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Value Proposition is part of business planning and it is used for several reasons, but typically it is used to inform, show or attract the customer about “what they can expect from your product”. The concept of value proposition is developed to increase the sales of goods and services by highlighting the benefits of your product to the customer. The major goal of Value Proposition is to accentuate the good about your products and services and what customer can expect or experience from your products and services. From the business point of view, the value proposition is used to educate the customer about the good things of your products or services so that customer chooses your company over your competitor. Another benefit of value proposition is that, it reduces the uncertainty from the mind of customer and let them choose what’s good for them and what they can expect from you.
A strong value proposition is able to grab a large number of audiences (customer) and enforce them to know more about your products and services. Strong value propositions always have following four qualities
- Increase in company’s revenue
- Increase in market share
- Increase the efficiency of company
- Decrease in cost of production
The system used by companies for value proposition may be challenging if they are not able to target the right audience, with right product quality and the benefits over right competitor. First of all a company need to focus on important characteristics about their product and must exploit them. Obviously one cannot exploit all the good things about their product, the customer never have time to read or view all that content and even he/she never show interest if they are not able to get what they require from your tag line or what you highlighted. Choosing the right tag line or exploiting the right characteristic of your product leads customer to seek for all the other qualities of your product. Another important thing is customer always needs the best of all the products available in market. So the difference must be highlighted in such a way that it shows the value of your product over the competitor.
So the key elements of Value Proposition are
- Targeted Customer
- What customer will get (customer demand)
- Product is unlike from competitor in which way
- Tag Line (what makes your product different from other)
Today’s economy environment is widely captured by increased customer power and strong supply network. In order to expand the business and market share, the companies owners need to come up with fast innovative ideas with collaborative strategies and to accomplish that they need to capture a wide audience. The decision support system offered by business intelligence is the key to improve the economy of organization.
During the down time of market, an organization needs a transparent and trusted source of information to run the organization. The impact will be directly on the economy of the organization. If they are able to get right source, they will be able to generate benefits even in market down time, otherwise they have to suffer from the downfall.
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