How Customer Feedback Can Help You Define Your Value Proposition
What do your customers love about your business?
Customer feedback can help you discover aspects of your value proposition that you may not have recognized in the past.
In business, we tend to focus on challenges, problem areas, and opportunities for improvement. And for good reason! It is crucial for any business to identify and address weaknesses in order to grow responsibly and improve profitability. However, it is just as important to identify what works well. One way to do this is by reading and internalizing customer feedback.
What is a value proposition?
It is a statement that accurately summarizes and emphasizes the value(s) your business can provide to its customers. A value proposition highlights products, services, and innovations you offer that address the specific needs of your customers. Whether it is explicitly stated or not, every business has a value proposition.
Why does a defined value proposition matter?
Every strategic branding decision you make and every marketing message you devise flows from assumptions you have made with your value proposition. As a result, it guides the ways you talk about and represent your products and services.
It’s Example Time!
Imagine a company that sells camping tents—they may state their succinct value proposition in this way: We offer secure, sturdy camping equipment that can easily withstand extreme weather conditions and enable exciting outdoor adventures.
That’s not a bad value proposition! In this example, the durability and adventure associated with their camping tents are the primary values. After all, it’s possible that lots of research and development went into making these tents dependably rugged and long-lasting. Perhaps they drew upon their own experience with flimsy gear to create a value proposition that emphasizes the structural integrity and construction of the tents.
One day our imaginary tent seller decides to look at customer reviews to see what people are saying. Although there are a few comments praising the tent’s durability, the vast majority of reviews point out how lightweight and easy to pack these tents are. In this instance, the business owner misjudged the primary appeal of their product according to the end user.
The business owner could use this customer feedback to justify a new value position that places more focus on the product’s weight and ease of use. Something like this: We offer durable, lightweight camping equipment that can withstand extreme weather conditions and help keep your pack light for exciting outdoor adventures.
The new value proposition more accurately acknowledges what people really love about the product. Thus, it is a more useful tool to help guide that company’s branding and marketing tactics.
Listen to Customer Feedback and Learn
A true value proposition must be informed by customer response. When a business maintains a healthy dialog with its customers, operators can learn how to make the business better. So engage your audience and get their feedback. With enough customer feedback, you will be able to see if your current value proposition fits the true appeal of your brand.
At Black Raven, we create digital content and deliverables that help our clients communicate their value to current and potential customers alike. As a result, we think a lot about how value propositions can shape a communication strategy. When a strategy doesn’t connect, sometimes the value proposition must be revisited. So if you had to define your business’ value proposition in one sentence, what would it be? If you aren’t sure, start by asking your customers.
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