First, Know Your Target Customer
Everything that comes after the first couple of steps in The Marketing Canvas™ approach to developing a comprehensive marketing strategy builds on the work you do to get to know your ideal customer. The point of all that effort was not so you can write a novel with a believable main character, but to improve your company’s bottom line by generating leads, improving conversions and, ultimately, increasing the lifetime value (LTV) of your ideal customer.
The Value Vision: Step Three in The Marketing Canvas™
As we move into the next step of The Marketing Canvas™, the Value Vision (also known as your value proposition) we start to focus on what it is your company offers. This is not the same as simply listing all the benefits and features of your products and services.
Let’s have a look at exactly what we mean when we talk about the Value Vision for your business. The Value Vision is a clear, concise statement that describes exactly what outcome your company must achieve that proves your company is meeting the customer’s needs. You’ll probably find that you will need several Value Visions — one for your company or brand as a whole and then one for each major product or service you offer your customers.
As you work through this section of The Marketing Canvas™, keep asking yourself, What must be true? in order to satisfy your ideal customer’s needs. Another way of looking at this piece is to consider the Value Vision as the why? of your brand, product, or service. Why is your product, service, or brand perfect for your customer? How, exactly, do you provide value to your customer in terms of how well you meet their needs or solve their problem?
In the same way that you dug deep to figure out what the fundamental needs are that underly your customer’s stated needs, now is the time to do the same kind of soul-searching as you look at what business your company is really in.
Keep it Simple — Get Right to the Point
While you may be exploring big, emotionally-driven concepts (your in-home nursing service may actually be selling a sense of reassurance, safety, and security to customers unable to care for a loved one), when you summarize those big ideas, keep the statement of your Value Vision short and sweet. This is not the time to pull out your thesaurus and find the biggest, most impressive words to describe what you do.
Every statement you make in this stage must align directly with the customer needs you described in the previous step. Your Value Vision must succinctly state how you provide actual value to your customer when you place your product or service alongside your customer’s needs. If your company’s product or service doesn’t solve the challenge or resolve whatever conflict or challenge your ideal client is struggling with, then you may need to rethink your product or offer.
Why Your Company? Why Not the Other Guy?
While providing an answer to your customer’s question is a critical aspect of matching Value Vision to need, simply stating that you provide a certain product at a competitive price is not enough. The next piece of the Value Vision must make it clear why your company is the one that can best serve the customer.
Why is your company best-suited to solving the customer’s or client’s problem? What sets you apart from all the other companies offering the same product at a similar price point? It can be a challenge to find a way to set your offer or your brand apart, to understand what it is that makes you unique.
TIP: Having trouble thinking of how your product or service is uniquely positioned to meet customer or client needs? Consider adding increased value above and beyond your competition like a money back guarantee or extended warranty; provide expert advice or a detailed user guide; increased service levels or frequent purchaser programs. Just make sure that this bonus offering is something your customer will actually find genuinely helpful and valuable.
5 Essential Points to Consider When Creating a Value Vision
A clear, honest statement of what makes you the perfect match for your customer’s needs is just as important as having the right product or service to ease their pain point when they need help. We’ll talk more about creating the right messages for optimal impact the next step of The Marketing Canvas™, but for now, when stating your Value Vision, make sure you:
- Always frame your product, service, or brand in terms of what your customer or client needs.
- Understand that a Value Vision is not a slogan or snappy phrase, nor is it a long list of features or attributes that focus on you and your offer (see point 1).
- State your Value Vision using the language of your customers.
- Be clear about what makes you unique. Match that uniqueness to something that will resonate with (and matter to) your customers. The fact you have a purple mohawk may be unique, but if it doesn’t directly relate to the problem your customer is trying to resolve it’s not worth mentioning in your Value Vision.
- Steer clear of jargon. You have 3–5 seconds to convey, in words, your Value Vision. Hone, rewrite, fiddle, and change it again until every word is clear, simple, and direct and conveys exactly how your offer meets the needs of your customer.
As you work your way through this process, always return to this core question: What does the product or service do to solve your customer’s problem or meet their underlying needs?
How Succinct Can you State Your Value Vision?
Try this: As you home in on how best to articulate your value proposition, try to state your message in 10 words or less. Pay attention to the verbs you use. Now, try to prune four words from the message. Can you state your Value Vision in 6 words or less? Remember — it’s not about you! What words would your customer use to describe the dream product that solves their problem?
It’s not unusual at this point that you discover you want to go back and change your answers to questions answered at various points in the process so far. That’s completely normal, so don’t hesitate to rework, rethink, revise, and reframe until you are crystal clear on your Value Vision.
Do Your Homework — Test, Don’t Guess
As you are working through this step you’ll find you can restate your value proposition in several different ways. How do you know which version is the best?
Just as you did before when you explored your customer’s needs and created a detailed, accurate avatar for your ideal customer, once you’ve done your homework around the boardroom table, you need to leave the whiteboards behind and go and talk to your customers.
Testing your message and conducting customer surveys at various points in the customer journey will provide you with hard data that shows you exactly what your customers are thinking and how they respond to your stated Value Vision.
