To attract the attention of high potential prospects for your business you need to create a strong and compelling value proposition. A value proposition is a statement that translates what you do into something that is recognizable by the other person. Your value proposition should always be results-oriented and outcome-focused, stressing the value that you provide. This will serve as a foundation for all of your marketing and sales activities.
A value proposition is not an ‘elevator pitch’ speech, which describes what you do at networking events to stimulate conversation but are useless for prospecting.
A strong value proposition answers the question in your prospects mind: "How can you help me? What difference do you make?"
Crafting your proposition
Here are three techniques for crafting your value proposition.
1) Working backwards: Make a list of the services you offer, refinancing, debt consolidation, first homebuyers, investment purchases, non-conforming. Examine the benefits your clients received, describe this in outcome focus language. How is your client better off as a result of doing business with you? Remember the loan you arrange is simply a vehicle to achieve their goal.
2) Obtaining client testimonials: This should be a regular part of your business practice. Ask your clients for a testimonial describing the service you provided, the benefits, promises kept ect. When you collect enough of these you will start to see some common language use this craft your value proposition.
3) Your business partner, friend or spouse: Brainstorm the different markets or types of people you’ve helped, self employed, sole traders, investors, and poor credit history. Obtain ideas from your lenders brochures and website they use to describe their products based on your areas of specialty. Liberty Financial for example does a good job of describing their product range you could use some of this language to help craft your value proposition. You can also research the web sites of top producers nationally and overseas not to copy but to seek ideas for your own value proposition.
The above techniques will provide you with the ingredients to create your own compelling value propositions and in some cases it makes sense to create several to cater for the different markets you serve.
A strong and compelling value proposition is the foundation for attracting and acquiring new business. It’s well worth your time and effort.
Welcome to the sales business!