How can you make sure that the customer will chose your product rather than another? That's the question that Harvard business review, Volume 84, Number 3 tried to answer.
There is a big problem in marketing : customers essentially care about price. But if I reduce my price my profits will decrease, so how can I solve this problem?
The only way to sell your product without lowering your price is to build a customer value proposition. To build such a proposition, you have to:
- Identify what are the requirements and preferences of your customer
- Identify the differences between your company and your rivals
- Provide some documents that will describe your product's performances
- Place the customer value proposition in the heart of your company's activities
There are 3 kinds of customer value propositions :
- All benefits propositions list all the advantages of your product. This method is very fast and simple but not very efficient.
- With a favorable points of difference method, your company will need a better knowledge of your rivals. You must be able to say what are the benefits of your product compared to the others. This requires more analysis work than the previous method but you will have better results.
- The last one is the resonating focus method. This is probably the most performant method but it's also the most complicated to achieve. With this method you will have to know very well your customer, so that you can concentrate on the favorable points of difference that deliver the best value for the customer.
This article was very enriching to me because each idea was illustrated with examples. This was very useful to help to understand the concepts more easily. This was also a good way to make it easier to establish the link between the ideas of the article and our future career.
It is very important to be aware that to sell a product, you have to be focused on the customer and not on the product.
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