Value Proposition Design
This is the heart and soul of a company. The purpose of a business is NOT to make money. A business only exists to produce an exquisite value in a marketplace.
This is the heart and soul of a company. The purpose of a business is NOT to make money. A business only exists to produce an exquisite value in a marketplace. A byproduct of doing a wonderful job with this purpose is that there is a lot of money. Money always follows value. Sometimes money will follow other things, but it always follows value. It is also true that sales is much easier when the value proposition for a company is head and shoulders better than their competition.
We have custom-built numerous value propositions that are truly exquisite in their marketplace. To make sure to knock this out of the park inside an industry, it takes some understanding of the market including the demographic. Some crafty market research is usually necessary to gain the proper perspective.
When designing an exquisite “Value Proposition”, there are a few ideas to keep in mind.
- There are two halves of the Value Proposition coin:
- Technical Value
- How do we execute the deliverable better than our competition?
- Customer Experience
- What is the overall experience we want to leave with the customer?
- Technical Value
Every industry has both of these components when designing a Value Proposition. For instance, an Italian restaurant would want their lasagna to be better lasagna than the Italian restaurants around them. However, they would also do well to see if they can treat their customers better than their competition as well. The overall customer experience has more to do with their host, server, ambiance, bathroom, and smaller touchpoints from managers or owners.
Things EVERY great “Value Proposition” should address:
- What are the “Pain Points” in your industry and how do you fly in the face of them?
- In other words, what do people reliably dislike about your industry. You need to be a shiny example of not being “like the other guys”.
- What things are absolutely expected of you in this industry and how can you do those things much better than most/all companies in your market?
- What things can you do that are unexpected but create an access for value not typically found if ever found in your industry?
- In what amazing way do you want your customers left in terms of the overall experience? How creative can we get to service this amazing customer experience in a cost-effective way?