Now that you have established in which field of expertise you are focused, you are ready to get creative! The next step is to communicate your value proposition.
In the following activity we would like you to develop your value proposition in the form of an ‘elevator pitch’. This is a peer review activity which means that it is a valuable opportunity for you to be able to get feedback on your own ideas and give feedback to others about their ideas.
If you don’t wish to share your real ideas, we suggest that you pick an existing product or service and write a fictional elevator pitch to practice communicating a value proposition.
To formulate your value proposition, we first need to explore what value is, how your value can lead to business success and how you conceptualise business success.
What is value?
Creating value is at the heart of your business idea. Value represents the view of what a product or service is worth to your customer.
Your business idea should be appealing to your customer and add value for them when compared to other alternatives available to them.
It could even be a new, innovative idea and would therefore add value for your customer by solving a problem or improving on an existing way of doing things.
Read The Value Proposition (available from the University of Minnesota’s website), which explains what a value proposition is and identifies why a company may create/generate different value propositions for different target markets.
It also introduces you to the idea of creating your value proposition in the form of an ‘elevator speech or pitch’.
You also now have an understanding of the need for profitability, which allows your business to be sustainable into the long-term and also the contribution your business will make to improving people’s lives and valuing your customer.
Do you think your value can extend beyond customer value and profitability?
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