Sunday, 16 October 2016

Entrepreneurial Idea: Value Proposition


This week I have focussed on the value proposition, which makes up one part of the business model canvas. I have looked in more depth at my value proposition in order to make progress in getting to grips with the in's and out's of my entrepreneurial idea.

To recap my idea is a social enterprise which will focus on a different social issue each month, for example the first month I am looking to cover the use of CCTV cameras in the Care sector. By highlighting this issue I will refer to Care Protect, a company which is at the forefront of offering surveillance services for the care sector. This will mainly be comprised of a blog, which will present posts about the issue, they will then be promoted using social media tools such as Twitter and Facebook.

The value proposition looks at three elements:

Customer Jobs - so in this case I would be acting to direct people towards the product offered by Care Protect, so for the customer they want to sell their product/idea and promote themselves to a wider audience.

Pains - this is what impacts the customer, so in this case things like sales, costs and staffing, which cost money.

Gains - this is what the customer wants such as easy promotion and cost savings.

The value proposition looks to match these three elements which three separate elements which I can offer through my idea, they are as follows:

Product and services - this is what I will be offering, in this case social media exposure and a blog.

Pain relievers - this is how my idea will benefit them, I have put reduced costs in this section.

Gain creators - this is what the customer will gain, I have put cost savings, product sales and awareness.

The aim is for the three elements on the customer side to FIT with my three elements.

It helped me to write it out on a landscape piece of A4 so I could visually see my thought process:

I feel this along with my Mind Mapping has really started to result in a sold business model going forward.

(Context of post - Part of my studies at Birmingham City University on the MA Social Media course)

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