Value propositions are a clear statement of the tangible results a consumer gets from using your products or services. If you had just ten words to describe why people should do business with your financial institution, what would they be? Do these words differentiate your financial institution from all others? If so, that could be your value proposition. It is a promise of value your financial institution will deliver and the consumer’s belief of the value they will experience.
According to The RAIN Group, an effective value proposition must:
A value proposition is not something your board or executive team determines in a 30-minute meeting. It is crafted after input from employees, members/customers and potential consumers.
Many times, crafting a value proposition that meets the above three criteria takes an outsider’s perspective. That is where Mark can assist your credit union or bank. By conducting exercises such as the Myth of Excellence, the Sweet Spot and Antes/Drivers you walk away with a value proposition that clearly defines why someone should do business with you.
To find out more about value propositions, be sure to check out Mark’s post on “The Worth of a Value Proposition.”
“Value Propositions” framework courtesy RAIN Group.
“In Mark we invested in a resource that paid a huge dividend. There is no way that we could have accomplished the goal of developing new vision, creating buy-in to that vision and implementing the new vision in the short time span that we did without his assistance.”Tim Lyons