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Creating a great value proposition - a guide by brian groth
Creating a great value proposition - a guide by brian groth
Creating a great value proposition - a guide by brian groth
Creating a great value proposition - a guide by brian groth
Creating a great value proposition - a guide by brian groth
Creating a great value proposition - a guide by brian groth
Creating a great value proposition - a guide by brian groth
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Creating a great value proposition - a guide by brian groth

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  1. Creating a GreatValue Proposition- a guide for startupsThis guide is meant to help startups create a value proposition thatyour developers/engineers and marketing can all rally aroundBy Brian Groth, May 2013 - Contact me @BrianGroth on Twitter - www.BrianGroth.com for everything
  2. 1. Define your strategy in regards to thecurrent market Combine and summarize the following, which you can call the MarketOpportunity Analysis (MOA) that explains the market’s opportunities and threats Figure out who your competitors are and their products, customers, profitability, partnerecosystem, and market share position and trends Identify the market segments and then define your target audience Keep track of insights/data points that will help you differentiate your product inthe market (these will be differentiating supporting pillars later on) Write up your strategy to win this market and provide guidance so yourdevelopers/engineers know what to build and marketers know what concepts toresearch and how to bring it to market
  3. 2. Do some research to understand whoyour customers are and what they need Create your target segments, size of the segments, use-case scenarios per segment, andcustomer personas. Do this through: Qualitative research: Such as focus groups and interviews Quantitative research: Such as online surveys using Kano, MaxDiff, and Choice Modeling methods Prioritize these target segments (audiences) based on their needs, attitudes, andbehaviors that you know your product can address Use this research to represent your customer as personas (such as Techie Moms or OutdoorNerds) for your developers and marketers: (NOTE: If you are a small startup, I suggestselecting one persona and stay focused on it until you’re ready to expand to anotherpersona) Developers need to build for the scenarios and tasks that the persona will do Marketers need to price the product and communicate the value of it to the persona
  4. 3. Write up the draft value propositionstatement You should now be ready to fill in the <blanks> in this sentence,which is your value proposition: For <the persona> who want to <meet some need>, <your product name> is the<generic descriptor> that <primary benefit of your product>. Unlike <the competition>,<our product name> is <differentiating support pillars> And you should be able to fill in the <blanks> regarding what youwant your customers to think: I believe it will [meet some need] for me, which is worth more to me than [price, effort] I believe it’s better than alternatives because it’s better at [differentiating supportpillars] Note that the customer-facing messaging might be worded differently (aka, yourmessaging statements), but for now this should keep everyone on track
  5. 4. Test the concept and value of yoursolution with your target audience Before bringing the solution to market, make sure you’re on the righttrack through more research by showing mockups or demos. Getanswers for: Does it do what they need or want? Is it different enough from the competition? Would they purchase it, and at what price? How well do they like it? (excited or, just OK) If you need to modify the product or target audience after this,then make sure to also modify the value proposition
  6. 5. Make sure your company canarticulate your value propositionMake sure everyone at the company can clearlyrepeat the value propositionAnd that they can have a conversation about: Who the product is for What needs it meets The primary benefit How it is different from the competition
  7. For more help, see these articles What is your value proposition: http://startupowl.com/resources/before-you-start/value-proposition/ which refers to a very good Value Proposition Worksheet:http://www.rocketwatcher.com/blog/2012/08/startu-value-proposition-worksheet.html (by @AprilDunford) Useful value proposition examples and how to create a good one:http://conversionxl.com/value-proposition-examples-how-to-create/ (by@peeplaja) How to create a compelling value proposition: Do it yourself in 3 steps:http://www.bbmarketingplus.com/blog/2010/10/18/how-to-create-a-compelling-value-proposition-do-it-yourself-in-3-steps/ (by @bbmarketingplus)

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