Value Props Exercise
While it’s incredibly important to make sure you’re set up for success with budgets, projections, goals, and reporting, it all falls flat without putting in the legwork to really dig in and create smart, compelling value props. For the data and dollar-sign driven types like founders and growth marketers, this can feel a bit daunting, but sharpening the language around why your customer/client should convert can streamline spend and make all other growth marketing activities work more efficiently.
For the left-brainers in the room (us included!) we created a spreadsheet to help us achieve this right-brain task.
Hot tip: many marketers that jump into value props start in the wrong place. Instead of focusing first on the end goal—a smart value prop—we recommend starting with the problem. Think first about the exact moment in someone’s life where they stumble across a problem, hit a roadblock, or create a workaround that your product directly addresses. Then, work right, circling back to the actual value prop as the last thing you do.
If you’re Uber, here’s how we would approach it.
- Problem: I waste my time standing on a street corner trying to flag down an empty taxi.
- Implication: I cut into my day by carving out extra time to flag down a taxi and I run the risk of being late.
- Solution: A way to connect with an available driver and know exactly when they’ll show up.
- Benefit: A guaranteed ride and a predictable timeline.
- Value Prop: Get a guaranteed ride on your time.
Note: the most important part of this exercise is to remember that even when you’ve scrutinized it, edited it, and rewritten it, it’s still a living document. Instead of putting it up on a shelf, periodically crack it open, make strategic updates, and use it!
See our other Spreadsheets
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