Key Elements of a Compelling Value proposition

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Key Elements of a Compelling Value proposition

  1. 1. Does Your Value Proposition Answer these 10 Key Questions?†1 Name What is the name of your product or service? Provide a distinctive,descriptive name that (ideally) conveys the essence of the concept.2 Tagline What is the tagline for your product? Provide a memorable phrasethat – with the name – captures and conveys the key benefit(s) ofand/or target for the product.3 Target Who is your product intended for? Describe who is likely to find ituseful and why. Make it easy for prospects to recognize and answer“Am I part of the target market for the product or service?"4 ProblemSolvedWhat problem does your product solve? With as few words aspossible, describe the problem the product or service is solving – putdifferently, answer “What ‘job’ does the product do?”5 Explanation How does your product work? Concisely explain how the productworks – what technology it uses, the platform(s) that it runs on, etc.State or briefly allude to (without revealing IP) “What is the ‘secretsauce’?”6 Benefits What are the key benefits of your product? Assert key claimsabout the product in terms of benefits it delivers (not simply productfeatures). Relate back to the problem(s) solved.7 Verification How good is your product at what it does? Quantify the keybenefits of your product. Answer “How much better is it?” and “Whyshould I believe the claim(s)?”8 Position How is your product different from other solutions? State howyour product is similar to, different from or better than alternatives therespondent is familiar with, accustomed to or has used in the past.9 Requirements What must users do to purchase, install and use the product?Make explicit requirements to purchase, install and use the product,including device(s) it works on; where it can be used; drawbacks orlimitations that need to be considered; etc.10 Provider Who are you and why should prospects believe your claims?Identify who you/the provider is (specifically or generically) and brieflydescribe qualifications for delivering on the value proposition above.†Use a combination of text, images and graphics to answer the abovePermission granted to cite, copy and distribute with attribution –Dr. Phil Hendrix - immr - www.immr.orgDr. Phil HendrixDirector, immr

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