how to communicate your value proposition
Post on 14-Apr-2017
96 Views
Preview:
TRANSCRIPT
0
Putting Your Best Foot Forward How to communicate your value proposition
Rohit ShuklaFounder & CEO, Larta Institute
What We Won’t Cover*Your specific work plan or “roadmap”
But, you need a clear, concise, short- and long-term planPlease work closely with your PA and LM to develop this
The specifics of YOUR challenge The competitive landscape in YOUR sub-sector
Where YOUR investment is likely to come fromAs we have discussed, there are many more funding sources available today
1
* These may be discussed in the one-on-one mentoring
What We Will CoverThe business landscape as it affects emerging companies
IT/Web/Software, Design, Materials, etc.How to read the market, what signals do you send?
Before “approval”, pre-revenue, and post-revenuePreparing yourself for success
“Design Thinking”: an integrated viewDeveloping and communicating your value proposition
2
Key Principles What global issue / trend are you addressing?
A time of peril and promise
Minimize the technological
Science only gets you in the door – baseline credibility
Focus on the solution, not on the details of your
technology (cost / performance)
Does you know what needs exist?
If not, will you be able to discuss these without a
conversation about a transaction?
WHY do you think YOU can do this? (team, history etc.)
WHEN are you likely to achieve milestones?
Establish achievable targets while showing how these targets will help the vision – for your internal team!
3
The Business Landscape
Nothing is as it seems: unpredictable is here to stay
Skepticism around “new” inventions, pressure around
execution
Hunger for innovations that improve the human condition
Appetite for risk is diminishing
Shifts burden of proof to smaller company, but willingness to
engage externally is higher than ever before
For innovators:
Science gets you in the door but not much farther
Start-ups: realism is key
More advanced companies: credibility based on past
performance
5
In general…
Credibility is built over time: commit to simple, achievable targets Show that you want to crawl before you walk, and walk
before you run (if you exceed this in reality, you’re a superstar!)
Offer a vision, not hype; show commitment, not expectation Instead of saying “We expect” say, “We are committed to a
goal of…”
Then show HOW you plan on doing so
Make it realistic, and don’t use terms like “we estimate very conservatively…”
6
Keep Your Integrity … Intact
Lower barriers to entry means confusing claims
Make clear distinctions between you and what exists: focus on solutions, not on technology (cost/performance)
Establish a vision and communicate the objective and the pain
Keep expectations low – the vision is where you want the focus to be
7
It Start with the Vision
Where is the pain? (the big problem)
What is the objective? (the big picture)
What are the current solutions? (the state of the art)
What makes your solution special? (the big answer)
9
… And It Includes YOU
Why YOU? (the entrepreneur's story)
Why did you start to do this?
What motivated you, your passion, intellectual curiosity, sheer
opportunism, happenstance, etc.?
What do you want to achieve (personal, professional, etc.)?
Where are you heading? (Growth and excitement)
10
Value Proposition
What is the “Market Pain” or Problem?
(Problem /Opportunity)
How does your product address the Market Pain?
(characteristics, features / benefits)
What is different about your product?
(vs. the Competition)
Why would a customer buy from you?
(Differentiation / competitive advantage)
Integration with what they currently do (Ease of adoption)
11
The Heart & Soul
Expressing the Value(Who and what we do)
Catwalk is a social network-based solution focused on fashion advice to millennials. It is designed as a bi-directional channel, and is integrated in a mobile app that helps users get instant fashion advice and style inspiration in a "safe haven" environment. We target a generation that has diverse tastes, multiple choices, and little time.
(Where we are in the development process)
We launched our proof-of-concept in September 2014 and our IOS app in March 2015. We have seen user engagement go from 0 to 100 users and a few thousand actions in the app.
We seek to capitalize on our success, finalize our revenue model and validate user acquisition strategies.
(Where are we going, what do we want)
We seek to capitalize on user stickiness and feedback gained from their experience to finalize our revenue model and validate user acquisition strategies.
12
Don’t Ignore Your Competition
Who are your competitors (now and potential)?
Be specific
Be generous (Direct & Indirect)
Remember the addressable market and the served market
share (TAM & SAM)
Will your intellectual property help you attain market
share? (Better, more targeted, more attuned to
customers)
13
Tout the Management Team
Attention follows people (“Bet on the jockey, not the
horse”)
Who are you working with?
Establish their credentials and experience
What are the roles of key team members
Who are you talking to/consulting with (Advisory Board,
research collaborators, investors, etc.)
Focus on how this team will execute
14
Business Model
Considerations for every company (in developing
your value proposition):
Who are your customers and why will they pay for your
product?
What is your strategy? (How will you get to them?)
What is the revenue model? (How will you make money?)
Make a credible presentation of your addressable
market
Revenue, cash flow, profitability
How do you plan to grow your company?
15
Present Your Financials
Present your financials briefly and simply
Use graphics as much as possible
Make them CREDIBLE!!!
Know that detailed pro formas WILL follow in
detailed meeting
16
Step 1: Do Your Research
How do you intend to enter/address/conquer the
market? Understand the target!
Strategic Partner – to do what?
Marketing, distributing, manufacturing?
What is their pattern of collaboration or partnership?
Why would they be interested?
Licensing, collaborative research, buy product, acquire
your company
Investor – “sweet spot”, track record, alignment on
fundamentals
17
Step 2: Seek to Build a Brand
Brands build trust, loyalty, attention
Stand for something tangible, an expression of identity
Stand out in the crowd
Become the visible “expert” (blogs, Web, news, etc.)
Develop consistency: graphics, color schemes, collateral,
typestyles, fonts
Remember everything you do should be done to represent
and enhance the brand
18
Step 3: Communicating the “Go To Market” Strategy What is your plan to market, sell and service?
Strategic partner?
Global prospects?
Business Model: How is the enterprise sustainable?
When will rollout begin, what is the schedule?
Projects: Revenue, margins
Management & Board: remember the jockeys!
Summary: Crisp end to a beautiful story!
19
Step 4: Master the Art of Presenting Presentation = Performance
Ensure that the message is concise and progressive
(forward motion)
Tell a story (remember: “hearts and minds”)
Act, don’t react. Move with purpose
Maintain eye contact– practice doing this
Breathe; Change pace (pitch, volume, speed)
Goal: Make people want to know more about your
company/technology
20
Putting Your Best Foot Forward It is a world of Internet Attention Deficit Disorder (IADD):
Be memorable
Bring out your passion (the entrepreneur’s story is always
welcome)
Get attention, and keep it
Create an identity derived from the vision
Presentations – master PowerPoint
Know your customer, and focus on their needs, cost and value
issues
21
Thought for Today … And Always
22
“Twenty years from now, you will be more
disappointed by the things that you didn’t do than by
the things that you did do. So, throw off the
bowlines. Sail away from the safe harbor. Catch the
trade winds in your sails. Explore. Dream. Discover.”
- Mark Twain
top related