When bringing a new product or service to market, a fundamental part of any company’s campaign plan is to identify the key value propositions or explanations of what benefits you’re providing, for whom and how they’re unique. These are not only crucial for sales teams or when you’re seeking VC funding, but also for PR.
Value propositions are what PR teams hang their hat on for collateral development like press releases and blog posts, as well as influencer outreach for media or analyst pitches. They are what matter to press, customers, partners, prospects and investors alike – all of which will be seeing the results of PR efforts.
But, when developing value props, companies need to go beyond just explaining the benefits to incorporate three key elements that help strengthen the benefits:
- Statistics – Most new products or services coming to market are successful because they address a pain point that needs solved; and, showing the prevalence of that pain point is a strategic way to boost the value of your offering. Industry-wide facts of figures can show a widespread need, but, if these aren’t available, even a quick customer poll to show that X percent are requesting this product or feature can be compelling to showcase the need for whatever you’re bringing to market.
- Use cases – In order to bring your value propositions to life and make them more relatable, companies should incorporate use case examples for different scenarios. With more tangible examples, prospects will be able to imagine how your product or service could positively impact their company, too. The use cases may even draw out pain points they didn’t know they were experiencing until seeing a better way to do things.
- Competitive differentiators – By only explaining what your product can do, companies run the risk of becoming a “me too” product when compared against other offerings on the market. It’s not enough to just focus on your offering – you need to show how it compares to others and how what it can do is better than the rest? Companies need to be seen as advancing industry innovation or solving a crucial pain point in a better or more efficient way. And, highlighting competitive differentiators or USPs (unique selling points) in the value propositions is a key way to accomplish this.
All of these elements are essential to comprehensive value prop development as well as PR efforts to help generate the exposure, awareness and industry recognition your new product or service deserves. What other strategies do you believe are crucial to developing strategic value propositions for PR use?