Lesson 3: Value proposition Flashcards
a simple statement that clearly communicates the product or service benefit you promise to deliver to your customers.
Value proposition
communicates the unique benefits of a product or service and differentiates it from the competition.
usually composed of 2 to 3
sentences
Value proposition
catchy phrase or slogan that is often used in advertising to create brand recognition and recall.
memorable phrase that sums up the essence of the brand
usually compose of a sentence or a phrase
tagline
Where to use VP?
- Website
- Product packaging
- Advertising
- Sales collateral
- Social Media
When to use VP?
- Launching a new product/services
- Entering a new market
- Updating products/services
- Targeting a new customer segment
Enumerate the 6 importance of value proposition
- Differentiate from competitors
- Improves acquisition of customers and investors
- Increase customer loyalty
- Guides product development
- Helps with pricing strategy
- Increase revenue
Enumerate the 6 characteristics of an effective VP
- Unique
- Clear and concise
- Customer-focused
- Specific
- Quantifiable
- Memorable
Enumerate the 7 mistakes to avoid in making a value proposition
- Using Jargons
- Disregarding the competition 3. Being too Generic
- Staying away from target market
- Not testing the VP
- Being Synonymous to Competitors
- Focusing too much on features
What is the value proposition of starbucks?
“Starbucks offers customers the finest coffee produced by themselves, with a strong commitment to creating a global social impact, served in stores that promote a welcoming and warm atmosphere where everyone can feel “like home.”
