One consistent challenge for many companies is that the people who develop a new product, service or brand lose often sight of WHY it was created.
Before developing marketing strategy and messaging, it is crucial to understand the benefit that the product is providing for a specific audience, and how your organization delivers this benefit uniquely, a.k.a. the value proposition.
Even if your organization’s leadership agrees on mission, vision and values, it is possible that you will find a wide spectrum of opinions when you begin to discuss the value proposition. In your next leadership meeting, identify a product or service and have each stakeholder complete this simple Mad Lib. After each person completes their own value proposition, discuss the points that align and those that conflict. This will help determine the attributes that differentiate your organization and create value for customers.
My company, _______(company name)____________
is developing (or offers) ____(a defined offering)____
for ________(target customer)___________________
that will _______(ultimate benefit)________________
1) (proof point)________________________________
2) (proof point)________________________________
3) (proof point)________________________________
My company, McDonald’s
offers low-cost fast food
that will provide consistent, low-cost fast food
- have modern technology and advanced equipment which allows one employee to do the work of many
- develop new menu options to provide food that meets the demands of a variety of family members
- maintain focus on family target demographic by offering playgrounds, happy meals and other items tailored specifically to families
- focus on business operations and efficiency to consistently set standards and exceed expectations for customers and operators
Tips for Each Section
- Be specific
- Avoid buzzwords
- Say what it is—don’t embellish
- Identify demographics. Try to be more specific than your initial gut response—instead of just female, perhaps married females is more accurate. Or, married females who work outside the home. The more specific, the better.
- Clarify the buyer. Who is the specific decision-maker? CEO? Purchasing manager? Interior designer? This is especially important for business-to-business organizations.
- Make sure the audience can relate to and understand the problem.
- Your secret sauce—what makes your solution better than others?
Remember, for the best discussion, have each person create their own version independently, then compare and discuss. Your marketing team and/or ad agency will thank you, and your stakeholders will thank you because of improved ROI due to streamlined creative development and hyper-targeted media spend.
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Bridging Worlds: The Future Role of the Healthcare Strategist. Second Edition. Society for Healthcare Strategy & Market Development. © 2017-2018