Entrepreneurship101 - Designing a Value Proposition with Joseph Wilson
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This lecture focuses on the process of creating a crisp and concise value proposition for your start-up. Learn how to answer the essential question, “What is the value you bring to your customers?” without describing the details of your technology. Formulating a good value proposition is an essential step for any start-up and lies at the core of many of the other tools entrepreneurs need to develop, including market analysis, business modeling, finding funding and delivering an investor or customer pitch. http://www.marsdd.com/events/details.html?uuid=27af9124-bd2b-43fe-a920-9fb9295c1357
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Entrepreneurship101 - Designing a Value Proposition with Joseph Wilson
- 3. Agenda What is a value proposition? Examples Dimensions of value Your target customer Personalizing your value proposition The strategy canvas The buyer utility grid
- 4. MaRS Advisors EIRs (Entrepreneurs in Residence) Venture Capitalists Investor relations professionals (Equicom) PROBLEM #1: Defining a value proposition
- 6. What do you do? Who cares? “Explain the value of your company, not the technology behind it.” “Your grandmother should understand your business.” “Will I want to tell people at the next cocktail party I’m at?”
- 7. A value proposition is a statement of the unique benefits delivered by your offering to the target customer
- 8. The value proposition statement may consist of several components: 1. What your product is 2. The target customer 3. The value you provide 4. Why your product is unique
- 9. Good: “Winners is Bad: “Winners is an the only off-price department store department store that offers fashion owned by TJX that conscious employs consumers the international latest brand sourcing and names for up to buying power.” 60 per cent off.”
- 10. unique what “Winners is the only department customer store that offers fashion conscious consumers the latest brand value names for up to 60 per cent off.”
- 11. Good: “Google is Bad: “Google uses a the world’s largest patented page- search engine that ranking algorithm allows internet to make money users to find through ad relevant placement.” information quickly and easily.”
- 12. unique “Google is the world’s largest what search engine that allows customer internet users to find relevant value information quickly and easily.”
- 13. Good: “A1 Industries Bad: “A1 Industries has developed a has discovered a cheap and easily chemical isomer applied additive that that bonds with allows paint carbon to allow an manufacturing overall reduction in companies to reduce VOC emissions.” the environmental impact of their products”
- 14. unique “A1 Industries has developed a cheap and easily applied what additive that allows paint customer manufacturing companies to value reduce the environmental impact of their products”
- 15. Templates
- 16. Templates
- 17. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling function Self-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
- 18. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling function Self-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
- 19. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 20. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 21. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 22. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 23. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 24. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 25. Selling to Business Lower risk Saving time Saving/making money Enabling function Convenience Quality Customizable
- 26. Selling to Business Lower risk B2B Sales: Saving time Saving/making money - Rational Enabling function decision making Convenience Quality - Overt values Customizable
- 27. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling function Self-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
- 28. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 29. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 30. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 31. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 32. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 33. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 34. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 35. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 36. Selling to Customer Usability Health Aesthetics Status Newness Self-Actualization Environmental Ethical Social Inclusion
- 37. Selling to Customer Usability Health B2C Sales: Aesthetics Status Newness - Emotional decision making Self-Actualization Environmental Ethical - Latent values Social Inclusion
- 38. Selling to Selling to Customer Business Usability Health Lower risk Aesthetics Saving time Status Saving/making money Newness Enabling function Self-Actualization Convenience Environmental Quality Ethical Social Inclusion Customizable
- 39. Get out of your office
- 40. Day in the Life Scenario Before Current Problem situation encountered & & desired economic outcome consequences After Ernie: Enabling New fixes factors of outcomes and airplanes your economic product rewards
- 41. Get in the head of your customer
- 42. MaRS Market Intelligence Databases 1. Access to reports from 20 databases 2. Access to industry analysts through inquiry time Industry specific vendors Multiple Industry coverage vendors IDC Forrester Frost & Sullivan Gartner BCC Research Lux Research Total Patents Cleantech Group Datamonitor Aggregator of Thomson Pharma Venture Source other vendor MedTrack Innography resources Business Insights Recap Dialog Pro Market Research Factiva Key: Red – ICT Green – Cleantech & Nanotech Blue – Life Sciences
- 43. Prioritize your market segments Who has the most compelling problem? Who has the biggest financial problem? Which market is easiest to access? What values do you bring your target customer?
- 44. “A1 Industries has developed a cheap and easily applied additive that allows paint manufacturing companies to reduce the environmental impact of their products”
- 45. “A1 Industries has developed a cheap and easily applied additive that allows _________ _________________________ to reduce the environmental impact of their products”
- 46. “A1 Industries has developed a cheap and easily applied additive that allows plastic chair manufacturers to reduce the environmental impact of their products”
- 47. “A1 Industries has developed a cheap and easily applied additive that allows ____________ ______________ to reduce the environmental impact of their products”
- 48. “A1 Industries has developed a cheap and easily applied additive that allows solar panel manufacturers to reduce the environmental impact of their products”
- 49. Different stakeholders have " different values Stakeholder Values Teacher - Saving time, curriculum-aligned, engaging students, simple to set up and deliver, Student - Fun, building self-confidence and social inclusion Parent - Helping their child socially, academically, Principal - Raising standardized scores, addressing priorities of the board (bullying, lowering suspension rates) Superintendent - Addressing priorities of board, increasing communication between “family” of schools Trustee - Get re-elected, broader community engagement; Ministry - Broad policy: raising achievement, reducing achievement gaps, increase public confidence Procurement - Buy software and textbooks that are proven officer effective, that teachers will use.
- 50. customer “Google is the world’s largest search engine that allows internet users to find relevant information quickly and easily.”
- 51. end user “Google is the world’s largest search engine that allows internet users to find relevant information quickly and easily.” customer “Google is the world’s largest search engine that gives advertisers access to millions of potential customers by personalizing ads based on searched content.”
- 53. Double-sided business models “The PeePoo Bag is a cheap, disposable outlet for human waste, providing a hygienic option for refugees in camps across East Africa.” “The PeePoo Bag is a cheap, disposable outlet for human waste that turns into high quality fertilizer, perfect for low income East-African farmers to increase yield and avoid using expensive fossil fuel-based fertilizers.”
- 54. Product differentiation High How does your business rate on that criteria? Medium What is the criteria people use when Low solving their problem? Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
- 55. Product differentiation The goal is not to be the highest in each category, but to have a unique profile that highlights where your value lies. Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
- 56. How do customers How do customers perform research on the Added do your How Value maintain the product they want to consumers use product over buy? your product? time? How do you How do you How do your deliver the support the use of customers dispose product to your the product? of your product? customers? Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
- 57. Adding Value: on-line banking Blue Ocean Strategy, Kim & Mauborgne, Harvard 2005
- 58. Summary The value proposition statement may consist of several components: 1. What your product is 2. The target customer 3. The value you provide 4. Why your product is unique Go home and write one!