Create alluring value propositions by doing what you say. Good value propositions also have several key elements;
- Describes the promised benefits of your products or services. Such as how it fixes a significant pain point. Not to be confused with branding or your logo.
- In addition, a good value proposition describes what your business does better than alternatives.
The first 2 elements shouldn’t be a surprise. However, the 3rd element is what this blog post and cartoon is all about…
- A company MUST deliver on the value it promises. This is a principle for effective value propositions that is not discussed enough.
Failure to deliver the value you promise to customers will cause several serious problems. Including, dissatisfied customers who will be difficult to keep. At the first opportunity they will churn and go to the competition. This will also result in a lack of referenceable customers and damage your brand. It becomes a vicious cycle of negative consequences.
One example of a value prop that failed to meet up to it’s promises is Twitter Blue. This was the paid subscription service that gave users a check mark on their Twitter profile. It had the intention of confirming that an account had been verified.
The verification process was ineffective. Lots of fake accounts paid for and passed the verification process. There was a fake Nintendo account that posted an image of Mario flipping everyone off. A fake Eli Lilly account tweeted: “We are excited to announce that insulin is free now.” Also, there was a fake LeBron James Twitter account that claimed he wanted to play on a new team.
Consequently, the inability to deliver the promised value of verified accounts hurt Twitter. Many large corporations stopped advertising on Twitter. Including Elli Lilly after the fake account tweeted about making insulin free.
In summary, when it comes to value propositions make sure you don’t only say what you do. Create alluring value propositions by doing what you say as well.
