Some folks think there is nothing magical about marketing. I don’t see it this way.
A simple phrase that encapsulates value in a few words is sheer genius and requires hard work to get to something that captures lightning in a bottle.
Case in point:
Apple’s Mac Book uses the slogan on their web page –
Light. Years Ahead.
The Mac was light.
It was light years ahead of all other computers.
It took three words and a well-placed period to express this value. That’s magic.
The Promise – What is a Value Proposition?
A value proposition promises value to be delivered, communicated, and acknowledged.
It is also a belief from the customer about how value (benefit) will be delivered, experienced, and acquired.
A value proposition is a statement that explains what benefits you provide to whom. It describes your target customers, the problems you solve, the needs you address, and why what you offer is distinctly better than alternatives.
A value proposition is a unique marketing tool that explains your competitive advantage in the form of benefits for your stakeholders, customers, employees, partners, shareholders, and investors you want to entice.
A Value Proposition describes, in short, what your strategic marketing plan describes in detail. It isn’t your tagline but often may be the same message. A value proposition conveys VALUE, not FUNCTION.
Is It A Tagline, Slogan, or Value Proposition?
Some believe that a tagline is forever like Apple’s Think Differently or Nike’s Just Do It. Often a slogan can be a shortened version of a value proposition statement.
Apple’s Mac Book uses the slogan on their web page – Light. Years Ahead. The learn more button on their splash page reveals a product description when you click on the learn more button.
It reads, our goal with MacBook was to do the impossible: engineer a full-size experience into the lightest and most compact Mac notebook ever.
Below is their value proposition – a more extended version of the tagline.
A value proposition reduced to less than a sentence makes it memorable and repeatable. It can capture your imagination in a second.
The actual value proposition statement may be longer.
Summary:
- Slogans tend to last longer.
- Taglines can be more short-term and about a campaign. Or they can be a shortened summary of the value proposition in about seven words.
- Value propositions are more comprehensive, twenty-word statements of the value and benefit you deliver. It explains the promise your brand provides.
An Unfair Advantage
Every company has customers, employees, and a range of stakeholders. All of them want to believe in your promise. They may have different reasons to think, but they want to understand what the brand or company will do, an example of an unfair competitive advantage.
It isn’t unfair because it is illegal.
It is unfair because of some collections of relationships, technology, or other special situations that only you can deliver to your larger community.
The best way to create a value proposition is to look at a few examples. Some clear and well-articulated value propositions are listed below. Think of these like pickup lines.
The value Proposition for B2B tends to be longer than the B2C version.
I prefer them to be short, truthful, and easy to back up, so everyone can remember them.
Evernote: Remember Everything
MailChimp. Send Better Emails.
Lyft: Rides in Minutes
Dollar Shave Club: A great shave for a few bucks per month
Bitly: Shorten, share, measure.
Apple Mac Book: Light. Years Ahead.
Vimeo: Make Life Worth Watching
The Ladders: Move UP in your career
Pinterest: A few (million) of your favorite things
Square: Start selling today
Skype: Keeps the world talking for free. Share, message, and call.
Spotify: Soundtrack for your life.
Plated: Open the door to a new kind of dinner
A value proposition must be short and connect emotionally. If it is longer than a sentence, no one will remember it. It also must pick a core advantage and point of difference, or it will just sound like corporate blah blah.
Does your brand or products have a clear value proposition?
If you must look it up, it isn’t memorable.
You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free, and we can explore if working together makes sense. Watch a short video about working with me.
