Value proposition comes down to one question: How does your product add value to the customers? That’s what value proposition is all about. It is a positioning statement that explains what benefit you provide for who and how you do it uniquely well. Which of the Problems or Needs that you identified in your Personas are you fulfilling? What is unique about your Value Propositions and why does your customer prefer them to their Current Alternatives? What things do you do that actually cause a customer to pick you over a competitor or alternative? Define, Evaluate, Measure and Build are the four critical steps to build your value proposition. Once you’ve isolated these, try mapping them to the Customer Segments. Is the problem Unworkable? Is fixing the problem Unavoidable? Is the problem Urgent? Is the problem Undeserved? Does your solution fix a broken business process where there are real, measurable consequences to inaction? Will someone get fired if the issue is not addressed? If the answer is yes – then most likely customers will likely buy or consider buying your product.
Various ways of building your product around include: Newness, performance, customization, getting the job done, design, brand/status, price, cost reduction, accessibility, convenient/usability
OUR CASE STUDIES:
ARMANI VALUE PROPOSITION
Armani is built around a person…. Giorgio Armani with finesse in making bespoke suits and accessories. Giorgio Armani introduced classic wear in the year 1975 which was revolutionary at the time, natural fit and uses a subtle colour palette and has continued to stay current and consistent till today. Its value proposition speaks through its high-quality luxury goods, high class and luxury, exclusive design and style.
It initiated celebrity marketing that generated a lot of interest in Armani at the time. During the 1980s, wearing Armani became a symbol of success for many business professionals. They especially sought out the brand’s ‘power suits’ that were least provided by anyone at the time. Giorgio Armani sought to solve this need.
‘’ My philosophy has always been to help women and men feel comfortable and confident through the clothes they wear’’-Giorgio Armani
LOUI VUITTON VALUE PROPOSITION
Louis Vuitton is defined by the values of high-quality luxury handbags and the protection of their heritage. Over the span of history, LV has built an international reputation for outstanding quality, creativity and craftsmanship. The creation of their handbags comes from years of education and experience. Their e-commerce value proposition is told through a story showing the high level of craftsmanship that is put into the making of the handbags, and the luxurious quality of materials used in production. LV handbags values quality, creativity, heritage and craftsmanship. The value proposition of the handbags to the consumer is distinctly sturdiness, beauty and class. (Special orders) Timeless yet modern, status symbol.
written by: kelvin mwangi
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