But for now, let me share 2 frameworks that are important to understand when crafting a high converting value proposition, and which one will get you to a high-converting offer faster.
- The Value Proposition Canvas (Good)
- The Value Prop Equation (Best)
What is the Value Proposition Canvas?
The Value Proposition Canvas is a framework developed and popularized by international best-selling author Dr. Alexander Osterwalder. With this framework, Dr. Osterwalder gives business leaders a 6-part outline to map your value prop:
- Customer jobs
- Customer pains
- Customer gains
- Your products & services
- Pain relievers
- Gain creators
By defining the 6 areas of the Value Proposition Canvas, you have the raw material to summarize your unique selling proposition into a single statement. Think of it like your elevator pitch for your business's core offer.
But there is a shorter, more direct path to developing your best value proposition.
And that is the Value Prop Equation.
Earlier, I shared the 3 elements of a successful value proposition:
- The Problem
- The Deliverables
- The Result
The Value Prop Equation
The Value Prop Equation takes those 3 elements to clearly communicate why your audience should buy your products and services above the rest.
Problem + Deliverables = Result
Start with the end in mind — Define the Result
By starting with the end in mind (the Result), you must first clearly communicate the end goal or outcome you will help a customer achieve. This future-paces them, giving them a vision for what life could be like after they take your offer.
Connect to their present day pain — Identify the Problem
Next, you anchor them in the present by clearly communicating where they are at right now (the Problem). Some have said that if you can spell out your prospects pain better than they can, they will immediately assume you have the solution.
Bridge the gap — Show them the Deliverables
Finally, you bridge the gap between the Result your prospect is after and the Problem that’s currently in the way, by clearly communicating HOW you will get them there (the Deliverables). This is your Unique Mechanism (which we will cover in the next lesson), and the thing that makes it impossible for competitors to compete with you.
Ultimate Offer Blueprint Step 2 — Craft Your Value Prop
I want you to gain a complete understanding of the Value Prop Equation: Problem + Deliverables = Result.
Start looking for examples of this and you will see the Value Prop Equation in play everywhere you go. And it will be much easier to start to craft yours.
How to write a strong value proposition?
To get you started, spend some time thinking about this single question to start the process of writing a compelling value prop for your business:
Of all the results, desires and outcomes I could help my ideal customer obtain, which ONE are they most willing to pay the most for?
The keys being most willing and pay the most for.
Answer that question, and you’re well on your way to putting the Value Equation to work FOR you rather than against you.
Next up (which we’ll dig into tomorrow) is how to take your newly crafted Value Prop, and create truly unique intellectual property as a competitive advantage.
This will strengthen the Deliverables portion of your Value Prop and is the secret weapon, making it quite literally impossible for others in your market to compete, copy or steal from you.
p.s. If you haven’t registered yet for the limited Ultimate Offer Blueprint training, click here to register and make sure to take notes before this free workshop goes offline. Once it goes offline, no replays.