Knowing your product intimately can often lead you to get caught up in the technical complexity of what you’re selling. For example, your product may be the best chemical isomer on the market, but if your customer doesn’t have the background knowledge they need to be able to understand the jargon in your value proposition, you’ll likely have trouble selling your product.
What is a value proposition? It is a statement of the unique benefits your product will deliver to your target audience. The value proposition is critical to marketing success when starting a business.
During last week’s lecture at Entrepreneurship 101, Joe Wilson, education advisor at MaRS, explained why every business needs a strong value proposition.
Joe examined the three questions a value proposition should answer:
- What is your product or service?
- Who is your target customer?
- What value does your product provide?
He used discount store Winners to give an example of a good value proposition:
“Winners is a department …