Lecture: Value proposition Development
24 important questions on Lecture: Value proposition Development
What is value proposition ?
What can you say about the history of value proposition?
What are the four categorie of value proposition?
- Social benefits (' I am with')
- Functional benefits ('I get')
- Self-expressive benefits ('I am')
- Emotional benefits ('I feel')
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Why apply segmentation?
- Relevant VP
- Adjust go-to-market strategies
What is the goal of market segmentation?
- A broad and strategic approach
- Understand the market landscape
- Understand where we are doing the business
- Identify and prioritize attractive market segments
What is the goal of customer segmentation?
- Tactical approach/ different per company type
- Identify the needs and drives of our customer
- Identify a valuable segment
- Identify the criteria customers use to make their purchase
- Identify their willingness to pay (wtp)
Why do some value propositions fail (startups)? 4 reasons
- Customer segment is not well defined
- Wording is ambiguous
- The value is not unique
- Confusing supporters with customers
What are the 3 elements of customer segmentation?
- Behaviours: like buying frequency
- Needs
- Demographics
What is the top reason that startups fail?
What are the 3 elements of the Customer segment (canvas)?
- Gains and benefits
- Pain and risks
- Jobs and task
What are the two main elements of the Value proposition Canvas?
- Value proposition
- Customer profile
What is the meaning of 'Gains and benefits'?
What is the meaning of ' Pains and risk'?
What is the meaning of 'Jobs and tasks'?
What is the meaning of 'gain creators'?
What is the meaning of ' Pain relievers'?
What is the meaning of 'Products and services?
When do you have a match(fit!) between needs and your offer? -> value for customers
How do you develop a value proposition?
- Listen
- Be inquisitive (nieuwgierig)
- Be involved in your customer world and learn from it
- Network, talk to your network and your peers
- Mingle with your customers, visit their markets and suppliers
- invest time and resources in your customers first
What are 6 tools to develop your own unique value proposition?
- Get key data on your customer and their sectors
- analyse your competitors
- Create experiments with minimal viable products
- Look beyond the known world, explore different markets and applications
- Team up with other entrepreneurs and create combine solutions, use your networks!
- Be ready to adapt, change and tweak your products and service toward customer demands
What are 5 questions to Assess your value proposition?
- Does it prioritize the best gains and pain reliever for quick customer delivery?
- Is your success also customer success?
- Are your different enough from your competitors in the eyes of your customers?
- Can you outperform your closest competitors and does your customer know this?
- Are your difficult to copy? Really?
How do you find customers and bin them, give 4 methods?
- Select a market and then custom segment based on pains and gains you can tackle
- Find influencers and recommenders as launching customers and bind them through additional benefits
- Focus on decision-makers
- Group customer based on usage, channels or desired customer relationships, bring them together and find common agendas
What are the pros of Value proposition?
- The vpc results in focus and direction
- Raises customer engagement
- Results in the right kind of messaging and effect marketing
What are the cons of value proposition ?
- Overloading with customer segments, too many segments
- Can lead to inventing customer to suit products
- Costly process
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
