Understand your customers and adopt creative ways to offer great solutions
The concept of value proposition was developed by Robert Kaplan and David Norton in the early 90’s, they are authors of the book, The Balanced Scorecard: Translating Strategy into Action. The objective of value proposition is to differentiate the brand/product from competitors. The idea is basically “how” best you can uniquely attract and serve customers that translate to real value. Offering great value proposition must show a clear picture of what your brand/product has to offer. According to the authors the “how” must include the value proposition in the customer perspective; the innovation, customer management, and operating processes in the internal process perspective. These elements are as fundamental as the projected outcome of the company’s strategy for sustainable competitive advantage.
This can be achieved through analyzing the business marketing mix: which are product, price, service, relationship and image that a company provides to its customers. In today’s world, customer intimacy is a key element to succeeding, brands world over thrives to build bonds with its customers, they study feedback (Reviews) from the people it sells to and find ways predict future needs. Ultimately, satisfying customers is the most critical source of sustainable value creation.
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