Article The Problem with Legacy Ecosystems (Wessel, Levie & Siegel, 2016) - Book : Adapt your value proposition
9 important questions on Article The Problem with Legacy Ecosystems (Wessel, Levie & Siegel, 2016) - Book : Adapt your value proposition
Three routes out of a shrinking market position
There may be many reasons that businesses face a declining market.
- New technologies can bring rapid changes in customer needs,
- the appearance of substitute offerings,
- or a decline in the relevance of a once-valued product or service
The dynamics and challenges of each route are:
1. New customers (Same value)
This can be extremely difficult in an era where markets are already relatively flat and open (with even small businesses using digital communications to sell around the world). But in some cases, creative thinking can identify a new
customer or use case for the same value that your business has been offering.
Five concepts of market value
Value proposition is just one of several strategic concepts available for thinking about your offerings and value to the market. But it is a particularly useful, and underutilized, concept. To better understand the concept of value proposition, let’s compare it with four of the most common ways of thinking about market value.
1. Product: Product thinking is useful when making decisions about design, launch dates pricing, and other factors as you prepare to go to the market.
2. Customer: thinking about your business in terms of your customers – who they are and how they differ from each other.
3. Use case: about the context within which a customer utilises your product or
service
4. Job to be done: Concern is the purpose of the customer using a product
5. Value proposition: concept that defines the benefits received by a customer from a company’s offering.
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The Value Proposition Roadmap
is a tool that any organization can use to
assess and adapt its value proposition for its customers. You can use it to identify new and emerging threats as well as new opportunities to create value for your customers
Step 1: Identify key customer types by value received
The first step is to identify your key customer types, distinguished by the different kinds of value they receive from your business.
Step 2: Define current value for each customer type
- This starts with a list of value elements—the various benefits that each customer type gains from the relationship with your business.
- Then, write a summary statement of the value that this type of customer receives from your business—the overall value proposition
Step 4: Assess the strength of current value elements
Assess the strength of the specific elements of value that you provide. For each element that you listed, ask 3 questions:
• Are there any ways that this is a source of decreasing value to the customer?
• Are there any ways that this is a source of increasing value to the customer?
• What is the overall verdict based on the two questions above?
Step 5: Generate new potential value elements
To generate new value elements that you could offer to your customers, look in three areas:
1. New technologies
2. Trends in your customers sociocultural or business environment: customer lifestyle and business trends may provide opportunities for you to create value, even with the same products.
3. Unmet customer needs: get close to your customers and observe them directly. You’re sure to find some unmet needs that no one is fulfilling.
Step 6: Synthesize a new forward-looking value proposition
Synthesize everything you’ve learned about your value proposition for each customer type.
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