In #Marketing101, Brand Managers are taught the concept of #valueproposition. This is important because prior to creating your marketing or creative strategy and execution plan, you first have to develop a Value Proposition (VP).
A Value Proposition (VP) is a thirty-second “elevator speech” stating the specific benefits your Brand (product or service offering) provides the target customer / buyer (Principles of Marketing – University of Minnesota, 2010)
It shows and tell why your Brand (product or service) is superior to competition, highlighting your distinctive assets.
Value Proposition addresses the following why:
– Why should consumers buy your brand?
– Why should consumers visit your store / outlet?
– Why should Organizations hire your Agency?
– Why should the company hire you?
– Why should you be admitted to your University/ college of choice?
Value Proposition is a critical component in shaping your strategy.
Implication:
For Brand Managers, Q4 is a busy period where we collaborate with the Commercial Team to finalise the Brand’s Marketing Plan(s) for the next business year. The VUCA environment might have necessitated a change in Brand strategies and execution, or new consumer behaviour emerging/ identified; whatever the reason, it’s time to review your Brand’s Value Proposition!
Remember! Your VP is not an encyclopedia about your Brand. It is a 30-second “elevator speech” stating the specific benefits a product or service offering provides the target customer / buyer!
Written By: Dolapo (Dolly) Otegbayi
