What is a Value Proposition Statement?
A statement that conveys what a business does and how it's different to its competitors.
The term Value Proposition is believed to have first appeared in a McKinsey & Co. industry research paper in 1988, where they defined a value proposition 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."
Value propositions are fundamental to the creation of a product, service or experience (i.e. a creation) as it is important to clearly and concisely communicate:
- What the company or brand does.
- What customers can gain from selecting the company or brand over that of your competitors.
- What market the company or brand is competing within.
- What the company or brand fulfills.
- What separates the company or brand from the competition.
To learn about our process for creating a value proposition, consult the link below.
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