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Airbnb hit a home run with its value proposition; “Travel or live like a local.” Capturing the company’s unique approach to travel accommodations, boisterous raving drinking crowds flocked to their “game.”

Staying in traditional (“boring”) hotels is over; Airbnb offers travelers like you the opportunity to stay in unique homes.

More than that, you’ll experience life as a local (when in Rome …). Connect with hosts, learn about the local culture and customs …

More than that, you’ll experience life as a local (when in Rome …). Connect with hosts, learn about the local culture and customs …

You get to immerse yourself in the local community – adventure!  

Want to reinvent your value proposition? We’ll cover how to pump up your marketplace value proposition for a bite.

Why tackle creating better value propositions? Value propositions can:

For E.g. Zillow’s “Find your way home” value proposition positions the company as the place to journey for everything related to homes (what are those interest rates again …).

The value proposition speaks to home buyers, sellers, and renters. All looking for a comprehensive source of information to help them trek through the mountaintop ranges (or even valleys) of home ownership.

What does Zillow do to back up its value proposition?

Creating a value proposition is like building a bridge. A bridge you know needs:

Same with a value proposition.

A value proposition needs to have the following:

So how do you tackle reinventing a value proposition?

Create Your Own Marketplace Fast

First – start with identifying your target customer. Once you understand your target customer clearly, you can tailor your value proposition to meet their needs.

E.g., convenience, cost savings, access to a broader variety of products, or a better user experience.

Once you know your target customer, the formal relationship is over. They’ll feel like you’re on their way to being their “BFF.” You get them.

In their mind, the two of you are in Hawaii, watching the breeze whip through palm trees as you down a refreshing cold beer together. The mingling of people acts as a background as you anticipate every step of their needs. Trust is formed.

You are finally fishing with the right bait by clearly identifying the target customer.

Just as a fisherman uses the right bait to attract the type of fish, an online marketplace uses a compelling value proposition to draw in its ideal customer.

By understanding the needs and preferences of your target customer, your online marketplace can offer the right benefits; the right bait attracts the right fish.

By understanding the needs and preferences of your target customer, your online marketplace can offer the right benefits; the right bait attracts the right fish.

Why is identifying your target market important?

E.g., Etsy’s value proposition is “a global marketplace for unique and creative goods.”

By focusing on handmade and vintage items, Etsy sets itself apart from other online marketplaces and appeals to customers looking for unique and personal items.

Aside from that, Etsy is renowned as a platform for female sellers. A 2015 report revealed that 86% of the marketplace’s sellers are women. While the platform is not exclusively for females, women have been the target market of Etsy for years.

Aside from that, Etsy is renowned as a platform for female sellers. A 2015 report revealed that 86% of the marketplace’s sellers are women. While the platform is not exclusively for females, women have been the target market of Etsy for years.

Etsy has it dialed in.

Embrace Exclusive Offerings in Your Value Proposition for Your Online Marketplace

Highlight the unique selling proposition (USP) or benefits of your product or service in your online marketplace.

USP sets your online marketplace unique from your competitors. It makes it more attractive to customers.

Want ideas? What kind of unique benefits can you offer:

With a USP, you’ll get efficient instead of sweat beading off your head while you run a marathon chasing customers. You’ll enjoy the smell of freshly brewed coffee and sink into your armchair as you work with clients who appreciate your value.  

Your value proposition will be like shining a spotlight on the diamond in the rough. Just as diamonds shine brighter when they are lit up, the unique benefits of your online marketplace will stand out when they are lit up.

Your value proposition will be like shining a spotlight on the diamond in the rough. Just as diamonds shine brighter when they are lit up, the unique benefits of your online marketplace will stand out when they are lit up.

E.g., Vasanti’s unique selling point (USP) is its commitment to inclusive beauty. Unlike other high-performance cosmetics:

Want to get started on your USP?

Use Specific and Measurable Benefits in Your Marketplace Value Proposition

Enhance your value proposition for your online marketplace by using specific and quantifiable language.

Quantifiable and measurable data in your value proposition can include:

Data helps build trust and credibility with customers! Data makes communicating the unique value of your offering easier.

E.g., don’t simply state that your online marketplace provides a “better shopping experience.” State that it saves your average customer “an average of 8 minutes per purchase”!

By using concrete data, you’ll cut through the clutter. Blow a hole through the tower wall or resistance.

Using specific and measurable language is kind of like cooking with a recipe. Just as a recipe might provide clear and precise instructions, your specific and measurable language offers clear and specific instructions for communicating the value of your online marketplace.

Specific and measurable language can make significant improvements to your selling. But most companies are terrible are improving their value propositions:

But let’s take a look at Shopify. E.g., Shopify’s value proposition is “sell everywhere your customers are from one back office.”

Small business owners can create and manage their online store and sell their products across multiple channels, including online, in-store, and social media.

But they quantify this with specific language saying, “Over 1 million businesses in 175 countries use Shopify.” This hits home!

But they quantify this with specific language saying, “Over 1 million businesses in 175 countries use Shopify.” This hits home!

Want to make improvements to your value proposition:

Closing Summary

Presenting a solid value proposition for your online marketplace is crucial in attracting and retaining customers. To effectively communicate your value proposition:

Most importantly, improving your value prop will have more of you relaxing on the porch as you hear the ding of sales inquiries (that’s right).

Most importantly, improving your value prop will have more of you relaxing on the porch as you hear the ding of sales inquiries (that’s right).

About you?