How do you avoid common pitfalls and mistakes when crafting your value proposition?

Knowing the market first helps avoid targeting a shrinking audience. If you're trying to get into the printed newspaper business, you're unlikely to succeed with a perfect value proposition. On the other hand, if you're trying to address an urgent need in a growing market, even a mediocre value proposition will deliver enough interest and revenue for you to get started. This kind of research generally follows a pattern - pick a market, pick a niche in that market, pick an audience in that niche, pick a specific pain point the audience is willing to pay to solve.

Doesn't matter how many features you add to your product or service but you should be specific about the benefits you give and how it can solve the problem of your target customer.

Go deeper with benefits to focus on the benefit of the benefit. For example, buy a hammer so you can install the nail into the wall. A nail in the wall is the benefit. The benefit of the benefit is that with a nail in the wall you can hang your favorite photo of your grandmother on the wall. The benefit of the benefit of the benefit is that now you can feel happy and connected to your grandmother every time you enter that room. Go beyond "the nail" to an emotional connection.

Even deeper then that. Find the emotional benefit behind the hammer for each customer segmentation: With a hammer you can drive a nail. With a nail you can hang a picture. Picture hung, you can remove that moment with loved ones. That hammer is love With a hammer you can drive a nail. With a nail you can secure that loose step. With that loose step no one else will fall and hurt themselves. That hammer is safety. With a hammer you can drive a nail. With a nail you can build that thing only you can build. That thing only you can build, you can sell. That hammer is income.

Numbers combat uncertainty with specifics. Speaking of numbers, the only comment I wanted to make here was: "Numbers combat uncertainty with specifics." But a comment must be at least 125 characters. My original 42 characters made my point concisely, but did not meet the required parameters ... which is why I am wasting your time with this superfluous explanation. Sorry ... and remember to keep it concise, folks.

Just bragging about your product or services will not help to get that project or sell that product. Add your proof of work or ratings to build trust in your potential customers. That's why it's always good to ask for testimonials or feedback or reviews that can help you to build that trust. No matter how much your customer liked your product or service they won't be giving you that review or feedback or testimonial if not asked so don't hesitate to ask one but don't try to push them to give that testimonial in most cases if they will like your service they will be happy to give one.

I refer to my comment above under the subhead: Be specific and quantifiable. That's all. Just 75 characters. Simple and concise. Now it's 194 characters ... not so simple and concise. Oh, well.

Helpful Tips: Don't forget authenticity. Be genuine about your brand. At the end of the day, humans buy from humans. Write the UVP. Then take out any 'corporate jargon.' Write it again. Before finalizing, ask yourself: "What are we offering that's different from anyone else in our industry?" "And why should anyone care?" If you cannot answer both questions, it's time to return to the drawing board.

Don’t be afraid to mess around a little bit with the order of content. You might find that readers like a specific section or sections.

Good luck if you try and follow all of the advice above. “Benefits, not features…but keep it quantifiable…AND simple…but don’t forget to test and incorporate feedback…” Your value proposition is your promise to your customers. Full stop. If you’re not clear about what that is, why are you even in business?

I had a big "Ahah" moment when I realized your value proposition doesn't have to be engraved in stone for all time. In fact, it shouldn't be. Markets, industries, and technology are constantly changing. Your business needs evolve with them. The value you provide this year may not be valuable next year. The only things that shouldn't be fluid are your own values.

In my experience of working for a large multinational and then for small independent businesses, articulating your value proposition for any aspect of your offering for a small business is just as important for the small as for the larger entity. Often this concept can be dismissed as irrelevant and corporate gobbledygook. But not so. I’ve found that the businesses that spend the time working this out are more successful than the ones that don’t.