How strong is your Value Proposition?
One of the most basic concepts of marketing, and certainly of any business that depends on conquering and retaining customers, is called the Value Proposition. It comprises the range of products and services that configure your company’s offering the client pays for, including the intangible aspects that make up the attributes of image. A business opportunity is based upon meeting the needs and aspirations of a defined market segment, whether explicit or implicit.
The attractiveness of your offering to the target audience, wrapped with the aspects of the brand’s personality, ethical commitment, among others, and the benefits experienced by your customers, translate into the general value perception that the market will assign to your company. Take the example of Nespresso, that with its offering of making “gourmet espresso coffee available at your home/ office”, with a vibe of innovation, sophistication, and convenience, built up a multi-billionaire industry.
To formulate and sustain a meaningful and well positioned Value Proposition, whatever the business, is the starting point to justify its success.