A problem well stated is a problem half solved.” Charles Kettering
(Charles Franklin Kettering was an American inventor, engineer, businessman, and the holder of 186 patents. He was a founder of Delco, and was head of research at General Motors from 1920 to 1947)
What is a value proposition: A innovation or feature in the product or service that promises a value to its customers to be experienced with use of that product, feature or service.
In easy word: it is positioning statement that explains what benefit company provide for it’s target customer and how uniquely well it will deliver that benefit.
Why it is needed: A good value proposition is needed to make customer like, use and pay for the product, service or a feature.
How do you frame the value proposition that appeals and generate success in the market
1. It addrersses on target segment that is large, has a pain and has a capacity to pay to make gain.
2. It does NOT focus on all BUT ONLY KEY pain areas of the business (B2B) or people (B2C).
3. It deliver outstandingly in one key dimension of business as compared to others in the same business.
4. Is supported by business with practical execution model
5. Is aligned to measure customer satisfaction
6. It faciliates to connect with customers at emotional level for brand building
7. Is able to errect entry barriers for other to copy