This is just a mix of facts and opinions to browse and enjoy, but all worth reading in my opinion...
This is my favourite question. It underpins almost everything I do. Asking what’s in it for the customer is not only fundamental in sales and marketing but also in every piece of communication – because if there is nothing in it for the recipient, why should they read or listen to it.
For me it is the most important question to consider when establishing a Value Proposition; because a Value Proposition needs to be seen from the point of view of the customer. It’s not about what you do, produce or offer, it’s about what the customer gets out of it - how they will benefit from what you supply. If you haven’t got an answer to the customer or message recipient asking “What’s in it for me?” then you’re communication is doomed to fail.
“Focusing on impact or benefits to the customer, rather than on the technical or factual aspects of the offer, is an important factor affecting sales success. Sadly, recent research has shown that many sales people spend too much time in sales encounters focusing on the product features and not enough time on the impact part of the value proposition or on how it benefits the customer.”
Not sure where I found this or who said it but it really is spot on.
You may have heard the term elevator pitch. If not, then it's a slang term (American of course) used to describe a brief explanation or pitch that describes a company, product, service or project. The name comes from the notion that the explanation should be delivered in the short time period of an elevator ride, usually 20-60 seconds. A good elevator pitch should include not only what the subject does, but also its compelling advantage. In this respect its very similar to a Value Propositon statement in its objectives.
In America they say if you cant answer the question: "what does your company do?" without hesitation and in less than 20 seconds then you've failed the elevator test. I would say that if you cant explain your company value proposition without hesitation and within 20 seconds then you have also failed - and very probably need my help.
“When a thought is too weak to be expressed simply, it should be rejected”
(Marquis de Vauvenargues 1715-1747)
“Get the facts first. You can distort them later.”
“Price is what you pay. Value is what you get.”
“You don't get paid for the hour. You get paid for the value you bring to the hour.”
“What is a cynic? A man who knows the price of everything and the value of nothing.”
“Value is what people are willing to pay for it.”
“At the end of the day, the true value proposition of education is employment.”
“Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for. A product is not quality because it is hard to make and costs a lot of money as manufacturers typically believe. Customers pay only for what is of use to them and gives them value.”
(Peter F Drucker)
“This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us.”
(Western Union internal memo, 1876)