These days, all digital marketers, have an endless supply of tricks, tools, and tactics in our disposal.
But I’d like to request you to forget about all those stuff for a while.
Because, in this post, I’m going to share with you a little dirty “secret” that most so-called “marketing gurus” don’t want you to know.
If there’s one simple thing you can do to double or even triple your conversion rate, increase the efficiency of your lead nurturing, and conclusively convert more leads into purchasing customers, let me tell you this: it has nothing to do with technology.
One simplest thing you can do now to boost conversion rate (converting leads into paying customers) is by establishing, measuring, and polishing your value proposition.
What is a value proposition?
If you’re not sure what a value proposition is, here’s a quick definition:
Your value proposition is a clear statement that tells your visitors who you are, what exactly you offer to them, how you are different (or better) and why they should care to purchase from you, rather from your competitor.
Why your value proposition so critical for inbound marketing?
Well, research proves that strong (clear) value propositions always leads to boost in conversion rates.
A weak (unclear) value proposition, on the other hands, can easily chase potential customers away from your website.
Your value proposition will eventually determine whether your website visitors will continue reading your website or immediately hit the “close” button.
Peep Laja, CEO at ConversionXL says, “The less familiar people are with your brand, the stronger and clearer your value proposition needs to be. If there’s one piece of copy you should be obsessed about, it’s your value proposition.”
What key ingredients make up super great value proposition?
Super effective value propositions – not to be confused with your company slogans – always follow a set of principles. Here are few key components that help create a super powerful value propositions:
Focus on simplicity and precision.
This is the most important component of a compelling proposition.
Always keep away from “jargon”
Your readers will have a difficult time understanding what you’re talking about when you use industry-related terms and leads to more confusions rather than conversions.
Talk about benefits and results
Exceptional value propositions always clearly describe all the benefits and/or specific results the customer will get once they purchase or use your product or service.
Tell why you’re different and better than others
Most likely you already have many competitors in your industry, and your potential customers will assess at least a few before they make a decision to purchase. Explain to your visitors why you’re different from the pack of herds out there.
Keep it brief
Make your value proposition no longer than 5 seconds to read and digest.
Here are some examples of remarkable value propositions:
- Square– Credit card processing – accept credit cards anywhere
- Warby Parker– Online eyeglasses & sunglasses – Rx glasses
- Airbnb– Find adventures nearby or in faraway places – access unique homes, experiences, and places around the world.
- Shopify– the best e-commerce platform that has everything you need to sell online, on social media, or in person.
Here’s how to craft your own dazzling value proposition:
First, you’ll have to think about a powerful value proposition for your product or service. It’s fine if there’s similarity to your customers in some aspects of your proposition, however, you need to find at least one key ingredient of value that makes you different from others.
Second, you have to persuasively be able to explain your value proposition. Generally, you’ll have to refine your value proposition until you can utter it in a clear, single, and convincing sentence.
If you don’t already have a value proposition for you today, we highly recommend you start writing at least a dozen different versions. The more you repeat and rinse, the better. Once you’ve written down a list of possible value propositions, slim it down to a list of few finalists.
Once you’re happy with a few likely final versions, you can begin testing to find which one is the most competent at conveying the value your product or service offers to your visitors.
You can test your value propositions in landing pages, PPC ads, in emails, or even using websites such as UserTesting.com
Marketing Sherpa released an interesting report about the most efficient method for testing value propositions.
This marketing research chart shows top platforms great for testing your value proposition:
As you can clearly see above, 64% of respondents felt that landing pages were the most effective method for testing value propositions. When it comes to testing, most marketers find landing pages to offer a great amount of flexibility. This helps marketers to quickly and easily recognize the parts of that page that produce a higher conversion rate, more qualified leads, and lower bounce rate.
Key points you just learned
- Effective value propositions are brief, devoid of jargon, clearly explain benefits, and tells your visitors why a product or service is different (better) from others.
- Landing pages are the best method of testing your value propositions.
- Your value proposition is responsible for the bounce rate of your website.