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  It is one thing to build a product, it is another to evaluate the value proposition of your product. It is very important to assess the strength or success of your value proposition because most founders often fall into illusions of the grandiose order, believing that their product has all it takes to appeal to the market. Sometimes it can be disappointing when many founders undergo some reality check, only to discover that their product didn’t live up to the hype and promises. Hence, it is not in the place of the founder to speak well of his products, but the customers/users.
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In this article, I discuss four pathways founders can assess the unique value proposition of their products.

  • Awareness Channel

If founders want to derive feedback about their value proposition, deploying the awareness channel is one of the surest ways to do it. By creating awareness about your product’s unique value proposition, founders can measure the depth of acceptance in the marketplace. Examples of channels of awareness include social media and website ads, TV, and other traditional media. If creating awareness of your value proposition doesn’t strike people’s fancy, then it is not compelling enough.

  • Evaluation Channel 

The evaluation channel is where startups help customers evaluate the value proposition of their products. This channel is where startups deduce the opinion and evaluations of product users.
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Hence, founders must ask themselves the following questions: How do we help customers evaluate our impact value proposition? What evidence and stories can we/should we share? For example, the ‘14-day free trial is another popular way to enable the evaluation of a product.

  • Purchase Channel

Another way you can measure the impact of a product’s value proposition is by determining how customers find and purchase our goods/services. Therefore, startups must answer the question of how they can extend the way customers find and purchase their products. There are diverse ways founders can increase their value proposition through the purchase channels. An example is creating an e-commerce site where visitors get to pay in various ways, either by currency or cryptocurrency.

  • Delivery Stage

Leading brands measure the impact of their products by the way they connect their customers to their services and products.
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For instance, as a founder, you can create diverse modes of how people can receive your products. The most popular and loved delivery channel is usually home delivery. Another medium could be providing software and soft copy products rather than hardware. 

  • After-sales

Successful brands ask the question: How can we provide After-Sales customer care and support? This stage is when founders through value proposition create Advocates for their products and services amongst their target segment. This phase provides a person for the customer to call when they have a problem or question about the product. The higher the value of the product, the more likely it is that he/ she will require After Sales support. Featured Image Source: Search Engine Journal
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This article was first published on 28th September 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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