Ask The Interviewer: Why Is The Value Proposition A Critical Marketing Component?

In this episode, we take a look at the marketing textbook to discuss a critical concept that every company or practicing professional (accountant, architect, attorney, consultant, dentist, doctor, engineer, etc.) needs - the value proposition.

The value proposition (30 second elevator speech to potential clients or customers) should be the first and regular message customers or prospects hear or read. It says a lot in a little package; who you are, what you do, how you are different from the others, and what problems your service or product solves.

The value proposition initiates or continues a conversation, causes people to stop and consider you, your products or services, and can lead to more conversations or meetings around how you and your company can help.

But it can't do everything and it needs critical support if its message is to sway someone to do business with you. The value proposition doesn't make a sale or bring in new business but it:

• Gets prospects thinking about their problem and making a connection to you or your company as the solution
• Provides a new mental framework or standard for these customers to think about solutions to their problem
• Gives them a message to send to their boss or other internal decision makers
• Gives prospects a vision of a better future

In this episode we take a deep dive into the development and use of the value proposition by considering:

• What is a value proposition?
• Why would you need one?
• What goes into developing a value proposition and how much work can you expect to do?
• Who is involved in developing a value proposition?
• Who is involved in disseminating the value proposition message?
• What can and can't a value proposition do for your company and its growth?