We almost always define our Value Proposition too narrowly. Because we wear the blinders of our existing products/solutions and business model. We get so tied up in delivery we forget the real reason customers value us. This causes us to miss abundant opportunities to grow.
Do people buy antacids so they stop pain, or do they buy antacids so they can enjoy eating? Do people buy lawn fertilizer to grow grass, or to have a beautiful lawn which feeds their pride and go? In both cases, The former has limited growth, the latter has an array of possibilities.
This podcast explains how to identify your Value Proposition and use it to find opportunities for growth. We overview music sales as a case study. Music looked like a dying business in 2001, and it shrunk through 2010. But applying new technologies to help people realize their goal of listening to what they want, when they want, allowed a new value delivery system (streaming) to drive double digit revenue growth, returning music revenues to rates of 20 years before.
- Do you really know your Value Proposition, or are you gliding by on simplistic answers?
- Have you plumbed new ways to create new value delivery systems that can better achieve your Value Proposition?
- Do you visualize new technologies and new business models, then experiment in achieving them?
- Do you let trends push you to doing new things you otherwise wouldn’t do, and are uncomfortable doing?