Successful Selling: The Value of The Value Proposition

Life Science companies often attempt to sell their product or service by telling people what it is and how it works. Their focus is on The Technology. The key to successfully selling and positioning is to focus on THE CUSTOMER. In time, they will want to know how it works but first and foremost they will want to know how you and your offering will help them succeed. Life Science companies need to communicate the merit that their technology brings to their prospective customers: THE VALUE PROPOSITION.

Value Proposition-Key to Successful Selling

The Value Proposition is a summary of the value that your company and its products/services bring to your customers. This helps to distinguish you from your competitors and aids in the selling your company’s offerings. Components of The Value Proposition are:

• Key Attributes of your company and its offerings
• Pivotal Advantages of your company’s solutions
• Vital Differentiators that make your company’s products or services unique
• Primary Benefits that the customer will realize by working with your company

When a scientist visits a booth, a website, or reads a document they want to know how they will benefit from working with your company. With thousands of companies begging for their attention this must be communicated powerfully and succinctly. You must address these three questions to draw them in:

• HOW will this product help the customer succeed?
• WHAT is different or better about this product or service?
• WHY should the customer choose your company over its many competitors?

The Messaging of the Value Proposition is as important as the Value Proposition itself. Developing a strong value proposition is imperative; communicating it effectively is vital. Marketers must resist the temptation to list dozens of advantages, attributes, etc. Pick the most powerful in each category (Quality over Quantity) to avoid diluting the value of your most persuasive selling points.

Focus on The Customer

Successfully positioning your company requires framing the benefits, advantages and differentiators with the viewpoint of THE CUSTOMER in mind. Yes, they will want to know how you’re technology works and you will want to tell them. But before they click away from your website, walk out of your booth or put down your brochure they must understand why they should listen, read and pay attention. The Value Proposition and its underpinnings gives your prospective client clear insight as to why they should do business with your company.