Value Proposition

The value proposition is the unique benefit that a business offers to its customers. It is the reason why customers choose to do business with a particular company. A strong value proposition can differentiate a business from its competitors and drive long-term success. In this article, we will take a look at some of the common value proposition strategies and how they are related.

Customizing the product

The business models of Blended Value, Mass Customization, and Make More of It all share a common thread of customization. These models center around the idea of offering personalized and tailored products or services to customers. Blended Value and Make More of It involve creating unique products or services that meet the specific needs of individual customers. Mass Customization, on the other hand, involves offering a wide range of options for customers to choose from to create a custom product or service.

Customizing the experience

Curation, Experience Selling, and Solution Provider all share a common focus on providing a tailored and unique experience for the customer. Curation is about carefully selecting and presenting a specific set of products or services that meet the specific needs and preferences of the customer. Experience Selling is about creating an immersive and memorable experience that goes beyond the product or service itself. Solution Provider is about offering a comprehensive solution that addresses all of the customer’s needs and concerns.

Simplicity

The business models of No Frills and One-stop-Shop share a focus on simplicity. These models center around offering a streamlined and uncomplicated customer experience. No Frills involves offering a stripped-down version of a product or service, with only the essential features included. On the other hand, One-stop-Shop involves offering a wide range of products or services under one roof, making it easy for customers to find what they need in one place.

Innovation and Adaptability

Reverse Innovation and Sensor as a Service both focus on staying ahead of the curve by being innovative and adaptable. Reverse Innovation is about taking products or services developed for one market and making them suitable for another. Sensor as a Service is about leveraging sensor technology to collect data and make real-time adjustments to improve the customer experience.

Lock-in and Product Self-Service

The “Lock-in” and “Product Self-Service” models involve making it difficult or costly for customers to switch to a competitor. Lock-in involves creating barriers to switching such as proprietary technology, while product self-service allows customers to purchase products at any time, without the need for salespeople. These models increase customer retention and drive sales.