I like this definition: relative worth, utility, or importance : degree of excellence. Entrepreneurs often become so focused on the product or the service or novelty of the idea that they lose sight of what really matters – value. The new widget, or business model is nothing more than a vehicle (designed and brought to life by you and the team) for the explicit purpose of allowing the rest of the world to discover value. Your customers will pay for solutions because those solutions have value. You will be asked to join the team because they expect you to deliver value. It is always about the benefits instead of the features.
I think it’s also important to remember that value is something mutually agreed upon. It comes into focus when a customer or teammate agrees with your approximation of it. It can’t exist unless there is something else to which we are going to compare our product or service or innovation – again, relative worth. Consequently value is never going to be absolute either. Variables associated with markets, trends, competitors, timing all contribute to any given determination of value.
So, if you are attempting to bring definition to a value proposition for your team’s newest product, service or innovation come see us in Middlebury, Vermont. Additionally, if you are in the process of trying to diversify your firm’s offerings and make strategic decisions around value, you should contact us. We have the skills, experience and tools to help you bring value into focus in such a way that you can, in turn, communicate it and demonstrate it to the market.