An average website has a sales conversion of 1% to 2%. So it’d be fair to say that on most sites more than 95% of visitors don’t buy anything—especially on their first visit. So instead of trying to sell them right away, we should capture leads (i.e. emails) instead.
Humans are value-rating machines. Every day, all day long, we size up different decisions by appraising the value proposition of that action.
Should I buy this product? Sure, that’s the obvious one. But also:
- Should I go to lunch with this person?
- Should I open this email?
- Should I even spend the time to ponder this decision?
When most marketers think about a value proposition, they’re thinking of the 10,000-foot-view—an overall company value proposition. This can make them feel powerless, especially in a large organization. The CEO controls the company value prop. What can you do?
“How do I come up with a unique value proposition? What I sell isn’t unique.”
If you’re working on improving your business, you know there’s no shortage of information about why you need a unique value proposition.
You’ve probably even seen a handful of solid examples, but when you go to write your own, you hit a wall.
You’ve got too many competitors, they’re selling the same stuff, and it looks like all the good value propositions are taken.
What can you do?
A value proposition is a promise of value to be delivered. It’s the primary reason a prospect should buy from you.
It’s also the #1 thing that determines whether people will bother reading more about your product or hit the back button. On your site, your value proposition is the main thing you need to test—if you get it right, it will be a huge boost.
A few years ago, I launched a kind of “Groupon deal for musicians.” I gave away $1,250 worth of products, including recording time, iTunes distribution, and a guitar-string endorsement deal for just $69. The deal was good for only 100 hours, and there were just 5,000 packages available.
I had invested a lot into the campaign. Not only had I spent four months putting it together, but I had also put a significant amount of my personal savings into ensuring that this campaign was everywhere during those 100 hours.
What if there were a method—even a process—that you could apply to increase website sales? Wouldn’t that be swell? Well, there is.
I’ve turned it into a checklist.
There are already a bazillion resources out there that spell out how to “craft the perfect value proposition.” In fact, the whole concept of “unique value propositions” (UVPs) is — at least at first glance — really Marketing 101 material.
So why keep talking about it? For one very good reason:
Most courses & books on value propositions FAIL to show you how to actually create value proposition through empirical, quantified research.
Everyone knows that their website doesn’t exist in a vacuum. However, a majority of websites still act like they do. And that’s costing them business.
Back in 2001, Consumer Reports put out a study that revealed the average American was consciously exposed to roughly 247 marketing messages daily, yet only really noticed around half of them.
While other “expert analysis” put that exposure to marketing anywhere between 500-5000 messages, this is the most sane explanation of what we’re actually aware of.
I bring this up, because to get “conversions” you must first grab attention. To grab attention, you must not only understand the needs of your market, but also the noise that goes along with it.
Conversions are mostly about being relevant to your customers. If what you offer and the way you present it is relevant to your visitors they will convert to buying customers.
Then again if you don’t understand who your customer is or worse it’s “everybody” then you have very little change of being successful at it.