Benefits per cost
Hope you didn’t forget that acronym. Like I said, it’s everywhere in this book.
This “value proposition” topic is quite important. It gets throw around all the time in product development – and rightly so – as it’s pretty critical to provide value to your consumer. Why the hell else would anyone care what you’re doing? It starts and ends with value.
Let’s look closer at the NEED portion of this.
Needs can relate to hard and fast requirements
- I need to get this package to New York by Wednesday
Needs can relate to preferences
- I want to pick-up a breakfast and cup of coffee without getting out of my car
Needs can be abstract
- Customers need to feel welcomed and respected when acquiring your product or service
But this is old hat for most people. (Old hat is a great expression because there is no other effective way to express that sentiment. I digress.) Where the rubber hits the road on NEEDS is:
- Needs become quickly assumed. We know the market – why bother going back to basics and listing needs? People want it cheaper faster and easier. It’s not that complicated…or is it? More than likely, there are untapped needs which have not yet been fully addressed.
- In many markets, products address consumer needs in very similar ways. If you can’t find “unique needs” to address, how do you address “known needs” in unique ways?
These are the right questions when it comes to addressing consumer needs (and providing value).