Value Proposition Research Methods

Goals

To identify best practices/research methods to determine which value propositions appeal to consumers and their preferences, examples of specific tools/services/companies that can be used for research, and examples of consumer companies that have done this.

Early Findings

  • According to Status.net, "through research and analysis", leaders should identify what the value proposition should be. They should then test its effectiveness based on whether conversions have increased, more people visit the website, more email newsletters are being opened, and how competitors are responding.
  • True Conversion recommends testing different variations of the value proposition elements (primary headline, secondary headline, bullet points, image) to determine which elements have the best conversion rates and to identify what the "ideal customer" wants. This can be done through A/B split testing.
  • An article from Neil Patel states that value propositions should be tested by sending visitors multiple versions of the landing pages, with each page focusing on one specific value proposition. Creating an A/B test can be done using the Google Optimize tool. The test should be run continuously until statistically significant results are obtained. The value proposition should be refined using split test data and customer feedback (through surveys) until customers feel that it is "appealing, exclusive, credible, and clear."
  • B2B International (a company that conducts value proposition testing and research) states that for highly technical markets, they recommend "a solution built principally around qualitative research: Face-to-face focus groups, online focus groups, ethnographic exercises and in-depth interviews." It further states that in less technical markets, "when the proposed solution can be clearly described and displayed on a screen, it may be practical to conduct a qual-quant study."
  • According to Business 2 Community, customer research and subsequent testing (ideally as an A/B test) is the only method to determine whether the selected value proposition is the best one. It recommends sending out a survey to 1) customers and 2) website visitors (potential customers). This can be done using an easy and reliable survey tool (e.g Hotjar, SurveyGizmo, SurveyMonkey, and Typeform), a reliable email marketing tool (e.g MailChimp, CampaignMonitor, GetResponse, Intercom and InfusionSoft), and a large list of customer email addresses.

Proposed next steps:

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