You’ve certainly heard the term “elevator pitch”; that 30 second statement that grabs attention as you describe your company and what you do. Closely related to the elevator pitch is the more detailed value proposition. The major difference between the two is an explanation of the benefits of what you do that is integrated into the value proposition. Both are useful tools, but when you’re building a B2B lead generation campaign, neither is sufficient without adding what makes you unique in the marketplace.
A unique value proposition tells your customers and prospects what you do, the benefit it provide to them and most importantly why you, and only you, are able to deliver these benefits. This subtle difference is a critical one because it can make the difference between inspiring a purchase and inspiring a purchase from you.
To create a strong unique value proposition, you must be intimately aware of the following:
- The features and functions of your product or solution
- How your product or solution compares to your competitions
- Trends in the marketplace that influence your customers’ purchasing decisions
- The realized or unrealized need of your customers for specific features
To evaluate the uniqueness of your own value proposition use these two tests. The first is to replace your company’s name with a competitor’s to see if the statement still holds true. If it does, then your value proposition is not unique. The second test is to search for words such as: only, first, exclusive, biggest, most and/or patented. These words are usually attached to phrases that indicate differentiation which is the very essence of a unique value propositions.
If you’re riding in an elevator, or more likely, leaving a voicemail, your elevator pitch may be enough to get your point across. If however, you’re building a B2B lead generation program, taking that next step to help your prospects and customers clearly understand what makes you special requires the use of a unique value proposition.