A team based and cross-functional value proposition process can quickly create a clear definition for a product or service. This is challenged by discussion and by using template based techniques to ensure the definition and value proposition is robust, marketable and has genuine commercial potential.
The value proposition process enables the team to get very close to a final definition of the product or service within a day or even a few hours.
Challenge to Validate Your Proposition
The value proposition refinement process was the third element of the BBPN Rapid Commercialisation workshop, and enabled delegates to fine-tune their original propositions. Group-to-group challenging of the business’s idea’s viability brought out any weakness and identified different solutions and improvements at the same time.
The group’s interim pitches, and the discussions that followed, threw up many ideas, some of which helped to refine the original pitch, while other comments touched on areas which had initially been over-looked. Refining the proposition also allows more detail to be added.
Stakeholder Input Helps Refine Propositions
The best ideas have been refined through the involvement of many stakeholders. The challenge process compresses this refinement time and ensures quicker commercialisation with fewer mistakes along the way. Getting in early to iron out glitches and solve unforeseen problems saves time and resources when products are commercialised.
While some delegates did concede that at times it was ‘uncomfortable’ having their ideas challenged by their peers, ultimately they all agreed that it proved to be a very important process in the commercialisation of any product.
There was general agreement about the importance of a robust pricing matrix too, which needs to assess all the options and consider the type of choices a customer would make, yet at the same time delegates were careful to avoid any kind of ‘loss leader ‘ approach.
Refining a Product Helps it Stand out
The refining process is quick and can be done in a few hours yet can have a dramatic effect in helping to lift a product or service proposition to a level where it can be spotted in the market.
Mike Soames of Bluewater Marketing felt the break outs session were a real breath of fresh air.
“The creative session helped to cut through all the red tape that often stymies corporate decision making – allowing the rapid generation and think-through of new business ideas, and ultimately, the rapid implementation of the best of these ideas.”
This process of refinement also allows you to decide at an early stage whether an idea should be dropped or not. Or as one delegate put it: “Fail cheap, fail early.”
Key Learning Points:
– Refining a product or service proposition can help it stand out in the market.
– Group interaction can help clarify and define the features of a project or service, and their benefits to the customer.
This case study was provided by BBPN and its associates. © BBPN 2010-2013