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Thursday, April 5, 2018

Using the Market to Find a Product Value Proposition

Business owners often have difficulty finding what their value proposition is for products and services. The process can seem daunting if you have never done it before. Knowing its position and price will help you gain more customers quickly.  However, by following a few steps you can find your place in the market, its appeal to customers, and potential price range.

1. Explore all the possible uses and benefits of a product. Some products sell on their strength, functionality and quality. There are many ways to "pitch" a product and using your brainstorming skills will better understand an array of product benefits.

2. Talk to your customers and gain valuable feedback about what they believe are the benefits of your product. You may be surprised that customers have a completely different perception of value than what you believe the product has.

3. Compare your products to other products to determine where it is the same and where it is different. When you are comparing and contrasting your product with other products you may find something that differentiates it. This differentiation can be used to gain a market position.

4. Conduct a market analysis to determine the potential value of potential product attributes and where those attributes fit within the market. You may need to narrow down the potential benefits to determine which couple may be of most uses in the marketing products.

Once you have explored benefits, gained customer feedback, evaluated against similar products and conducted a market analysis you will have a pretty good idea what you value you want to focus on when developing a marketing campaign. Still, there will need to be fine tweaking of this concept to narrow down potential images, slogans, and specific messages.

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