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Stage 1, Lesson 4: Creating an Idea, Part 3
Value Proposition and Competitive Advantage
workshop agenda
01 review, touch base02 lesson introduction
03 product solution statements
04 value proposition concept
05 customer value perception
06 categories of value07 differentiating products and services08 summary and next steps
01review, touch base
• How has your thinking evolved concering key assumptions / hypotheses around risks:• PRODUCT RISK: What are you solving? (problem)
How might customers perceive the your problem(s) compared with how you thought of them?
• MARKET RISK: Who is the competition? (existing alternatives)How do customers solve these problems today?
• CUSTOMER RISK: Who has the pain? (customer segments)Is this a viable customer segment?
Maurya, Running Lean, p. 83, 84
01 review
02lesson introduction
by the end of the lesson you should be able to:
01 discover your meaning of the concept of value proposition – delve deep into the value proposition
02 brainstorm how your customer might perceive value
03 discuss the 3 categories of value and determine how they connect to your customer
04 summarize the importance of differentiating your product or service using a unique selling point and by creating competitive advantage.
03product solution statements
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Discovery
Stage 1 Stage 2 Stage 3
Pretotyping
https://steveblank.files.wordpress.com/2014/06/what-is-customer-discovery.m4v
learn from the stories of:
steve blank and bob dorf
share and discuss your product solution statements.
why should business models focus on problems or needs?
04STEP 1: value proposition concept
video: “what is value proposition?”steve rankel
https://www.youtube.com/watch?v=VZ5rgVgn5qk
steve rankel’s 4 key points of a value proposition:
01 short
02 specific
03 in the customer’s language
04 passes the “seat-of-the-pants” test
brainstorm activity
brainstorm and record a value proposition for the product/service you intend to provide the target customers
which dimension of value do you believe your value proposition might be focused on?
01 saving time
02 saving money
03 positive impact of society (social
entrepreneurship venture)
05STEP 2: customer value perception
long term value of customer versus
long term value of product
06STEP 3: categories of value
categories of value
01 all benefits
02 favorable points of difference
03 reasonable focus
brainstorm activity
what category of value best fits your value proposition?
value proposition answers “What do we do?”
• How much better?• How much faster?• How much savings?• How much easier to access?• How much newness (and why)?• How much customization?
Take some time now to review and updateyour value proposition.
07STEP 4: differentiating products and services
differentiating products and services video: “unique selling proposition”
https://www.youtube.com/watch?v=GVP6QW58Ug4
differentiating products and services video: “competitive advantage explained”
https://www.youtube.com/watch?v=Qxwt3-DNo_s
Unique selling point is that aspect that differentiates a product or service from all the other similar products or services (offered by existing or potential competitors).
08summary and next steps
Consider and reflect on the following:
01 value proposition and the four things a value proposition should be
02 how might a target customer perceive value, and what are the three value categories?
03 competitive advantage and how a unique selling point might help to achieve a sustainable competitive advantage
“We must learn what customers really want, not what they say they want or what we think they should want.” ― Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
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