LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Lesson 2: Value Proposition
Introduction
Let’s look at a simple example: If you and I decide to give each other a $5
bill at the same moment, is value created? I hand my $5 bill to you, and you
hand yours to me. It is hard to say that either of us receives a benefit greater
than the $5 bill we just received. There is no value in the exchange.
Now, imagine that you are passing by a machine that dispenses bus
tickets. The machine is malfunctioning and will only accept $1 bills. The bus is
about to arrive and a man in front of the machine asks if you would be willing to
give him four $1 bills in exchange for a $5 bill. You could, of course, decide to
make change for him (and give him five $1 bills), making this an “even exchange.”
But let’s say you agree to his proposal of exchanging four $1 bills for a $5. In
that moment a $1 bill is worth $1.25 to him. How does that make sense in the
value equation? From his perspective, the ability to use the bus ticket
dispenser in that moment adds value in the transaction.
Value is not simply a question of the financial costs and financial benefits.
It includes perceptions of benefit that are different for every person. The marketer
has to understand what is of greatest value to the target customer, and then use
that information to develop a total offering that creates value.
At the end of the lesson, the students will be able to:
1. Discuss benefits vs features, relation to needs, and high value adding.
2. Define what value proposition statement is?
3. Familiarize Needs, Approach, Benefits and Competition
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Value is More than Price
You will notice that we did not express value as value = benefit –
price. Price plays an important role in defining value, but it’s not the only
consideration. Let’s look at a few typical examples:
Two products have exactly the same ingredients, but a customer selects
the higher-priced product because of the name brand
For the marketer, this means that the brand is adding value in the transaction.
A customer shopping online selects a product but abandons the order
before paying because there are too many steps in the purchase process
The inconvenience of filling in many forms, or concerns about providing personal
information, can add cost (which will subtract from the value the customer
perceives).
An individual who is interested in a political cause commits to attending a
meeting, but cancels when he realizes that he doesn’t know anyone
attending and that the meeting is on the other side of town.
For this person, the benefit of attending and participating is lower because
of costs related to personal connection and convenience.
As you saw in these examples, the process of determining the value of an
offering and then aligning it with the wants and needs of a target customer is
challenging. As you continue through this section, think about what you value
and how that impacts the buying decisions you make every day.
Value in a Competitive Marketplace
As if understanding individual perceptions of value weren’t difficult
enough, the presence of competitors further complicates perceptions of value.
Customers instinctively make choices between competitive offerings based
on perceived value.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Imagine that you are traveling to Seattle, Washington, with a group of
six friends for a school event. You have the option to stay at a Marriott Courtyard
Hotel that is located next to the event venue for $95 per night. If you pay the
“additional person fee,” you could share the room with one friend for a cost of
$50 per night. However, one of your friends finds an AirBnB listing for an
entire apartment that sleeps six people. Cost: $280 per night. That takes the
price down to $40 per night, but the apartment is five miles away from the venue
and, since there are seven of you, you would likely be sleeping on a couch or
fighting for a bed. It has a more personal feel and a kitchen, but you will really
be staying in someone else’s place with your friends.
It’s an interesting dilemma. Regardless of which option you would really
choose, consider the differences in the value of each and how the presence of
both options generates unavoidable comparisons: the introduction of the AirBnb
alternative has the effect of highlighting new shortcomings and benefits of
the Marriott Courtyard hotel room.
What Is a Value Proposition?
A value proposition refers to the value a company promises to deliver to
customers should they choose to buy their product. A value proposition is part
of a company's overall marketing strategy. The value proposition provides a
declaration of intent or a statement that introduces a company's brand to
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
consumers by telling them what the company stands for, how it operates, and
why it deserves their business.
A value proposition can be presented as a business or marketing
statement that a company uses to summarize why a consumer should buy a
product or use a service. This statement, if worded compellingly, convinces a
potential consumer that one particular product or service the company offers
will add more value or better solve a problem for them than other similar offerings
will.
KEY TAKEAWAYS
A company's value proposition tells a customer the number one reason
why a product or service is best suited for that particular customer.
A value proposition should be communicated to customers directly, either
via the company's website or other marketing or advertising materials.
Value propositions can follow different formats, as long as they are "on
brand," unique, and specific to the company in question.
A successful value proposition should be persuasive and help turn a
prospect into a paying customer.
Understanding Value Propositions
A value proposition stands as a promise by a company to a customer
or market segment. The proposition is an easy-to-understand reason why a
customer should buy a product or service from that particular business. A value
proposition should clearly explain how a product fills a need, communicate the
specifics of its added benefit, and state the reason why it's better than similar
products on the market. The ideal value proposition is to-the-point and appeals
to a customer's strongest decision-making drivers.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
The term "value proposition" is thought to have first appeared in a
McKinsey & Co. industry research paper in 1988, defining it as. "as "a clear,
simple statement of the benefits, both tangible and intangible, that the company
will provide, along with the approximate price it will charge each customer
segment for those benefits.
Companies use this statement to target customers who will benefit most
from using the company's products, and this helps maintain a
company's economic moat. An economic moat is a competitive advantage. The
moat analogy—coined by super-investor Warren Buffett of Berkshire
Hathaway—states that the wider the moat, the bigger and more resilient the firm
is to competition.
A great value proposition demonstrates what a brand has to offer a
customer that no other competitor has and how a service or product fulfills a
need that no other company is able to fill.
Components of a Value Proposition
A company's value proposition communicates the number one reason why
a product or service is best suited for a customer segment. Therefore, it should
always be displayed prominently on a company's website and in other consumer
touch points. It also must be intuitive, so that a customer can read or hear
the value proposition and understand the delivered value without needing
further explanation.
Value propositions that stand out tend to make use of a particular
structure. A successful value proposition typically has a strong, clear headline
that communicates the delivered benefit to the consumer. The headline should
be a single memorable sentence, phrase, or even a tagline. It frequently
incorporates catchy slogans that become part of successful advertising
campaigns.3
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Often a subheadline will be provided underneath the main headline,
expanding on the explanation of the delivered value and giving a specific example
of why the product or service is superior to others the consumer has in mind.
The subheading can be a short paragraph and is typically between two and three
sentences long. The subheading is a way to highlight the key features or benefits
of the products and often benefits from the inclusion of bullet points or another
means of highlighting standout details.
This kind of structure allows consumers to scan the value proposition
quickly and pick up on product features. Added visuals increase the ease of
communication between business and consumer. In order to craft a strong value
proposition, companies will often conduct market research to determine which
messages resonate the best with their customers.
Special Considerations
Value propositions can follow different formats as long as they are unique
to the company and to the consumers the company services. All effective value
propositions are easy to understand and demonstrate specific results for a
customer using a product or service. They differentiate a product or service from
any competition, avoid overused marketing buzzwords, and communicate value
within a short amount of time.
For a value proposition to effectively turn a prospect into a paying customer, it
should clearly identify who the customers are, what their main problems are,
and how the company's product or service is the ideal solution to help them solve
their problem.3
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
What Is the Purpose of a Value Proposition?
A value proposition is meant to convince stakeholders, investors, or
customers that a company or its products/services are worthwhile. If the value
proposition is weak or unconvincing it may be difficult to attract investment and
consumer demand.
Components of an effective value proposition.
An effective value proposition that gets the attention of site visitors and
the job done of convincing them to stay longer on your website and check out
your product/service is made up of 4 structures.
The headline: this is a clear and bold statement that says what your
product is all about.
Professional tip: always strive for clarity and not persuasiveness when writing
your headline.
The sub-headline: this doesn’t have to be a sub-headline, it could be
another sentence or two explaining further the benefits of your product.
Bullet points: here, you dive deep into what separates you from your
competition. You don’t want the content layout for your value proposition
crowded, so two to three bullet points max.
Visuals: have a clear picture of your product preferably in action or your
ICP (ideal client profile). This way when they see the visual, they know this
fits.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Here’s an example from Trello:
The numbers (1, 2, 3, and 4) show the different elements of their value
proposition. Number 1 is their headline, two is their sub-headline, and three is
a value proposition booster. What this does is it helps to remove any friction in
the mind of potential customers. The one Trello uses is ‘Signup – it’s free.
This way, the site visitor will rationalize it doesn’t cost me anything to try
them out and they could be sold into paid plans later down in the funnel.
Element four is a cartoon image of team members collaborating. On the
image, you see team members sharing information through their computers.
This visual representation sends the message of collaboration to every site visitor
who looks at it.
Crafting effective value propositions may sound straightforward but the
process can be challenging because they need to be distinct, concise and
interesting. They also need to be user-centric, which means focusing on what
users need as opposed to what you offer.
As you write your value proposition, think about what you’d want to say if
you were sitting across the table from a prospect, having an informal
conversation. Never try to impress a potential customer with a language they
don’t use. You’ll lose their attention – and likely their business, too.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
And you know what else?
A value proposition is not:
An incentive: The word ‘incentive’ is defined as a ‘positive motivational
influence’ designed to incentivize a visitor to act right away. Incentives are
not value propositions, but often brands confuse them.
A catchphrase: A slogan or tagline is “a catchphrase or small group of
words that are combined in a special way to identify a product or
company.” Slogans are not value propositions, but many brands conflate
the two.
It’s not a positioning statement: A positioning statement is an
expression of how a given product, service or brand fills a particular
consumer need in a way that its competitors don’t. A positioning statement
is a subset of a value proposition, but it’s not the same thing.
Why is it important to have a strong value proposition? Academic publications
that mention value propositions in their abstracts.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Source: EBSCO business source complete database
Identifying your unique value proposition compared to your competitors is
the main pillar that establishes your success in both marketing and sales.
Additionally, an effective value proposition clearly articulates why a prospective
customer should buy from your company instead of a competitor. And as soon
as they arrive on your website, your value proposition tells them everything you
offer quickly, while you have their attention.
Some of the benefits you can expect when you create a clear, compelling
value proposition for your brand
Potential customers can quickly understand what your company has
to offer: Most customers already know what they’re looking for when they
research online. So, if it’s not immediately clear that your company can
meet their needs, they’ll likely look elsewhere.
Creates a strong differential between you and your
competitors: Almost regardless of what you do, you have competitors. An
effective value proposition tells the ideal customer why they should buy
from you and not from the competition. In other words, it provides your
company with a unique differentiation.
Attracts the right prospects and increases not only the quantity but
the quality of prospective leads: A company’s value proposition targets
your company’s ideal customer and explains why your solution is the best
option. This increases your chances of attracting the right prospects for
your business and finding higher-quality leads that are more likely to
convert to customers.
Improves customer understanding and engagement: A powerful value
proposition helps your customers truly understand the value of your
company’s products and services. It also helps your ideal customers to see
how your services benefit them and are their best available option. With
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
this increased understanding, customers are more likely to become
engaged with the services or products you offer.
Provides clarity of messaging: A strong value proposition makes it
immediately clear to your customers what you offer. Additionally, it also
makes sure to communicate your message clearly on all the main entry
pages. These include your home page, product pages, and category pages.
Things to consider, research, or compile before you start creating your value
proposition
1. What you offer
Or simply put a specific explanation of your products or services.
Make sure you take into account the point of view of your target audience
and explain your services in a way that will appeal to them.
On top of that, don’t forget wording matters!
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Even if you offer exactly what they’re looking for, if it isn’t worded in a way
that makes that clear, potential customers will look elsewhere.
Actually, think about your target customers and their needs, and make
sure your value proposition addresses their needs as closely as possible. Take
into account what your customers are looking for and how they phrase their
needs, and incorporate this phrasing into your proposition.
What’s more: “Keep the focus on your audience benefits”
Make sure the focus is on how your services will benefit your audience.
Include specific numbers or statistics if possible.
For example, have your customers seen an average percent increase in revenue?
Do they save a certain number of hours per week? Have they reported an
increase in performance since starting to use your services?
2. Who you serve
Before you start writing your value proposition you will want to be perfectly
clear on who your target audience is.
To accomplish this, research your audience to understand who they are
and what they look for in products or services like yours.
You’ll want to have answers to the following questions:
Who are they (demographic data) and what they do (interests, careers)?
What are their values?
What are their needs or pain points?
What challenges did they experience before working with your business?
What motivated them to search for what you offer?
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Was there anything about your particular brand that showed that you
catered to their needs?
After gathering your data, use this information to develop an ideal
customer persona that you can tailor your value proposition to.
3. What differentiates you from your competitors?
It’s essential that your value proposition includes a unique selling point or
feature that sets your company apart.
Let’s face it, you probably have competitors offering similar products or
services. And many of your potential customers will compare their options, so
you will need to convince them that you are different and better than all the other
competitors.
Even if you already have an idea of your differentiating factors, it’s a good
idea to spend some time doing some competitor research. The best way to go
about doing this is by checking out their sites and examining their marketing
campaigns.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Then ask yourself the following questions:
What are your competitors lacking?
What do you do better?
Why do these differences matter to your customers?
Once you have clear answers to these questions, you can begin to write a more
effective value proposition.
So, what makes an effective value proposition?
1. It is specific about the benefits of your customers’ experience: A good
value proposition comes with specificity. It needs to be as specific as
possible about the benefits your products and services provide to your
customers.
2. It shows how you solve a specific problem or address a specific
need: Your value proposition needs to be clear on what problem or need
you are addressing, and also demonstrate how you solve this problem.
3. It explains why customers choose you over your competitors: To be
effective, a value proposition needs to be written with your ideal customer
or buyer persona in mind. It needs to clearly and compellingly explain why
the customers should choose you instead of your competitors.
4. It doesn’t include hyperbolic claims (ex. “Best email marketing
software in the world!”): The trouble with hyperbolic claims is that there
is no way to prove them and because of this any one of your competitors
can say the same thing. Think about your current value proposition and
ask if any of your competitors can make the same claim. If the answer is
yes, then you don’t have a good value proposition.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Value Proposition Framework
Value proposition as a concept was pioneered in the 80s by Micheal
Lanning. When he set out this concept, he developed 5 questions which many
marketers agree is a winning standard for creating value propositions.
1. Who are the target customers: companies that compete in broad categories
and are yet to niche down have to fight user attention and cash. When you decide
to target a segment of the audience in that broad category, this increases your
market share, revenue, and profitability.
2. What is the timeframe: developing a value proposition is great, but it has to
evolve over time and that’s because you need to consider user values change and
competition coming in with new features that change the game.
With this in mind, write a value proposition for the current time frame and have
plans to revise it in the future.
3. What action do you want your target audience to take?
Use your product in a particular way
Sell your service/product to their customers or as an affiliate.
Use your product to make their own product?
Be clear on what you want your target audience to do.
4. What are the competing alternatives to your product? You need to know
what other product your ideal audience will use if not yours. This might mean
you using the competition’s product, checking out their value proposition and
why it works.
5. What are the benefits to your target audience? What do they stand to
gain compared to alternatives? You need to be clear here. Will they make more
sales? Mention that. Is your product promising them more qualified leads?
Mention that. Does it make their life easier? Mention that? Is it cheaper? Mention
that.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
So it’s easier for you to remember and refer to, these are the 5 questions
you need to ask to write out an effective value proposition.
Features and Benefits
Features are nothing but the inbuilt properties of the product,
whereas benefits are something which the customer wants to receive/get from
the product.
Whenever, a customer looks for buying a product say laptop, refrigerator,
car, AC or mobile phone, he/she has end number of options. So making a choice
is a bit difficult, but one can narrow down the list, based on the features and the
benefits after deciding the amount he/she would like to spend.
Features of the product define the product characteristics, which can be
technical, physical or descriptive. On the contrary, benefits give the reasons to
the customers for buying the product or service, i.e. in what sense the product
is useful for them or what improvement it can make in their lives.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Comparison Chart
BASIS FOR
FEATURES BENEFITS
COMPARISON
Meaning Features refer to a statement Benefits are the outcomes
which describes the derived by the customers after
capabilities or qualities of using the product/service.
the product.
Tells customers What Why
Shows Facts and Specifications Relatability and emotional
connection
Provides Details about your product Enhancement to the life or
or service business of the customer
Lies in The product itself. The life of the customer.
Definition of Features
The features of a product are its characteristics in terms of appearance,
components, traits and properties (form, weight, size, odour, material, colour)
which adds value to the end-user, as well as it ensures product differentiation,
which helps in enhancing its appeal to the prospective buyers.
It is the actual, technical, physical aspect or function of the product. It can
be anything about the product or its design which is important. It specifies:
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
What is it composed of?
What it contains?
How is it packaged?
What’s new or different about it?
How does it work?
It is the attribute which is capable of meeting customers needs, and it can
be used as a product marketing strategy which emphasizes the usefulness of the
product to the target audience.
Hence, any statement which talks about what a product is or has,
including the colour, components and technical specifications. They are the
physical characteristics of the product which adds trustworthiness and
substance to your product.
Definition of Benefits
Product benefits are the list of advantages that the product offers, which
satisfies the needs, expectations, wants and desires of the customers. It is
something which the manufacturer promises that the customer will get by using
the product. Hence, it gives the reasons to customers, for buying the product. It
can be in the form of cost, convenience, usability, productivity, efficiency,
sustainability, status, values, quality, character, etc. Further, it must be noted
that the benefit of the product is because of its features.
In finer terms, benefits describe the final outcome received when the
customer uses the product. It reflects the improvement made in the customer’s
life or the solutions provided to the customer’s problems. It either determines
the usefulness of the product or the satisfaction derived by the customer by
using the product.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Types of benefits
Actual benefits: It covers the product’s performance, design and cost-
effectiveness.
Perceived Benefits: It covers products popularity, image or reputation.
Key Differences Between Features and Benefits
The points given below are substantial so far as the difference between
features and benefits are concerned:
1. The feature is basically the characteristic or specification of the company’s
offering, i.e. it describes something which the offering is or has.
Conversely, a benefit is nothing but the value or outcome, which the
company’s offering creates to the customer.
2. A feature describes “what” your product is/has/does. In contrast, the
benefit is “why” the product feature is significant and relevant to the
prospective customer.
3. The product features are based on factual information, whereas the
product benefits tend to create an emotional connection with the target
audience so that they can easily relate to the product.
4. The product features can state the details, whether it is physical,
technological or functional. On the contrary, the product benefits explain
the improvements, comfort or value it can add to the customer’s life.
5. While the feature lies in the product itself, or in other words, features are
possessed by the product, but benefit lies in the customer’s life i.e. in the
form of solution to various issues, ease in performing work, satisfaction,
etc.
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Example:
To understand the difference between features and benefits in a better way
let’s have look at the example:
NABC Model: Testing Your Idea
The NABC model can help you define your idea and think through what
really makes the idea valuable to your potential customers. It is also an excellent
tool to use when preparing a presentation, or a pitch. The model was developed
at the Stanford Research Institute (SRI).
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
N stands for need, A stands for approach, B stands for benefit, and C stands for
competition.
If you do it for the first time, remember that you are not expected to have
all of the answers and your NABC will likely change as you progress.
Need
What key need will you meet? Whose key need, specifically? Give examples of
companies or individuals. Talk to them!
How many such companies or users are there? Where are they?
How often do people experience this problem and when?
How big is the problem for users or customers, for example in unwanted
costs?
What will happen if that need is not met?
Approach
What is your unique approach to meeting this need? What is your solution,
broadly speaking?
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LEARNING MODULE IN TECHNOPRENEURSHIP
AGUSAN DEL SUR STATE COLLEGE OF AGRICULTURE AND TECHNOLOGY
College of Engineering and Information Sciences
MAIN CAMPUS, BUNAWAN AGUSAN DEL SUR
Do you have any technical issues to solve? What will it cost to produce?
How will it reach customers or users? How will it be produced?
Benefit
What is the customer or user benefit?
What is the benefit for the person using it? What is the financial benefit
for the person paying, in cash terms? Factor in all types of costs. Will they
have to rebuild or reorganise, and at what cost?
What will the customer ultimately benefit from this (per year, month or
other)?
Competition
What are the other solutions to the same problem? What are the alternatives?
Check online, interview people in the industry, look in shops, etc.
What is the customer or user using instead of your idea?
Your biggest competitor will be inertia – it is easier to leave things
unchanged than to make even small changes.
References:
https://blog.hubspot.com/marketing/features-vs-benefits-messaginght#:~:text
=Features%20are%20what%20the%20product,they%20help%20the%20targe%
20audience.
https://www.investopedia.com/terms/v/valueproposition.asp#toc-components
-of -a-value-proposition
https://www.invespcro.com/blog/value-proposition-what-is-it-how-it-works-
and-why-you-should-pay-attention/
https://keydifferences.com/difference-between-features-and-benefits.html
https://www.innovation.lu.se/en/our-services/developing-ideas-innovations
/nabc-how-test-your-idea#:~:text=The%20model%20was%20developed
%20at,likely%20change%20as%20you%20progress.
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