Value Proposition
January 22nd, 2011 by Frank LaBanca, Ed.D.
valuequotes.net
I am co-presenting this morning for the Connecticut Science Fair and the Connecticut Junior Science and Humanities Symposium . My co-presenter, Joy Erickson is talking about value propositions. I really like the idea, because it really makes the person define the scope of authentic work. Here are some key features:
Value Proposition Definition: The four parts of the value proposition are fundamentals: they must always be answered:
Need: along with your new, compelling, and definible
Approach: to address that need with the superior
Benefits: when compared to the
Competition and/or alteratives.
Successful value propositions are quantitative and easy to understand and remember.
Need
NOT: Diabetes type 2 is growing fast
RATHER: Diabetes II cost our country $2B/yr and shortens a person’s life by an average of 10 years
Approach
NOT: We have a clever design
RATHER: We have created a new engine that uses methanol and emits 10% less carbon dioxide gas than the gas powered combustion engine
Benefits
NOT: The results are excellent
RATHER: Our one-step process reduces costs by 50% and results in an expected ROI of 50% per year withi a profit of $30 M in Year 3
Competition
NOT: We are better than our competetors
RATHER: Our competetors are Evergreen Corporation and Bigway, which uses the current two-step process.
Great thoughts Joy!