(Editor’s Note: This is an excerpt from our FREE 50 page business eGuide: How to Properly Vet a Value Proposition. Watch the video promo for it and then download the pdf version by clicking on the title. Share the guide with colleagues, friends and others.)
Vetting a Value Proposition
Odd as it may seem, the procedure of using a magnifying glass to start a fire offers a good analogy for introducing what it means to vet a value proposition.
In the event this technique is unfamiliar to you, igniting a fire is easy, provided the sun is hanging high in the sky when you try to do it. With that condition met, one simply holds the magnifying glass lens under the sun at such an angle as to focus the light passing through into as small a pinpoint as possible. When the concentrated point of light strikes a flammable material, like kindling for instance, the intense heat causes smoke to rise until it shortly bursts into a flame.
Now let’s take the anatomy of this procedure and place it into a business context. If we think of the concentrated point of light as a value proposition, we can see it has important elements standing on either side. On one side are the raw inputs (our sunlight) that pass through the business enterprise (our glass lens) to create the value proposition (our pinpoint of light). On the other side is the outcome — in this case, the acquisition of customers rather than the birth of a fire.
When couched in this manner, the value proposition functions as a bridge for connecting these two sides together. It’s a focal point for drawing in the customers, and it comes about as a result of combining the right resources in the right way for meeting the enterprise goals.
Bear in mind that the conditions for getting this connection right are subject to change with the passage of time. Insofar as any shift of circumstance on either side can influence the capacity to fulfill the bridging function, for better or for worse, an enterprise must try to stay aware of all relevant information pertaining to its sphere of operation, evaluate the impact of any new intelligence, and make adjustments as are needed. Much like the angle of the magnifying lens must be regularly adjusted to keep a pinpoint focus, so must an enterprise adapt or evolve whenever circumstances warrant it. As will be illustrated throughout the course of this guide, such mindfulness is necessary to preserve the appeal of the value proposition and also to remain competitive.
And that in a nutshell is an introduction to the what and the why for properly vetting a value proposition. The former involves keeping an eye on the bigger picture that surrounds it; and the latter embraces the probable necessity to make adjustments when or if conditions change.
In future posts, we’ll delve into the nitty-gritty of how to vet a value proposition well enough to meet the exacting nature of this challenge (Or you can download the entire FREE pdf version from above). As you may already know, the definition of vet as a verb is to make a careful and critical examination of (something).