The NABC Efficiently Answers Four Fundamental QuestionsAn NABC comprises the four fundamentals that define a project's value proposition: Need: What are our client's needs? A need should relate to an important and specific client or market opportunity, with market size and end customers clearly stated. The market should be large enough to merit the necessary investment and development time. Need level: Vitamin (nice to have), Aspirin (worth paying for), Antibiotics (critical).
Approach:What is our compelling solution and unique advantage to the specific client need? Draw it, simulate it or make a mockup to help convey your vision. As the approach develops through iterations, it becomes a full proposal or business plan, which can include market positioning, cost, staffing, partnering, deliverables, a timetable and intellectual property (IP) protection. Look for paradigm-shifting approaches that address a specific need.
Benefits:What are the client benefits of our approach? Each approach to a client's need results in unique client benefits, such as low cost, high performance or quick response. (better, faster, cheaper). Success requires that the benefits be quantitative and substantially better - not just different. Why must we win?
Competition/alternatives: Why are our benefits significantly better than the competition? Everyone has alternatives. We must be able to tell our client or partner why our solution represents the best value. To do this, we must clearly understand our competition and our client's alternatives. For a commercial customer, access to important IP is often a persuasive reason to work with us. But, whether to a commercial or government client, we must be able to clearly state why our approach is substantially better than that of the competition. Our answer should be short and memorable.
Steve StevensBusiness Coach – Durf OndernemenUniversiteit Gent
Elevator pitchShort summary to define a product, service ororganisation and its valuesDeliver the summary in the time span of an elevatorride (30 sec – 2 min)
Elevator pitch - purposeOften used by entrepreneurs towards venturecapitalists or business angels to receive funding andduring networking eventsAlso used in job interviewing, dating and summarizingprofessional services.
Elevator pitch - purposeBut: Don’t try to sell too hard Know who you are talking to Just tease
How to Get Rid of Nervousness Prepare yourself ! It’s all-in the mind (mind exercises) Soothe your mood with music (feel good songs) Avoid nervousness-triggering factors (coffee,…) Relax, stretch, breathe in and out
My NABC Need – Approach –Benefit - Competition [Lisa Pattyn]
An important client or market need addressed by a unique approach with compelling benefits when compared against the competition or alternatives
NeedWhat are our clients needs? A need should relateto an important and specific client or marketopportunity, with market size and end customersclearly stated. The market should be large enoughto merit the necessary investment anddevelopment time.Example – Video On Demand system:Movie rental is a 500 Mio Euro business. The partpeople dislike is to return tapes and late fees.
ApproachAs the approach develops through iterations, itbecomes a full proposal or business plan, whichcan include marketpositioning, cost, staffing, partnering, deliverables, a timetable and intellectual property (IP)protection.Example: We will provide Video On Demand viathe cable with access to all tittles of IMDB. Thesystem uses existing channels and hardware.Customers need no new investments and paythe same price for a movie as in the rental shop.
BenefitsWhat are the client benefits of our approach?Each approach to a clients need results in uniqueclient benefits, such as low cost, high performanceor quick response. (better, faster, cheaper). Successrequires that the benefits be quantitative andsubstantially better - not just different. Why mustwe win?Example: – End-user: no need to return movies; no more late fees. Same functions as with a DVD player: fast forward, trailers, ..etc. – Customer: Higher revenue per movie with higher margin; 20% market share expected.
Competition / AlternativesWhy are our benefits significantly better than the competition?Everyone has alternatives. We must be able to tell our client orpartner why our solution represents the best value. To do this,we must clearly understand our competition and our clientsalternatives. We must be able to clearly state why our approachis substantially better than that of the competition. Our answershould be short and memorable.Example: • Competition : we have patented the distribution and VCR like features for VOD. • Alternatives : on-line rentals have higher handling costs (0.75 Euro per movie). Sending the tape back is as inconvenient as returning it.
Or in other words..I want to develop …. (a defined offering)To help …… (target audience)Solve …..With as secret sauce ….