Value Proposition, the Foundation of Every Brand Strategy
A value proposition is a set of benefits a brand promise to deliver to its target customers. You might have heard something about the Unique Selling Proposition (USP), where you offer something different than your competitors. Well, USP is a part of the value proposition, since the latter encompasses a bigger part of your brand strategy.
So yes, a value proposition proposes a set of values that customers need and/or want. It is a promise from a brand to the audience and it states how a brand is unique and different from their competitors. While a USP only says what the unique factor is, value proposition covers physical, functional, emotional and social benefits.
The value proposition is not a slogan, tagline, vision, mission or a brand positioning statement. Instead, it is a clear statement of how your product or service solves a customer problem, satisfies a need and makes their lives better. It’s usually written on the homepage of the company’s website to tell customers from the get-go on what to expect.
You can see an example of our value proposition. It highlights our professional services that help businesses grow and add value to their end customers.
What makes a good value proposition statement:
- Short, sweet, and comprehensive
- State their benefits to the customers
- Clear and understandable
- Use terms that the target audience can understand
Now that we know what value proposition is, let’s look at how to develop a value proposition statement and kickstart an effective brand strategy.