How do you measure and improve the effectiveness of your value proposition over time?

When it comes to understanding the customer's "pain", you must dig below the obvious. For example, if a customer were to say they are looking at your product because they need to cut costs, you'd want to know why cutting costs is critical to them. On the surface, you may think cutting costs is an obvious need and there is nothing more to ask, but this is not the case. Sometimes, a customer may just say that, as a quick response to your questions on need. You need to ensure that is the only reason and better understand why it's so critical. If you were to dig deeper, you may find that cutting costs is critical because of some type of upcoming deadline, and understanding that timing can help you lock down a timeline and sincerity.

A great value proposition demonstrates what a brand has to offer a customer that no other competitor has. It also shows how a product fulfills a need that no other company is able to fill. It is the #1 thing that determines whether people will bother reading and learning more about your product or hit the back button.

Measuring and improving the effectiveness of your value proposition is like maintaining a well-loved houseplant. Start by monitoring your 'plant's' health with key indicators like conversion rates, customer feedback, and market share growth. Is your 'plant' thriving or wilting? If it's drooping, maybe it's time to adjust your 'watering' strategy. Perhaps you need to add more 'sunlight' by emphasizing a unique benefit, or maybe you need to 're-pot' your value proposition entirely to better fit your evolving market landscape. Remember, a green thumb isn't about luck - it's about care, attention, and regular pruning. Happy gardening!

You should always be up to date on what your competitors are doing and saying the marketplace. What is their value proposition and has it changed? How does yours compare? What differentiates you, and why would a customer prefer your product over the competitor? When it comes to the pain points for customers, never forget that while there is pain which drives them to look for a new product/solution, there is also pain with purchasing and implementing a new product/solution. It's not just the actual cost of your product, but also the cost of resources and time to implement, plus legal and multiple other factors. The pain you are fixing has to overcome those pain points.

If you ever get to the point, where you are selling based on price alone, it's time for a new job. Sure, you might still sell your product or services, but is that really why you took the job?

Yes price is important, but it is also important to draw away from that at the earliest opportunity to allow to talk about the product or service that you are offering to the consumer.