QUESTION – how do I maximise conversion rates?
THOUGHT – demonstrate your value proposition
I read with incredulity a recent study reporting that just 22% of businesses in the United States go to the trouble of testing their value proposition.
I can only assume that the other 80% use their intuition or piece together research on customer needs and wants to establish the optimal value proposition.
The best value proposition is, of course, the value proposition that appeals to the primary target market. The best value proposition is rarely the one that works best for the vendor and is very often not the value proposition that appeals most to the business owner or marketing manager – both of whom may or may not be in the primary target market.
The importance of the value proposition in marketing is well documented. The merits of testing the short list of options may not be as well documented and is certainly not understood.
It is essential to have the right value proposition. The challenge is to ensure that potential customers are aware of that value proposition and recognise it as credible and relevant. It is one thing to highlight your value proposition in your advertising, but quite another to demonstrate it during the sales process.
Very few businesses articulate a clear value proposition and demonstrate the capability to deliver on that value proposition during the sales process. Once the sales process has begun, it is no longer good enough to highlight your value proposition. If conversions are to be maximised – the sales process should incorporate a demonstration of that value proposition or, at the very least, indicate how that value proposition will be delivered.
Demonstrating the value proposition or the capacity to deliver the value proposition is always more powerful than merely talking about it, provided that the value proposition is 100% relevant to the needs, wants, and expectations of the primary target market.
This, in turn, requires that you understand the needs, wants, and expectations of your primary target market. Research is helpful. However, there is rarely value in asking people what they want. It is far better to identify what they are having issues with – craft the value proposition around the solution to those issues – and then test your options to determine the best.
Undertake research to identify your options in terms of your value proposition and then test to determine the best.
Rather than telling prospects about the value your product can deliver – use the sales process to demonstrate it – and increase conversion rates as a result.
InvestP, Convert.com Blog, Wordstream, IronPaper, Demand Gen Report, Impact Communications, The Annvitas Group, Forrester, SlaesForce, Optimiser, INC, Forbes, Bang Digital, AdNews, Ninjodo, Hub Spot and E-consultancy
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