Customer Acquisition: It’s all About Value
In your mind, your startup is the best company in the world. You’ve put hours into developing an innovative product, solving industry pain points, and positioning your brand light-years ahead of your competitors. Finding customers will be easy, right? Word of mouth will kick in, and you’ll become an overnight legend. Your product will speak for itself. Wrong, wrong, and wrong.
Your startup needs more than a great product to catch on – you need to develop a well-crafted value proposition that reaches your prospects’ most important concerns. As much as you care about your business, your customers don’t. So make them care.
Why should customers use your product, and why are you different from your competitors? How does your product simplify people's lives? What benefit does your brand bring to your industry, and why should people step away from their current routines to do business with you?
You need a strong value proposition that answers these questions, but what exactly does that mean?
A value proposition is “a clear statement of the tangible results a customer gets from using your products or services,” according to the Fire Drive Marketing blog. “It’s outcome-focused and stresses the business value of your offering and what makes it different from the competition. The more specific your value proposition is, the better.”
Here are three of the best value proposition that startups can offer.
1. Saved Time
Time is a valuable asset. The more time we save, the more time we have to spend with family, relax, and focus on complex business problems. If your startup has developed a product to improve processes or organize information, your product – essentially—is a time saver. Make sure that you advocate that fact as much as possible, and if you can, do a market research study or two to calculate how much time you’re actually saving. On average, is your startup saving people hours or days? Do the math for your customers to simplify the decision to shop with your company or use your product.
2. More Money
Has your product designed an analytics tool that can help decision makers improve conversions? What about a tool that streamlines processes to save money? Money talks, especially if you’re dealing with a B2B audience. Your prospects are continuously seeking out ways to make or save more of it. Instead of delivering empty promises that your startup makes or saves people money, add some depth to your marketing message. Are you ready to implement a results-driven, money-back guarantee? Can you interview some existing customers for a case study? Is there data available to explain how much your startup helps customers save? How long does the entire process take? Put your value where your mouth is.
3. Higher Quality
“Richard Branson once said that being the best at something is a pretty good business model, and I agree,” wrote Anthony K. Tjan in a blog post for Harvard Business Review.
The trick is to define quality in your industry or service category – you don’t need to run a luxury brand to set the bar high, either.
If your product is truly the highest quality, explain why to your customers. Show a demo, interview some bloggers, hand out free trials, or ask customers to provide testimonials. Being the best is one of the strongest value propositions that you can communicate and if you are truly the best, your prospects will listen to what you have to say.
What are some startup value propositions that have truly resonated with you? Do you care about saving time, saving money, or improving efficiency?