Define the value received by each customer

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Adapt Your Value Proposition

This chapter discusses adapting value propositions as customer needs change. It covers concepts of market value, routes out of decline, and the roadmap tool.
Tool: Value Proposition Roadmap

1. Define key customer types based on the value received

2. Define the value received by each customer, by considering the types of jobs they want to get done and the specific value elements (or valued benefits) that they get from your business. Consolidate these into an overall value proposition for each customer group

3. Identify emerging threats (new tech/substitutes, changing customer needs, new competitors and substitutes) that could undermine your existing value Get online assignment help – 100% Original & AI-Free Content.

4. Assess the strength of each existing value element. Consider how each one could increase/decrease in value to the customer, and if overall it's strong, challenged or disrupted

5. Identify new value elements that you could offer

6. Organize all the value elements into 4 columns: (i) core elements to build on, (ii) weakened elements to strengthen, (iii) disrupted elements to deprioritize, (iv) new elements to create. Then develop an overall new value propositions for each customer type.

Mini Case: BookStore Inc. - Evolving in the Digital Age
BookStore Inc. sells physical books but faces e-book competition. They need to adapt their value proposition.

Solution Using Value Proposition Roadmap:
Step 1: Key types - Casual readers, Avid collectors.

Step 2: Value - Casual: Convenience; Avid: Rarity/experience.

Step 3: Threats - E-books, online retailers.

Step 4: Assess - Core: Community events (strong); Weakened: Physical selection (challenged).

Step 5: New elements - Digital subscriptions.

Step 6: Organize - Build on community; Strengthen selection via partnerships; Deprioritize outdated inventory; Create digital access. New propositions: "Hybrid reading experience" for both.

Reference no: EM133946435

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