‘Thoda extra milta hai toh, accha lagta hai na’, If you get a bit more than you expect, it makes you feel good.
Adding value is an important strategy of any business. It is used to acquire and retain customers, increase brand awareness and ‘make noise’ in the marketplace. It lets your competition know that your company exists and that it’s ready to get down to business.
Value Curve is a tool that can be used as a guide towards creating and leveraging new market space. You’ve identified your competitors in previous steps, but this is where the fun part begins. It’s time to introduce them to the next best thing – your business.
Diagram your value curve to compare products on a range of factors by rating them on a scale from low to high
- List all performance dimensions of your industry offerings on the horizontal axis
- Use the vertical axis to address the importance of the offering, from low to high
- Define your competitor’s and your company’s curve along the dimensions and look for significant patterns
- Categorise your personas with some or all of the following information:
- Eliminating dimensions add no real value to customers
- Reducing any dimension that are of little value
- Raising any dimension that can be enhanced or increased
- Creating any new dimension that would differentiate your solution from the rest
- Continue modifying your value curve and look for ways of improving your product offering
Make a copy using Google Docs-> File->Make a copy option.
- Keep the number of dimensions between 7 to 10
- Conduct this analysis in a group to get a better understanding of the competitor and their offerings
- Revisit your value curves regularly. Tweak your product when necessary