The value proposition addresses many of the most important questions that any entrepreneur needs to be able to answer both for the benefit of his company and for interested investors. At Bridge for Billions, it is one of the key steps of our online incubation program as a strong value proposition is necessary to forming a powerful and well-founded business plan (and we have a surprise for you at the end of the article!).
As an entrepreneur you need to be able to answer what would appear to be basic questions, but if you are unable to easily and quickly answer these three questions, a partner or an investor won’t bother to sit around and hear the rest of your idea.
- What do I offer? - You need to be able to identify the different features of your product. It is also important that as an entrepreneur you know the benefits that your product provides to your customers. It is integral to have a clear idea of what your product is and what that product will provide your customers. These features and the benefits they provide are necessary when determining who your customers would be.
- How am I unique? - It is crucial to the success of your venture that you can easily highlight the unique benefits that your product provides.You must know how your product stands out from the other competitors. You must also be aware of how these unique features benefit your customers and how these benefits attract specific customer groups.
- To whom am I selling my product? - Knowing to whom you are trying to sell your product is just as necessary as knowing exactly how large you can expect your market to be, which is also included in your Value Proposition. You need to be able to segment your customers in homogeneous groups according to gender, geography, spending behaviours, socio economic group… This knowledge will be key when marketing, refining and selling your product. You must be familiar with your market and be able to give realistic expectations of who would use your product and why.
Without a strong Value Proposition, the rest of your business plan begins to fall short.
At Bridge for Billions we provide you with the tools necessary to create the Value Proposition you need to impress investors. Past entrepreneurs, like Rodolphe Paris of BetMeUp, have called the tool “easy to use” and Adeloye Olanrewaju of SaferMom said it was “amazing and revealing.” Inés Puig of Leoteca felt that “it was an exhaustive tool that lets you analyze step by step the product,” and what she enjoyed the most was “that it really helps you to examine step by step your proposition and it makes you think about your product from different angles that you usually don’t think about in detail.”
If you’re ready to truly explore and develop your young business or concept , apply to our incubation program at BridgeforBillions.org to turn your idea into a reality.