A few weeks ago, I finished several workshops where we aimed to design a new value proposition for one of our clients. During these sessions, there was a discussion about what a value proposition stands for. Again, a lot is written about this, but, honestly, it’s often overcomplex.
Here are three questions that can help you rapidly articulate your value proposition. It’s not textbook perfect but will be a useful tool for pragmatists.
1. What Are Your Key Points of Value?
When answering this question, always think from a customer point of view. Eventually, you must provide a solution that answers the needs and frustrations of your target audience.
Let’s take an atypical example like an Italian restaurant. What could their points of value be? It could be providing people with authentic-tasting pasta or infusing a cozy and romantic atmosphere for couples. Both respond to the need for ‘qualitative local food’ and ‘a nice dating environment’. It doesn’t make the restaurant unique, but it does provide the value that people are looking for.
2. What is Your Creative Twist?
Following the example of the restaurant, maybe you could have your customers easily make online reservations. Or maybe the restaurant can become more accessible by staying open late. Think about how you positively improve and complement your points of value.
Also, how can you make yourself more you? It’s entirely possible that your “twist” is your brand experience. Maybe a consistent and recurring positive tone of voice makes you stand out.
3. What is Your Reason to Succeed?
It indeed might be directly related to the unique value you create or the creative twist that draws people in, but that doesn’t have to be the case. For the restaurant, the competitive asset could be the location: a pass-by hot-spot, or just a region with underserved customers. Or it could be that the owner is a plain marketing genius. Your answer must explain the ‘edge’ you have on others, and that you can hopefully maintain.
Successful Innovation Starts with Good Questions
Yes, there are many elaborate and more complete ways to articulate a value proposition. When you quickly want to write your idea on a napkin and discuss it with friends, think about these three questions.