The value proposition is more than just a few phrases you publish and disseminate in your organisation. For some, it is the driving force of their business and brand; it is also the differentiating point that allows you to grab the attention of your target audience.
Creating a powerful and influential one will enable your business to flourish. Certain strategies allow you to build a strong value proposition. Let this article help you do it.
Evaluating the Breakthrough
Are you responding to a need or a problem that your target audience needs an answer to? An evaluation of the value proposition you create is a must; this begins when you put the breakthrough you have in mind in the context of discontinuous innovation, defensible technology and disruptive business model.
Here’s a detailed breakdown of the three:
- Defensible technology provides you with intellectual property that you can protect to offer a barrier to entry and an uneven edge over the competition.
- Discontinuous innovations provide your target market and your company with transformative advantages over the status quo and give you a different perspective to solve a problem.
- Disruptive business models provide cost and value rewards that stimulate the growth of your organisation.
According to an advertising agency in Canberra, it isn’t enough to define a problem that needs solving, you need another dynamic such as the 3Ds mentioned above. This enables you to gain a competitive advantage and formulate a better value proposition.
The Gain/Pain Ratio
Some businesses focus too much on their product features, but forget to look at it from a customer’s point of view. The latter may have difficulties in learning and using the product. This is when the gain/pain ratio in developing a value proposition comes in. This metric involves the measurement of the gain a customer gets compared to the cost and pain they may incur to adopt your product.
These two aspects enable you to think your value proposition through and create one that sticks and entices your workforce to go the extra mile and convince a potential customer to become a consumer.