“Too many startups begin with an idea for a product that they think people want. When they fail to reach broad uptake from customers, it is often because they never spoke to prospective customers and determined whether or not the product was interesting.” Eric Reis
The value proposition is fundamentally about turning your businesses valuable resources and unique capability into an offer, which will meet and exceed the customers expressed and inherent needs. A successful value proposition will ideally answer a challenge that nobody else in the market is answering.
It is a short statement that clearly and succinctly communicates the benefits of your product or service so the customer can easily and quickly grasp (and remember) your offer. It goes beyond the ‘features’ and focuses more on what the customer really values.
As part of your launch, you’ll want to consider your Minimal Viable Product, which is turning your offer into a tangible product with the minimum capability needed to satisfy your early adopters. It will allow you to ‘dip a toe’ into the market and test your product, which is useful for future development.
Creating an MVP is the iterative process of identifying the product features that will gain early traction within the market. The MVP provides the opportunity to generate further ideas, prototype, collect data and learn more about the value that can be delivered to the customer and market. It is the stepping stone to releasing the full product for wider adoption.
Tidal Marketing creates value propositions that are aligned to the customer benefits. Using the tried and tested model of investigating the market, the customers and the competitors, Tidal Marketing will interpret the findings and write a value proposition that turns your business expertise into something that is compelling within the marketplace. Once established, it will be the baseline for all marketing campaigns and communications.
We will review your existing value proposition, if you have one, and assist in redefining it, if needed. Alternatively, we will start this process from scratch and produce a proposition that clearly articulates your differentiation and value to the target audience.
Based on knowledge of your target customers, market, competition and internal capability, Tidal Marketing will work with you to create an MVP with the most important attributes and features presented in the product specification. This can be done through a series of workshops and research programmes to ensure the product will stand out within the market. We will define the opportunity through a gap analysis and determine the product deliverables required to fill the gap and meet the market need.
Contact us to find out how we can help you to create a value proposition and release the most effective MVP.
Tidal provided us with a clearly defined strategy for our new service that has guided the market launch and continues to be used across the business. They helped us define our tone of voice and key messaging for different stages of the buyer journey, which we are now using to help shape our marketing communications going forward.
Laura Warren, Digital Marketing Manager, MyLondonHome