotional connection that the individual will receive after working with you or your service/product. The real reason humans make purchasing decisions. When you can craft this statement with clarity, emotional connection and distinction you will have one of the most powerful value propositions.

Great template for creating value proposition: Our [product/service] help(s) [customer segment] who want to [jobs to be done] by [verb+customer pain point] and [verb+customer gain]

The value proposition has to clearly demonstrate why a service or product is worth the investment. One of the best exercises you can do to help test your value proposition is to write down how specifically it would deliver value for different verticals - uses cases - if you will. For anyone to invest in a new service or product there needs to be a clear rationale for it, which includes the current issues they face, the benefits and outcomes they'd like and the process to achieve it. This allows you to go one step further and with a degree of specificity, tell prospective customers that service X can will deliver Y and Z into their business.

Your value proposition will evolve over time as your business evolves, a great way to assess what your ACTUAL value prop is, is to ask your customers or those who will not specifically benefit from your business as they will hopefully give non biased guidance around exactly what they think your value prop is.

The best elevator pitches are not just a 'tell people what you do' they are a curiosity piece that opens up a conversation. One of the best formats for an elevator pitch is what is known as the Gaddie pitch. The format is below: “You know how… (Target Audience) + (State the Problem)” “What we do is (Outcome/ Result) + (Feelings)”

Think of an elevator pitch from this perspective: You're at a conference or an expo, you're standing with your booth behind you as attendees are strolling through the aisles and then one of them stops, looks at you and asks, "What does your company do?" Your answer should be clear and brief. In approximately 30 seconds, you should have a compelling few sentences that helps the attendee understand what problems your company solves and who you solve them for. There's no rambling, there's no long monologues. An elevator pitch gives just enough information to help the person understand whether or not they should keep talking to you. And if you've done a good job with that elevator pitch, they will want to keep talking with you.

An elevator pitch is a condensed way of expressing your differentiating factor and how you meet the needs of your ideal market. You should be able to state your elevator pitch effortlessly. It is commonly called an elevator pitch because it is intended to be stated very quickly, similar to the short period of time we may have to introduce ourselves to some in an elevator. Ideally, it should be 30 seconds or less. It should also captivate the person's interest enough that they want to learn more.

The elevator pitch is where the rubber meets the road. You have 30-60 seconds to craft an elevator pitch that’s going to result in one of two things happening. If the prospect feels that you understand their problem, then they’ll think you can help them fix it. That’s when they tell you, I’ve got 5 minutes, come on in. You just struck gold! That’s enough time to do some discovery, build rapport, and set next steps. The only thing you’re selling is the appointment. The minute they heard some generic, buzz word laden sales pitch, that’s when the look at their watch, and tell you they’ve got an appointment coming in, and ask you to leave behind whatever collateral you have, and they’ll call you… They won’t, it’s game over, you just lost.

An elevator pitch is inherently personal and explains how the speaker helps deliver the company's value proposition to the prospect.

A value proposition and an elevator pitch are distinctive but related. A value proposition usually comes first and is rooted in clarifying the value a company creates and distinguishing a company against its competition. Inherently, a value proposition explains why the company/product is worth "buying" over the competition. An elevator pitch is rooted in the value proposition but is much more personal. It is usually delivered verbally in person or by phone/video chat. An elevator pitch introduces the speaker and explains how they help provide the value proposition.

A value proposition at the company level and cleary describes the value your organization creates in the marketplace An elevator pitch is the personal level. An elevator pitch introduces your role at the company and describes how you help delivery the value proposition. An elevator pitch helps establish your persona brand and his how you begin turning sales leads into qualified prospects.

I have found the best way to prepare and present a value proposition is to use a comparative overview. In the overview, you illustrate the present position and your proposed optimized version of it. By presenting side to side the value should easily be recognized & appreciated.

I highly recommend the work of April Dunford here as well as building a benefit ladder (features vs functional benefits vs emotional benefits vs value) of your product service. But essentially, you need to document the unique features of your product, the functional value and emotional results from those features, and who will benefit the most. You then synthesize all of that into a coherent statement. A good value proposition format starts with 1) PRODUCT CATEGORY 2) CAPABILITY that is unlocked 3) FEATURES that unlock that capability, and 4) BENEFIT VALUE that comes out as a result.

Here is a one-sentence format for an elevator pitch: I work with [WHO] who wants [OUTCOME] and [RESULT]. WHO = the target customer. Specific and concise. OUTCOME = What they will get. Functional / Logical RESULT = What it means when they get the outcome. Emotional / Aspiration.

In my comment above I shared the idea of a giving an elevator pitch at a conference or an expo event. I used that example because it's a GREAT way/place to craft yours. At an event you can practice your elevator pitch 200+ times in a single day with guests as they pass. Of course start off with a concept of what your pitch should communicate, but pay attention to how event attendees respond. Eyes glaze over? Try a different approach next time. Confused look on their face? Try something new. When you finish the pitch do they thank you and then leave? It didn't work. Conferences are a great way to experiment with and perfect your elevator pitch quickly because you get a massive number of repetitions in a relatively low risk situation.

In my experience, crafting an effective elevator pitch requires more than just a clear and concise message. It's important to address the "why" behind the problem and explain how your solution solves your audience's jobs-to-be-done. By focusing on the benefits and outcomes of your solution, you can create a more compelling and memorable pitch that resonates with your audience.