Speaker 1: I'm about to launch an online store for my business, Jamal's Cookies, but I'm struggling to stand out from my competitors. What I really need is a concise value proposition statement. So to help with that, we're going to look at the best value propositions in the game and how those brands convince their customers to follow through and buy their product. Ready? Let's get into it. A value proposition is a unique, memorable, and concise statement that demonstrates the true value of your business. Effectively, it's a decision maker for your customer, and it can be one of the most important conversion factors for your business. Take Amazon Prime, for example. You're shopping online, but you need your item fast, and you don't want to pay for expedited shipping. Prime's value proposition really corners the market on this one. Fast, convenient, unlimited free delivery. It's a promise to the customer that clearly demonstrates Prime's value, and it works. So the first step to demonstrating your value proposition is to identify your customer's main problem, needs, or pain points. Or to look at it another way, how does your product solve these problems or fulfill your customer's needs? I'm going to use HubSpot's free value proposition templates to brainstorm some ideas for Jamal's Cookies, starting with the value proposition canvas. First up, I need to think about my customer's needs, wants, and fears. Remember, we're looking for specific problems that reflect our ideal customer profile. For my customers, the main pain point is getting hold of fresh cookies without having to make them or going to the store. They want their cookie fix fast and fresh. And like all of us, they also know they should be cutting back on their sugar. Okay, I've got my customer's problems, but how do I transform those pain points into a value proposition statement? Let's look at a successful example, the organization app Evernote. Tame your work, organize your life. I think we can all use a little help taming things. For me, it's my hair, personally. And that's the hook right there. Evernote knows what problems its customers face. Feeling overwhelmed, trying to stay organized, juggling multiple projects at once, remembering your dentist appointment. The solution, a little green elephant telling us we don't have to try to remember everything because Evernote will do it for us. So back to Jamal's Cookies. If my customer pain points are around needing my products delivered quick and fresh, I mean, who wants a stale cookie? And they're also concerned about their health, then I need to reflect that in my value proposition. Maybe something like fast, fresh, and... I probably should mention my secret recipe that uses organic ingredients, right? Need to work on that some more. Because once we figured out our customer's problems, the next step is to focus on how to fix them. The second fundamental element of a value proposition is to demonstrate the benefits, aka value, your product offers your customers. Let's take another look at the value proposition canvas and think about the gains we're offering our customers. What makes this product stand out? What are the features your customers are looking for? Is it organic, efficient, customizable, accessible, convenient, affordable, high quality, quick, easy, a range of cute colors? Remember, an experience can also be a benefit. For example, maybe buying from you makes customers feel like they're part of a community. Or perhaps wearing your brand gives them social clout. Or maybe your product just makes them feel good about themselves. Let's take a look at another example. The Honest Company. Uncompromising, clean beauty backed by science. We have a ton of benefits here, clearly communicated. They're offering non-toxic, eco-friendly, effective products for a very specific customer base. So a great value proposition clearly communicates the main benefits of a product. But that's not all. We need to go deeper into how these benefits create the value for our customers. Back to Jamal's Cookies. And luckily, I have a ton of benefits to choose from. My products are packaged extra carefully to stay fresh and delivered fast to your door. They're also made from organic ingredients with a homemade recipe that's healthier than a store-bought cookie. And they come in a range of fun designs and delicious flavors. I could go on, but I can't just list the benefits in my value proposition. We're going to need to dig a little deeper. For this one, we're going to use HubSpot's Brand Hierarchy Template, which is super useful in honing in on the true value of your business. So what are the three core pillars of your brand? And how do you prove those values? Think about the needs of your customers and what they appreciate most from your products or services. For example, The Honest Company actually lists these core pillars in their About section. Safety, Sustainability, Effectiveness. This really shows the value in their benefits by responding to the emotional motivations behind the purchase. Products that are family-friendly, good for the planet, and do what they're supposed to. The key here is simplicity. Remember, Amazon Prime's benefits aren't particularly unique or outlandish. Free delivery, fast. But the value is its convenience, its reliability, its range of products. Keep it simple and make it a no-brainer for your customer. So what are the three core pillars of Jamal's Cookies? Well, what's important to my brand? One, everything is homemade. Two, I use high-quality organic ingredients. Three, fun designs that make people smile, and there's a flavor for everyone. Ultimately, Jamal's Cookies is about delivering a little bit of happiness in cookie form. Fast, fresh, and almost good for you. Okay, we're getting closer to that value proposition sweet spot, so now it's time to bring it all together. A concise value proposition seamlessly connects these benefits and values to the problem your customer faces. Even better than that, it proves it. Let's take a look at Shopify as an example. The problem? Business owners are looking for an e-commerce platform to support them all the way through building their business. They want it to be integrated and to provide valuable support. Most of all, they don't want to keep switching software or upgrade as they grow. The solution? Shopify's value proposition is all about being a one-stop shop for businesses big and small. Shopify is a complete commerce platform that lets you start, grow, and manage your business, making commerce better for everyone, supporting the next generation of entrepreneurs, the world's biggest brands, and everyone in between. The value messaging here is centered on those core pillars. Inclusivity. Anyone can use it. Trustworthiness. Its software is used by millions, including big brands. And longevity. One platform with everything you need in one place. These values are reinforced throughout their branding too, even down to customer support. The help you need when you need it. Remember, your value proposition is a promise to your customers on what you're going to deliver. Now, my turn. How do I connect the core values and benefits of Jamal's Cookies to my customers' pain points? So, I know my customers want fresh cookies delivered quickly, and high-quality organic ingredients are also important to them. I can tick all of those boxes. The fact that my cookies are homemade and healthy should appeal as well. And at the end of the day, Jamal's Cookies is all about making people happy. We're so close, but there's still one vital aspect we haven't covered yet, and this could be the clincher. Ultimately, this is the question at the core of your value proposition. Why should your customers choose you over your competitors? How can you differentiate yourself as the preferred provider of the unique values your product offers? Let's go back to the value proposition canvas and brainstorm the alternatives or substitutes your customers might choose instead. And think about why you do it better, faster, cheaper, brighter, funnier, or more ethically. For example, Jamal's Cookies offers a whole rainbow of unique designs and even includes special recipes for people with dietary requirements, like vegan and gluten-free cookies. Or take a look at this competitive analysis template. How does your business measure up against your competition? Focusing on the main features of your product or service. How does Uber compare to Lyft? How does Amazon compare to eBay? Netflix versus Hulu? Jamal's Cookies beats out its competitors because my products are healthier, delivered faster, and we have a wider range of designs than anyone else. Find your niche, communicate your unique value, and give your customers a solid reason to choose you. Okay, one more example. How does snag tights differentiate from their competitors? Snag tights are your wardrobe staple. These aren't plus-size tights, they're tights for every single body. They'll see you through all the seasons. Welcome to the home of tights that really fit. Snag tights nails their customer pain points, highlighting their benefits, and has a strong focus on inclusivity, durability, and comfort. They also do a great job of differentiating themselves from, let's face it, the majority of fashion brands that fail to include all shapes and sizes of bodies. These examples are giving me some great ideas for my own value proposition. But first, let's go through some quick-fire do's and don'ts of creating awesome value propositions. When figuring out your customers' problems, don't just focus on the negative. While it's important to acknowledge your customers' pain points, your value proposition should be positive, uplifting, and encouraging. You're providing the solution, not whining about the problem. When identifying your target audience, do use your reviews, customer surveys, and market research to really understand what it is your customers need and want. When zoning in on your product benefits and values, don't be vague. Rely on buzzwords or hyperbole. Your benefits should be authentic, specific, and unique to your brand. These are genuine benefits, not hype. Great tip. Try to emulate the language your customers might use in a review or testimonial to describe your benefits. And do be clear and concise. Focus on your primary benefit, the most urgent need of your customer. Keep it simple. Your value proposition should be easy to understand and resonate with your audience. And whatever you do, don't confuse a value proposition with a product description, tagline, or mission statement. A value proposition is a service-oriented statement, not a slogan or company goal. Its focus should be the value you provide and the impact of your solution beyond the product itself. But make sure you do support your claims with proof points and evidence. If you're making a bold statement with your value proposition, you better be backing up with case studies, data, and customer reviews. And when you've written the perfect value proposition, don't forget to test and refine it. Split tests on different landing pages and marketing platforms and analyze key performance indicators to see which one has the best conversion rates and customer satisfaction. And finally, do present your value proposition clearly and consistently and reinforce the message throughout your customer's journey, from homepage to category pages and product descriptions. All right, it's time to figure out my value proposition, bring together everything we've learned so far. We've got an awesome value proposition template with a bunch of additional examples in it, and that's going to be the thing that I think clinches this out for me. If you want to check it out yourself, you can see it in the description below. It's completely free, just a ton of value that we're giving away to you guys. So putting all that together, here's what I'm thinking. Delivering happiness fast, one homemade cookie at a time. To sum up, an effective value proposition should concisely and clearly communicate your brand's benefits and values. It should address the main problem your customer faces, and it should differentiate you from your competitors. A great value proposition will improve conversion rates and help target your marketing strategy. But most of all, it will deepen your customer's trust in your brand by reflecting their needs and delivering what they want. To write your own value proposition, check out our free value proposition template. And if you found this video helpful, don't forget to like and subscribe so you never miss any more marketing insights. Now, if you'll excuse me, I got a date with a cookie. Until then, I'll see you next time.