Focus Magazine - Winter 2013 - 28

PRODUCTTRAINING

Understanding the
Value Proposition
I By Bryan Horveath

T

Effectively
communicating
the value story
to key
customers
starts with
performance-based
training

he dictionary offers more than seven
definitions for the noun “value,” several of
which have to do with numbers, figures,
or denominations. However, in our industry,
value is not perceived in monetary worth, but
rather in relative worth, utility or importance.
Every day, pharmaceutical representatives
attempt to convey the value of a product.

Defining the Value Proposition
Let’s face it, you’ve conducted hundreds of
training sessions on product features and
benefits. But have you taken your training to the
next level — that is, have you trained on what
today’s customers are demanding, the product’s
total value proposition? Quite often, a core value
proposition is only a sentence or two, but it
speaks volumes. The value proposition is a

statement unique to the product (compared to
similar products) that differentiates based on
emotional and/or functional benefits derived
from attributes that are important to the
customer in a specific market (such as
prescribers). Here’s an example:
Product X, available on most healthcare
plans, is the antidiabetic to rely on for your Type
2 patients because it delivers superior glucose
lowering, has demonstrated safety in a oncedaily pill, and may reduce the likelihood of
hospital admissions due to hyperglycemia.

Creating the Value Story
While a value proposition can stand alone, it
is more effective when complemented by value
planks, which are factors that support some
aspect of the value proposition, such as the
prevalence of the disease, cost of the
disease to society, or product efficacy.
When woven together, the planks create
a value story that gives a detailed
explanation of the value proposition.
Take our antidiabetic Product X as an
example. Creating the value planks for
Product X might go something like this:
• Plank 1 (Prevalence): Diabetes is a lifethreatening disease that impacts more
than 25 million Americans.
• Plank 2 (Economic Cost): Diabetes is a
costly, chronic condition with $116
billion in direct medical costs and $58
billion in indirect costs annually.
• Plank 3 (Treatment Limitations):
Patients with Type 2 diabetes often take
multiple medications each day, but still
do not achieve their A1C goals.
• Plank 4 (Product X Efficacy): Product
X is a new treatment for Type 2 diabetes
that is more efficacious at lowering A1C
than Product Y.

28

FOCUS | WINTER 2013 | www.spbt.org



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Focus Magazine - Winter 2013

Table of Contents for the Digital Edition of Focus Magazine - Winter 2013

Focus Magazine - Winter 2013
From the President: Well-Being at Work: A Critical Consideration
Table of Contents
Table of Contents
Guest Editor: Asia Pacific: Culture and Opportunity
Mastering Large Audience Deliveries
Measuring Sales Training Effectiveness: What Companies Can Learn From Clinical Trials
Sales Training in the BRICs: 7 Rules for Success
Corporate Athlete: Increasing Employee Engagement
Mobile Performance Acceleration
Understanding the Value Proposition
Manager Involvement in Career Development
Sales Models: The Bruce Lee Approach
The Disorienting Dilemma
Virtual How: Learning Technology
Company News
People News
Ad Index
Focus Contacts
5 Questions with Melissa Daimler
Focus Magazine - Winter 2013 - Focus Magazine - Winter 2013
Focus Magazine - Winter 2013 - 2
Focus Magazine - Winter 2013 - 3
Focus Magazine - Winter 2013 - 4
Focus Magazine - Winter 2013 - From the President: Well-Being at Work: A Critical Consideration
Focus Magazine - Winter 2013 - 6
Focus Magazine - Winter 2013 - Table of Contents
Focus Magazine - Winter 2013 - 8
Focus Magazine - Winter 2013 - Table of Contents
Focus Magazine - Winter 2013 - 10
Focus Magazine - Winter 2013 - Guest Editor: Asia Pacific: Culture and Opportunity
Focus Magazine - Winter 2013 - 12
Focus Magazine - Winter 2013 - Mastering Large Audience Deliveries
Focus Magazine - Winter 2013 - 14
Focus Magazine - Winter 2013 - Measuring Sales Training Effectiveness: What Companies Can Learn From Clinical Trials
Focus Magazine - Winter 2013 - 16
Focus Magazine - Winter 2013 - 17
Focus Magazine - Winter 2013 - Sales Training in the BRICs: 7 Rules for Success
Focus Magazine - Winter 2013 - 19
Focus Magazine - Winter 2013 - 20
Focus Magazine - Winter 2013 - 21
Focus Magazine - Winter 2013 - Corporate Athlete: Increasing Employee Engagement
Focus Magazine - Winter 2013 - 23
Focus Magazine - Winter 2013 - Mobile Performance Acceleration
Focus Magazine - Winter 2013 - 25
Focus Magazine - Winter 2013 - 26
Focus Magazine - Winter 2013 - 27
Focus Magazine - Winter 2013 - Understanding the Value Proposition
Focus Magazine - Winter 2013 - 29
Focus Magazine - Winter 2013 - 30
Focus Magazine - Winter 2013 - Manager Involvement in Career Development
Focus Magazine - Winter 2013 - 32
Focus Magazine - Winter 2013 - Sales Models: The Bruce Lee Approach
Focus Magazine - Winter 2013 - 34
Focus Magazine - Winter 2013 - The Disorienting Dilemma
Focus Magazine - Winter 2013 - Virtual How: Learning Technology
Focus Magazine - Winter 2013 - 37
Focus Magazine - Winter 2013 - Company News
Focus Magazine - Winter 2013 - People News
Focus Magazine - Winter 2013 - Ad Index
Focus Magazine - Winter 2013 - Focus Contacts
Focus Magazine - Winter 2013 - 5 Questions with Melissa Daimler
Focus Magazine - Winter 2013 - 43
Focus Magazine - Winter 2013 - 44
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