By Ryan Evans, Senior Partner
Customers purchase products, services and you because of a compelling value. Each of your company’s offerings should have a clearly defined value proposition behind it – a quantified statement that outlines what the customer will gain from engaging with you versus the competition.
Benefits from a differentiated value proposition:
- Facilitates faster, more profitable sales.
- Elevates you and your organization’s equity.
- Foundation for a strategic relationship
- Builds competitive immunity.
- Provides clarity on what you can offer and deliver.
Developing a value proposition requires careful consideration and input from many sources, including marketing, market research, sales, and the customer. Just as today’s healthcare reform market evolves, so should your value proposition.
Keep in mind your value proposition should and will be different across your organization. Field Sales, Advocacy, Government Affairs, Medical Science Liaisons, Marketers, Reimbursement teams, Health Economics and Outcomes Research, etc., all have unique value propositions. The key to account management is to coordinate each value proposition in a cohesive manner that aligns with your customers’ needs and drives your business objectives. Account Managers that recognize this and leverage their organizational capabilities enhance their value proposition internally and externally.
The steps to building a value proposition
We offer training classes that outline the essentials for building and articulating your companies’ benefits to key customers, specifically, to multiple departments and levels within customer organizations. The class covers the following steps to building a value proposition in greater detail:
- Define value from your company’s perspective (we do this using the Value Pyramid, pictured below)
Source: The Brooks Group - Identify what your customers value or recognize as value.
- Link the business value of your company’s products and services to the specific needs of each customer in a manner that is meaningful and relevant.
- Define and express the value proposition in words that resonate with your customers.
The key to remaining competitive and supporting a profitable sales process is building and expressing value propositions that are compelling, differentiated, and specific to what your individual customers perceive as valuable.
We welcome your participation in our training class to help you more effectively engage your customers and demonstrate the value of your offerings. For more information, please reach out to Ryan Evans.