In 2002, George Lucas continued his epically disparaged revival of his space opera with Star Wars: Episode II Attack of the Clones, the premise being that a clone army was being developed to enforce the will of the Dark Side.
If you look at the insurance marketplace these days, you wouldn’t be at fault for thinking you’re watching that movie. Chances are you’ll see a batch of clones.
What insurers are offering isn’t the problem, but the issue is how they’re describing themselves to their clients. Value propositions all look the same these days. A list of a few generic characteristics is bland. This leaves potential clients with little more than price points to base their choices off of. Choosing by cost alone isn’t always the best way to go about these things, especially with something as important as insurance.
When employers seek out coverage for their staff members, they’re looking for a value proposition that truly stands out and hints at unique value-added services that can help with that distinction. They’re looking for a Luke Skywalker or a Rey, rather than a clone. It’s time to get the creative juices running as if you were kicking the Millennial Falcon into hyperdrive and come up with a value proposition that actually gets across what you’re all about.
Don’t worry if you need help. Luke needed help from Han Solo several times. Finn needed some assistance from Rey too. And now we’re here to help you out. Here are a few tips for coming up with a unique value proposition:
1. Use the three points framework to determine how to stand out
WiderFunnel, a company that helps clients with lead generation, proposed comparing competitors’ value propositions and clients’ desires with your own value propositions. Each of the three will have unique, as well as overlapping, characteristics. The points where your value proposition overlaps with your competitors’, as well as what clients are looking for, are called points of parity. Those that clients want and your competitors don’t offer, while you do, are called points of difference. And finally, services you provide that aren’t especially important to clients and that your competitors don’t offer are points of irrelevance.
- Points of irrelevance: As far as your value proposition goes, these aren’t very important. They won’t help you reach or impress a new audience. It is best to leave these out, they’re like the Jar Jar Binx of services.
- Points of parity: These are some of the more basic services included in just about every value proposition. While you need them and clients like them, focusing on them will turn you into another clone.
- Points of difference: Here’s where you can really stand out from the crowd. These are your Skywalker services, the best of the best that no one else can touch. These are what you should feature in your value proposition.
2. Always keep clarity in mind
There is probably plenty you want to get across about what you offer that the others don’t. Those points of difference are valuable. However, it is important to keep clarity in mind when developing a value proposition. A jumbled, lengthy or unfocused value proposition will not provide the sort of a return that a clear and concise proposition will. It’s easy to go a bit overboard with these things, like Lucas and his unfortunate obsession with CGI in the early 2000s. Keep it simple, keep it clear and keep it unique.
3. Don’t settle for a single opinion
Too often value propositions are approved by the highest-paid person around and trotted out. Don’t let that happen, WiderFunnel suggested. Instead put plenty of eyes on the value proposition. Collect all the opinions you can, and try to incorporate them all. How can you make the value proposition a hit with as many people as possible? Test your value proposition, don’t simply settle for one person’s thoughts on it.
When it comes to your value proposition, just saying the same things as everyone else won’t do you much good. Instead, it is time to begin differentiating your features and services. If you’re unique, then make sure everyone knows it, and you won’t be just another member of the clone army.