When you’re trying to sell something, you need to have
answers prepared for any question that comes your way. It’s a tough goal, but
if you prepare, you are better able to understand what you are selling, who you
are selling to and why you do what you do.
Whether you’re selling a prospect on your product or
service, or an angel investor on your startup, you need to have a complete
grasp of your value proposition(s) and positioning statement(s) so you can
craft a good elevator pitch. What’s the difference between your positioning
statement and your value proposition?
Value proposition. This is simply the value you bring
to your customer or client. It’s the solution you’re providing to the problem
your customer is experiencing or the way your product or service increases
profits or saves money. How is your customer better off purchasing your product
or service? If it’s unclear to you how you help your customers, it’s even more
unclear to your prospects.
Positioning statement. Unless you’re Thomas Edison,
there’s a good chance that others are providing a similar, if not exactly the
same, product or service. Your positioning statement should define your place
in the market. Both Ace Hardware and Home Depot sell hammers, yet they have
different strengths that they use to appeal to their customers. They are
positioned differently within the market.
You need to understand your competition and what niche
you’ll occupy within the market for your product or service. If you can’t do
this, you won’t know which customers to target, where to advertise, how to
price your product, etc.
Elevator pitch. This is a short “best of”
presentation that takes the best of your value proposition and combines it with
the best of your positioning statement. Above all, it is crafted for your target
audience. Your value proposition and positioning statements won’t change –
unless your business pivots – but your elevator pitch may change for every
person you present it to.
Sometimes, it is hard for an individual to step outside of
their own bubble to figure out their value proposition, their positioning
statement and their elevator pitch. The
main reason is because people don’t understand how to articulate their
WHY. Why do they do what they do. If you are struggling to set yourself apart
from your competitors, try asking yourself the below about you and your
potential customers.
1. What would you want to hear them say about what you
do? Be careful: The question here is what you would want to
hear them say about what you do, not what you think they would say or what you expect
them to say.
2. What would you want to hear them say about the results
you produce? What are the outcomes, impacts, end products, and
consequences you’d want people to say they received by working with you or
using your product or service?
3. What would you want to hear them say about your
authentic qualities? What are the contributions, characteristics,
talents, and virtues you bring their life?
Take a look at the answers you wrote down for all three
questions. The first answers describe the fundamental activities that define
your work or business. For example:
- A
dental hygienist cleans teeth and shows patients the proper way to floss.
- A
business law firm writes up contracts, advises on business law, and crafts
clever letters designed to get the other side to say “uncle.”
The “Doing” part of our brands is a fairly straightforward
description of the day-in, day-out behaviors that make up our work. What you do
is the service that you offer, the process you put in place, or the product you
provide. It’s the way most people talk about their brands. While this part of
branding is necessary to clearly communicate, it is usually the least
interesting aspect.
Next, take a look at the answer you wrote down for question
two. This relates to what people will “have” in terms of results, impacts, and
outcomes from engaging with your brand. For example:
- The
dental patient will have bright, shiny teeth and a world-class flossing
ability.
- The
small-business owner will win her case and have an iron-clad contract.
Many people articulate their brand in terms of what they
provide to their clients and customers, defining it by the results they
produce. While this is more interesting than just describing your brand as what
you “do,” it’s still not the complete picture.
Finally, take a look at what you wrote about the qualities
you contribute. These are the qualitative characteristics you bring to what you
do. It’s the bigger picture of the results you produce. It’s the why behind
it all. For example:
- You generate well-being for your patients, since they feel confident, relaxed, and secure that their dental health is in good hands.
- You
generate peace of mind for your business clients, since you help remove
the stress that can be associated with legal matters.
The most powerful part of your brand is the qualitative
part, yet ironically, that’s the aspect we spend the least time articulating.
What we’re contributing with what we offer (do) and the results we produce
(have) are important—but the biggest difference we make is by what we are.
It’s important that the layers of your core anchor statement
include all three levels of brand definition: what you do, the
results you produce, and the way you are that makes the difference.
Now, take a crack at crafting the anchor statement for your
brand. Once you have something you feel works, try it out on people you meet.
Keep what resonates, and tweak the rest. It won’t take long before you have an
anchor statement that sings the true tune of your brand.
If you need help
developing your anchor statement, your vision statement, your mission or
elevator pitch, contact SK
Consulting today!
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