Getting the value proposition right is one of the most ambiguous task entrepreneurs face in the early definition of their idea. It a convergence point where your team and your customer meet. Not easy to pinpoint.
So here are some elements to consider to help you build this value proposition. To simplify, the value proposition is the promise you make to your customers.
When prompted with your value proposition, your target customers should be able to:
- understand what you are proposing them
- decide if this is something they want or not (yes I’m interested, or no, this is not for me)
To be able to craft a decent value proposition you need to understand and align on:
The main problem you are solving for your customers
The problem you are solving should resonate with your target customer. If your target customer recognizes the problem, they will be interested in hearing about the solution you have to offer. That simple as that.
Explain now how you are going to solve the customer problem? At this stage, if the customer agrees with the problem, then he wants to know what the proposed solution is. You don’t need to go into details here, but you want to see if modalities of your solutions are acceptable to the customer. Your solution could be an app. A personalized service. A device.
- Vivino — A mobile application
- MAYU — A jug of water with a rotating stone
As a result of accepting your offer, what could happen to the customer? What can he expect to have or achieve that could not have before?
- Vivino: feel great about their choice of wine, the confidence that the bottle they will share is a good one
- MAYU: drink purified water, and live healthier
Thinking from the customer perspective is always useful. Think of what a happy customer would say after using your solution? This makes your value proposition very tangible for you and for the target customer that will see it.
To see if your value proposition is one that is compelling to your target customer, you simply present it to them and hope for a firm agreement. More than a yes, an engagement from that customer, joined with some commitment from them. Otherwise, don’t really if they’re just being polite are really interested. Think of what could be a good commitment you could ask your customers, should they be interested in your proposition. It could be pre-paying for the solution, registering for your service, sending you further data.
Ready to build your value proposition now?
Your value proposition is ready?