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Developing and implementing value proposition
The document discusses developing value propositions for customers. It presents a 10-point template for crafting a value proposition, including identifying the intended customer, their experience, the offerings and benefits, alternatives, proofs of ability to deliver, timeframe, communication plan, operationalization, and metrics. Examples are provided of value propositions from accounting and technology firms that address key elements such as price, experience, and benefits in a way that differentiates the company from alternatives.
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Developing and implementing value proposition
- 1. Developing and implementing valueproposition Lecture 11 Marketing Management (MBA)
- 2. Three Kinds ofValue Propositions • All benefits • Favorable points of difference • Resonating focus (Anderson et al, 2006)
- 3. Three Kinds ofValue Propositions (2)
- 4. The Building Blocksof a Successful Customer Value Proposition • the essential question is, "How do these value elements compare with those of the next best alternative?” • There are three ways to develop successful value proposition – Points of parity are elements with essentially the same performance or functionality as those of the next best alternative. – Points of difference are elements that make the supplier’s offering either superior or inferior to the next best alternative. – Points of contention are elements about which the supplier and its customers disagree regarding how their performance or functionality compares with those of the next best alternative.
- 5. Examples of valueproposition
- 6. Value proposition builder(Barnes et al, 2009)
- 7. Value proposition templateand value proposition statement Ten-point value proposition template Corresponding areasin Figure Functional Responsibility Who is the intended customer? Market VP team with Board sponsor What will the customer’s experience be of the offering and the company, and what price will they pay? Value experience VP team with Board sponsor What offerings will we create to deliver the intended experience to the intended customer? What purchase or usage of offerings do we want from the intended customer? Offerings VP team with Board sponsor What benefits will the customer derive from the experience and at what cost? benefits VP team with Board sponsor What competing alternatives do the customers have? How are we different? Alternatives and differences VP team with Board sponsor How will we substantiate our ability to deliver the resulting customer experience measurably and specifically? Proofs VP team with Board sponsor Over what time frame will the proposition be delivered to the customer? VP team with Board sponsor How will the value proposition be communicated internally and externally? Marketing & sales How will the value proposition be operationalized throughout the business? Operations & HR How will we measure and monitor the effectiveness of the proposition on our business? Balanced scorecard and finance
- 8. An example: Valuesproposition statement • You are important to us and, through our partner-led approach, we work with you to ensure planning and tax compliance is fully integrated and operates effectively within the context of your business, enabling you to minimize risk, while delivering clarity and effectiveness in your tax philosophy. • Our account management approach ensures one single partner has a comprehensive overview of the tax service delivery. This provides you with a single point of contact, allowing you to achieve rapid decision making, solve problems and maximize efficiency. • Our prices remain competitively aligned with the value we deliver and are 10% less than the top global firms
- 9. Illustration of usingthe template
- 10. Illustration of usingthe template (2)
- 11. Illustration of usingthe template (3)
- 12. Illustration of usingthe template (4)
- 13. Illustration of usingthe template (5)
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- 17. Class exercise Ten-point valueproposition template Who is the intended customer? What will the customer’s experience be of the offering and the company, and what price will they pay? What offerings will we create to deliver the intended experience to the intended customer? What purchase or usage of offerings do we want from the intended customer? What benefits will the customer derive from the experience and at what cost? What competing alternatives do the customers have? How are we different? How will we substantiate our ability to deliver the resulting customer experience measurably and specifically? Over what time frame will the proposition be delivered to the customer? How will the value proposition be communicated internally and externally? How will the value proposition be operationalized throughout the business? How will we measure and monitor the effectiveness of the proposition on our business?
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