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Stage 1, Lesson 4: Creating an Idea, Part 3
Value Proposition and Competitive Advantage
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workshop agenda
01 review, touch base02 lesson introduction
03 product solution statements
04 value proposition concept
05 customer value perception
06 categories of value07 differentiating products and services08 summary and next steps
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01review, touch base
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• How has your thinking evolved concering key assumptions / hypotheses around risks:• PRODUCT RISK: What are you solving? (problem)
How might customers perceive the your problem(s) compared with how you thought of them?
• MARKET RISK: Who is the competition? (existing alternatives)How do customers solve these problems today?
• CUSTOMER RISK: Who has the pain? (customer segments)Is this a viable customer segment?
Maurya, Running Lean, p. 83, 84
01 review
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02lesson introduction
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by the end of the lesson you should be able to:
01 discover your meaning of the concept of value proposition – delve deep into the value proposition
02 brainstorm how your customer might perceive value
03 discuss the 3 categories of value and determine how they connect to your customer
04 summarize the importance of differentiating your product or service using a unique selling point and by creating competitive advantage.
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03product solution statements
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Discovery
Stage 1 Stage 2 Stage 3
Pretotyping
https://steveblank.files.wordpress.com/2014/06/what-is-customer-discovery.m4v
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learn from the stories of:
steve blank and bob dorf
share and discuss your product solution statements.
why should business models focus on problems or needs?
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04STEP 1: value proposition concept
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video: “what is value proposition?”steve rankel
https://www.youtube.com/watch?v=VZ5rgVgn5qk
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steve rankel’s 4 key points of a value proposition:
01 short
02 specific
03 in the customer’s language
04 passes the “seat-of-the-pants” test
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brainstorm activity
brainstorm and record a value proposition for the product/service you intend to provide the target customers
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which dimension of value do you believe your value proposition might be focused on?
01 saving time
02 saving money
03 positive impact of society (social
entrepreneurship venture)
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05STEP 2: customer value perception
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long term value of customer versus
long term value of product
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06STEP 3: categories of value
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categories of value
01 all benefits
02 favorable points of difference
03 reasonable focus
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brainstorm activity
what category of value best fits your value proposition?
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value proposition answers “What do we do?”
• How much better?• How much faster?• How much savings?• How much easier to access?• How much newness (and why)?• How much customization?
Take some time now to review and updateyour value proposition.
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07STEP 4: differentiating products and services
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differentiating products and services video: “unique selling proposition”
https://www.youtube.com/watch?v=GVP6QW58Ug4
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differentiating products and services video: “competitive advantage explained”
https://www.youtube.com/watch?v=Qxwt3-DNo_s
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Unique selling point is that aspect that differentiates a product or service from all the other similar products or services (offered by existing or potential competitors).
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08summary and next steps
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Consider and reflect on the following:
01 value proposition and the four things a value proposition should be
02 how might a target customer perceive value, and what are the three value categories?
03 competitive advantage and how a unique selling point might help to achieve a sustainable competitive advantage
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“We must learn what customers really want, not what they say they want or what we think they should want.” ― Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
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