I'm often asked, "Which is better – an elevator speech, unique selling proposition or value proposition?" All are effective at different times, but there is one clear winner for piquing prospects' interest in your offering.
An elevator speech is great for casual meetings, networking events or any other time you want to strike up a conversation with a stranger. It's often explanatory – or sometimes even funny.
A unique selling proposition, which is also called your competitive differentiator, is about how you're different from competitors. It could be your specialty, your strengths and what makes you stand out. Basically, it's helpful to prospects who are trying to decide between options.
A value proposition is used when people aren't ready to change from the status quo. It's designed to create a potential need by describing the outcomes somebody gets from using your product, service or solution. It's business focused and uses terms like improve operational efficiency or reduce turnover.
Good value propositions get prospects to think "Wow -- that's really interesting! I need to learn more about that."
And, since 95% of your prospects are NOT thinking of making a decision, the value proposition is what you should be using almost all the time. Why? It helps your prospect decide if – and how much – changing from the status quo will be worth it.
To learn more about how to create a strong value proposition, download the Value Proposition Kit.