Value Proposition – Connect Customer’s Needs With Your Products
What is value proposition?
Value proposition refers to a simple statement that summarises why should a customer buy product products or services. This statement communicates the benefits that customer will receive by buying from you.
A good value proposition help to speak to a customer’s challenge (pain point) and make the case for your customer as a problem solver. At the same time it highlights the differents between you and your competitors.
How to write a value proposition?
Harvard Business School’s Institure for Strategy & Competitiveness has come out with below method on writting a value propostion with three promts:
- Who is your customer?
- Which needs are you going to meet?
- What is relative price that customer willing to pay?
While you go thru this method, consider which is the primary element that you would like to focus on: Would it be cost savings? Or a better product that offering premium experience? It could be a brand new market that you haven’t explore and how could you offer the greatest value for this group of customer.
Here some examples of good value proposition:
Be More Productive at Work with Less Effort – Slack’s value proposition that focusing on credibility and productivity.
Save Money Without Thinking About It – Digit’s value proposition that offering hands-off savings.
The Smartest Way to Get Around – From Uber that offering uber convenience.