An entrepreneur reinvents their product over time. They do not settle in offering the same “item” because the market is continuously changing and evolving. Constantly looking after your prospects and innovating to meet the new demands are two things you should be working at if you want to sustain your business and be more profitable.
While innovation helps secure a new segment, customer mapping will help you guarantee a market for your reinvented product. It is all about creating a match and making everything fit together. It is a chain reaction – one action will lead to the next. There is no point in doing one without the other. As an entrepreneur, you will maximize every opportunity that will come your way. You reinvent; you map; you create; you put the product into the test, and if all goes well – you earn.
Alex Osterwalder of Strategyzer presented a webinar wherein it reflected the way Convert thinks about the entire process involved once an opportunity opens up for reinvention and customer mapping. These simply mean that the profitable prospects are out there and for as long as you are doing things right, you can hit those prospects with a bull’s-eye!
However, you have to be very cautious not to fall in love with your initial idea or concept of reinvention. As entrepreneurs, you will sometimes become obsessed with an idea that you tend to “fall in love” with it. When the time comes that you have to throw the idea away because it simply “won’t work” – you have to let go easily. You need to have the attitude of throwing a non-working, not fit “idea” so you can find the best solutions possible.
Traits Your Value Proposition Should Have
Gregory Ciotti said,
“A compelling value proposition has a number of responsibilities. Shockingly, telling your customers to ‘just do it’ isn’t one of them. Slogans are great boardroom meeting material when you have a billion-dollar advertising budget. Not so much for the rest of us.”
As Gregory mentioned in his article, Writing Value Propositions That Work, the four things determines whether your value proposition is considerable and convincing;
- Relatable results
- Clear-cut benefits
- Define real value
- Place priority on your point of difference
Always remember that your value proposition needs to deliver a message to keep your customers interested, but it also needs to drive profit through a solid business and a marketing plan.
Presenting Your Value Proposition
Now that you have re-invented your value proposition, the next job that you need to fill-in is present it to the customers. There are different ways to do it:
- Mock Sales
- Crowd funding
Each model has their advantages and disadvantages. You can’t choose the perfect model, but you can pick the one that will work well for your value proposition.
Mock Sales. You are presenting the sales pitch in a mock environment. You have your audience and you will determine based from their observation if the re-invented product has a good shot in the market.
Pre-Sales. This happens before the actual sales. Apparently, there are items on your pre-sales list that you need to accomplish if you want the actual sales to happen.
Crowd Funding. A good option for small businesses because it appeals to those customers who are already interested in the product. The entrepreneur can request funds through donations and offer a non-monetary reward.
Changing the value propositions and customer mapping changes the way entrepreneurs do their business. If you want to know more about this webinar, you can watch it here.