First, let’s define Value Proposition. Here’s what Wikipedia has to say:
A value proposition is a promise of value to be delivered and acknowledged. Creating a value proposition is a part of business strategy. Kaplan and Norton say “Strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation.”
Why is having a clear and compelling Value Proposition so important?
- It solves a customer problem or satisfies a customer need.
- It is th