Wednesday, October 22, 2014

Value Propositions That Work

I came across a blog from Harvard Business Review with the title above. It is written by Anthony K. Tjan   I think this one of those no-nonsense blogs that are amazingly useful. This is what Tony says:

"Most people can’t explain what their company does — its value proposition. Consider that there are only four types of consumer benefits that matter and by extension only four categories of value propositions that work."
  1. Best Quality: Think of brands that set a standard
  2. Best bang for the buck:  Some consumers will always buy on price. Best-in-class value doesn’t always mean lowest price, however, but rather the best quality-to-price ratio. 
  3. Luxury and aspiration:  On the other end of the spectrum from bang-for-buck players. In High Tech this needs a translation. Apple tablet are fantastic, expensive but largely unnecessary . The latest entrant in Tesla Motors, with a $100k Ferrari killer electric car. 
  4. Must-have: Again in high tech it needs translation
No one can say this is new. What is new is combining all together, or as many as possible from the four value proposition in your company and product.
"Figure out how to reposition your offering. Stop being stuck in the middle and aim to set a new standard."
Tony Tjan with Arriana Huffington
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AI and ML for Conversational Economy