It is often the case that businesses define and package a value proposition based upon internal core competencies and historical success. Unfortunately, this is dangerous for two reasons:
1. Marketplace changes. Market, customers, technology, competitive offering and market dynamics always cause value propositions to erode.
2. Internal focus. It is the market and the customer that must heavily influence your value proposition as it is in these two groups that a value proposition is evaluated and adopted to the point of purchase.
Companies that stop innovating and improving their value proposition are statistically disadvantaged when it comes to marketshare, revenues and profit.
To help you evaluate your current value proposition, here are some practical questions that can spur new ideas toward business, marketing and sales improvement.
…a winning value proposition:
- Who is our “ideal” customer target?
- What problems do we really solve?
- What opportunities do we wish to exploit?
- What relationships do we want with our customer?
- What value will the customer realize?
- What is the customer experience we wish to deliver?
- What price must be paid for this experience?
- How does our experience and price compare to alternatives?
…the right value proposition:
- What must be designed to ensure the right customer experience?
- What value delivery system supports our value proposition?
- What changes must a customer make to experience the value proposition?
- What must accompany our products or services to delivery the value promise?
- What alliances or channels can we enlist into the value proposition?
- What new capabilities must we create to deliver the value proposition?
- How we reorganize to support the value proposition promise?
…the value proposition:
- What information must be conveyed to our ideal customers?
- What communication vehicles make the most sense to use?
- What tradeoffs are we asking the customer to take in how we communicate?
- How should communication be produced and delivered?
- Who should deliver our value proposition to the marketplace?
- When should we communicate our value proposition?
- What do we expect from those that are exposed to our value proposition?
Don’t assume that what has made you successful in the past will do so in the future. Your legacy of success is the platform and starting point for the next level of success. Your customers expect that from you.
Take some time to answer the above questions and compare to your current value proposition. Tune up your offering or create a new one to bring new opportunity, revenue and profit to your company.
The Afterburner Group has been building great value propositions for companies in the technology, energy, services, manufacturing and non-profit industries for over 25 years.
If you think that your value proposition is suffering and could benefit from a brand assessment, validation and refresh, fill out the contact form below and we’ll discuss the various options and their valuable benefits.
Refresh the value proposition.
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