Everywhere in Marketing and Human Resources you’ll hear the words ‘Value Proposition’. We fear they’ve become like one of those silly business jargon statements that would be used by David Brent in The Office, like ‘synergise’ or ‘paradigm shift’.
The term ‘value proposition’ has become more and more diluted, not just by the over-use of the general term, but by new meanings and applications like “employee value proposition” or its acronym EVP, “business value proposition” and “social value proposition” which pop up all over the internet.
We have our own view on what a value proposition is, and it’s pretty close to this definition in the Monash University dictionary: “a clear statement of who the target market for a particular product is, of what key benefits the product will deliver, and of the price that will be charged.”
Of course, the ‘product’ might actually be a job in the case of an employer brand proposition, or a service offered by a business.
Sometimes we simplify it even further – a value proposition is what-you-get-for-what-you-give.
What you get might be functional benefits, or, it might be emotional benefits – how something makes you feel. We’ve written extensively about that in other blog posts.
What you give is your money, your effort, your time.
We find that by highlighting the benefits, the value proposition is strengthened.
Another misnomer is that a value proposition is just one statement. We think it can be a series of benefits that the target market receives.
The one thing that seems to be consistent about value propositions across the board is that they need to put the target market and their motivations at the centre of it. And on that, we all agree.