After recognising your competitors. Similarly let’s solve one of the biggest problems for any business which is to make consumers perceive value in their product.
A few years back, an Indian mobile network operator, Aircel, had released an ad campaign with the tagline “Thoda extra milta hai toh, accha lagta hai na.” They meant that it feels good when we get a little extra, which is a success mantra for any business. Therefore, when you go that extra mile to service your consumer, it is when they truly feel special.
Adding value is directly proportional to how well a business is operating. For instance, when the consumers perceive value in your product and services, customer retention, brand awareness, and point of difference with competitors become easy.
What is a value proposition?
A value proposition helps tell a prospect why they should do business with you rather than your competitors. In other words, it makes the benefits of your products or services are clear from the very start.
When talking about perceived value for the consumer, Apple is out here on the top. In other words, there is not a stronger company in terms of consumer perception.
Apple’s value proposition, against its competitors in the saturated mobile market, has always been its sleek, elegant product design. Ease of Use has been the cornerstone of Apple’s brand communication, and this has helped them develop into a trillion-dollar company.
To help you recognize places where you can add the same sense of value to the consumer:
Value Curve is a marketing tool that you can use as a guide to create and leverage a new market space. For instance, if your product is in a highly competitive and typically mature industry, this tool will help you immensely.
Next, it’s time to decipher your customers’ needs, wants, and desires.