Selling a product isn’t just about the product itself anymore. It’s about selling a new way of thinking, a shift in perspective that aligns with the values and needs of the consumer. This concept, known as ‘value proposition’, is the unique combination of product, price, service, relationship and image that a company offers its customers.
There are three types of value propositions: all benefits, favourable points of difference, and resonating focus. The first, ‘all benefits’, lists all the benefits that a product can deliver. The second, ‘favourable points of difference’, compares the benefits of one product over its competitors. The third, ‘resonating focus’, pinpoints one or two points where the product outshines its competition and resonates with the customer’s priorities.
Successful companies, like Apple and Tesla, have mastered the art of the resonating focus. They don’t just sell products; they sell perspectives, concepts, and experiences that resonate with their customers’ values and priorities. They sell a new way of thinking.
To achieve this, companies need to understand their customers’ needs, priorities, and values. They need to craft a value proposition that resonates with their customers and differentiates their product from the competition. It’s not just about selling a product; it’s about selling a new way of thinking.
Go to source article: https://hbr.org/2014/07/dont-sell-a-product-sell-a-whole-new-way-of-thinking/