50% increase in revenue after identifying the optimal value proposition According to e-commerce Manager, Jeff Hoogerhyde, a value proposition developed for 3M helped to increase revenues by 50%. This staggering result followed the development of the value proposition over four stages, as follows: Review of the competitive landscape Target market analysis Identification of product strengths […]

50% increase in revenue after identifying the optimal value propositionAccording to e-commerce Manager, Jeff Hoogerhyde, a value proposition developed for 3M helped to increase revenues by 50%. This staggering result followed the development of the value proposition over four stages, as follows: Review of the competitive landscape Target market analysis Identification of product strengths Identification of the intersection Crafting of the value proposition  It is important to understand the competitive environment and understand your competitors by identifying their relative strengths and weaknesses – including their value propositions. It is essential to understand the needs and wants of the primary target market – identifying those that are most important and those least catered for. Identify the strengths of your product or brand, specifically the strengths that set it apart from the competition. The next step involves identifying the intersection between the strengths of your product and the needs and wants of…