Value Proposition: A simple spreadsheet to help you categorize your products’ value
Recently, I went through a value proposition workshop for our upcoming Optimization Summit 2013 in Boston led by Adam Lapp, Associate Director of Optimization and Strategy, MECLABS.
The workshop produced a very simple, yet powerful spreadsheet I’m going to share with you today on the MarketingExperiments blog.
Simple, because it is essentially just a list of different elements or points of value of your products with a rating to determine how valuable they are.
Powerful, because … be honest. With all of the email sends, meetings and campaigns you run, how often do you really step back and try to categorize and rank the value of your products through your customers’ eyes?
So, download the MarketingExperiments Value Proposition Spreadsheet. Here are a few simple tips to get you started …
Get the key people in the same room
And brainstorm. But, this is a structured brainstorm. Start by simply listing all of the different points of value your product might have. Let’s take a car as an example:
- Best-in-class fuel efficiency
- High, but not top, safety rating
- Snazzy new design
- Unique sound system
Then, rate each of these elements of value on a scale of 1 to 5 for the following factors:
- Appeal – How much is this offer desired?
- Exclusivity – Is this offer available elsewhere?
- Credibility – How believable are your claims?
Based on this ranking, you will find elements likely to be more valuable to your audience, and elements somewhat less valuable to your audience.
Plus, using the spreadsheet, you now have a consistent way to communicate the levels of significance for different elements of value to everyone in your organization who is involved with that product.
Now craft some value propositions
From here, you want to craft value propositions based on the elements of value that have risen to the top from your analysis. Here are a few resources you may find helpful:
And, test those value propositions
Of course, this spreadsheet merely helps you find the most significant elements of value guiding to the ultimate judge of value – your customers. The final step is to actually test the value propositions you created. Here are some resources you may find helpful: