Value Proposition Design for breakthrough innovation

money counter

Photo by Sharon McCutcheon on Unsplash licensed with Creative Commons

Understanding Value Proposition Design is critical for running a successful organization. Creation of value is also linked to breakthrough innovation.

The added impact for any product or service that embraces the value proposition process lends itself to natural sales.  A slick, expensive marketing scheme isn’t necessary. Because direct, honest marketing is working best of all, we thought it worthwhile to highlight who will truly enjoy learning more about his concept and how will they benefit.

Who Will Love This?

Professional marketers, innovators, project managers, understand that for any new plan to get off the ground there must be an initial evaluation. All great projects won´t even begin unless a unique benefit is a planned result, correct? However, with so many companies reporting failed projects, it is worth looking at who benefits from a value proposition strategy.

Better Tools

You will love learning about Value Proposition if you often feel like…

  • Management is asking teams and projects to demonstrate value, but you were not exactly sure how to achieve that.
  • There should be better tools or techniques that assist with creating value.
  • There is a lack of confidence in the plan or steps to achieve primary goals.
  • Understanding precisely what the customers want seems quite tricky.
  • Communicating the difference between features and benefits, versus knowing the customer’s sincere desire is a challenge.
  • No one can describe the big picture and link how the process is going to get us there.
Increased Productivity

You will love using a Value first design strategy if you have experienced team meetings which…

  • Team members did not have the same understanding of what customer value is or a shared agreement on the techniques to deliver distinct value.
  • Got bogged down in unproductive discussions that did not advance project progress.
  • There was a lack of defined processes, steps or tools.
  • A disproportionate number caused a drop in morale and seemed disorganized.
Opinion not fact

You will love Value Proposition design if you have worked on projects that…

  • Underestimate in scope and risk which ended up wasting money and critical resources.
    Wasted too much time in overcoming stakeholder objections and worked overtime justifying goals.
  • Used plenty of resources converting unsubstantiated data into reports that were misleading and inaccurate.
  • Spent more time with sponsors and financial controllers versus observing customers using a working prototype and getting genuine feedback from knowledgeable stakeholders.
  • Allowed opinions of the few outweigh the importance of proven facts.
    Used the same strategy for running operations rather than using new processes suited for value creation.
Value proposition drives innovation
How does it help?

We all can empathize with those that are disappointed by a failed project. Especially when the project appeared valuable and had good intentions. When good ideas die, a little piece of us dies with it.

We can prevent more of these endings by changing our focus. Learning and implementing Value Proposition Design is intended for a win-win outcome. The customers enjoy the benefits you create. Additionally, the team and company will also enjoy an elevated sense of satisfaction.

– ESTABLISH PATTERNS

This strategy pushes you to organize information about what customers want in a straightforward way, making the patterns of value creation more visible. Team members more effectively create design value propositions. You generate profitable business models directly targeting customers most essential pain points and needs.

– ALIGN INDIVIDUALS

All team members seek appreciation and approval, so leverage each members experience and skill to see the group thrive. Teach others to recognize members strengths and not point out weaknesses. Keeping individual team members focused on the positive contributions others are making is a great way to align everyone for better overall productivity.

– EMPOWER TEAMS

Overcome useless meetings by equipping a group to use a shared process and language. Education takes effort, so run creative practice exercises. Contributing together toward a single goal builds team alignment.

When the team members no longer feel bored or threatened in meetings, they immediately become more productive. Organize meetings where the goals are defined up front and work hard to generate actionable tasks for attendees.

Get more stakeholders actively thinking beyond technology. Rather than focusing on technology first, more become empathetic with the customer. Empathy brings more to discover real value for customers and their business.

– MINIMIZE FLOPS

A flop is a total failure, where all the money, time and resources produced zero results. Businesses that have flops are not around for very long. Creating unique value includes constantly testing as a means to reduce this type of risk.

The goal is to embrace ideas and foster innovation. This testing with a physical prototype or an MVP is that represents the idea is the means to keep pursuing growth without risking bankruptcy.

Summary

Our article introduces Value Proposition Design. It defines those that will love this the most. It also gives reasons why it makes us more successful. We love learning more about Value Proposition Design because it is all about giving the customer what they want. That advances the innovation process. Adding perceived value to a new product or service with an innovative solution drives return on investment.

For more than ten years, INMEDIATUM has been working and defining mobile business innovations. We are believers in the Value Proposition Design approach. As such, we strive for profitable solutions that customers love. Get in touch to discuss your next project.

Write a comment