Speaker 1: Welcome to Whiteboard Entrepreneur, where we simplify the complex world of entrepreneurship into easy-to-understand whiteboard lessons. Today, let's talk about what is value proposition, its types, and how to write one. In simple terms, a value proposition is a statement that answers why someone should do business with you. If you can perfect your value proposition, you can increase your conversion rate and improve your marketing strategies across many channels. So, how to write a unique value proposition? Well, in order to write a unique value proposition, you must come up with something compelling and that compelling should meet these three criteria. 1. It should be specific. You should elaborate what are the specific benefits for your target customer if he or she receives your product or service. 2. It should be pain-focused. So, how will your product fix the customer's problem or improve his or her life? 3. It should be exclusive. How is it both desirable and exclusive for your customer? How well does it highlight your competitive advantage and set you apart from your competitors? Keeping that in mind, don't confuse brand slogans, catchphrases, or even a positioning statement with a value proposition, as they all are different with their own unique advantages. Your value proposition should focus on only the superpowers that potential customers get and not the product. A great example of a value proposition is Shopify. Shopify's value proposition lets you know that it can handle all your e-commerce needs no matter where you sell from. And why it works? So, whether you are an established business or sell Christmas sweaters from a pop-up store during holidays, Shopify uses simple language to communicate its benefits to a variety of sellers. So, that brings us down to the question, what are the important types of value propositions we should consider? There are four distinct types of value propositions you should know about in today's digital world. 1. A company's value proposition. This should include a much broader vision or the problem statement that a company tends to solve or serve through its solutions. 2. Your homepage value proposition. This is the big, bold heading of your homepage. Your homepage value proposition will depend on the type of service or product you offer, but should contain a short description about what you are serving. 3. Your category value proposition. So, if you run a multi-stream business, then you should focus on categorizing your different products into groups and then collectively define value propositions for them. 4. Your product value proposition. A product value proposition goes on your product page. Each product within each category needs a specific value proposition. Think back to how your individual solution tends to serve their purpose. Lastly, remember that value propositions help you perfect your promise. If your promise is specific, pay-in-focus, and exclusive, you will turn future customers into paying customers. With that, I hope this video was helpful and served value to you. Be sure to smash that like button and subscribe for future updates.