Define your value proposition
by. Megan Miranda
A value proposition is basically a brief statement of the unique aspect of exactly what (product/service) your organization delivers to consumers. It’s a clear, concise way of explaining why consumers should choose you over one of your competitors, and this competitive advantage an essential element of any business strategy.
Your value proposition should be the litmus test for all marketing communication decisions. If a message or action doesn’t reinforce your value proposition, you should think twice about executing it. It should also serve as a springboard for innovation by helping you focus your efforts on identifying ways to reinforce or increase the uniqueness of your product or service offering.
It’s hard work in an industry that has in essence become a commodity, but working toward defining your value proposition is a great exercise. Doing so helps your credit union pinpoint its relevant, specific, and unique offering. You can (and should) define a value proposition for your entire organization as well as for individual product or service offerings. Not only will this exercise improve the consistency of your external communication, it will foster valuable internal discussion and reinforce your team’s understanding of what you provide day in and day out to your members and prospects.
To be effective, your value proposition should:
- Be simple and straightforward. (Hint: avoid jargon and promotional language.)
- Explain how you solve a problem or improve a member’s life.
- Cite specific or quantifiable benefits.