Select A Target Market

Selecting a target market and establishing a client profile is the first step in creating a value proposition.

The market analysis and segmentation process should have provided a context to identify and measure opportunities in the market place. For experienced professionals who identify market opportunities in the normal course of business, market analysis and segmentation can confirm and reveal whether client feedback and trends constitute a worthwhile market to pursue.

Once a target market is identified, the specific needs and profile of prospective clients within the target market need to be understood in detail. In particular, the specific need or problem that must be solved must be defined in order to state the specific experience, result and value that must be delivered to the client. This is the value proposition statement.

Business Plan Value Proposition Development

The business' sole purpose is to deliver on the value proposition to the target market. Consequently, the business planning process' purpose from this point on is to design, build and focus a business around the capability of delivering on the value proposition to its clients.

Reflecting back on the market research and analysis which identifies needs in the market place, it means the process should allow us to understand that need in terms of the specific result, the increase in value, and the resulting experience the prospective client should receive.

Through the competitive analysis, an understanding of the value proposition competitors are offering their client's should be researched. This is all part of the leg work that's sets the stage to create the value proposition.

With this completed, all the internal variables of your business will be brought into focus. The variables defined in the following stages of the business planning process now build on one another with an exclusive drive toward your market focus. These variables include your :

Value Proposition
Brand
Operating Model
Team Building
Marketing Tactics
Business Systems
Extended Capabilities

What Is A Value Proposition Statement? >>

Business Planning Articles

Business Planning Process

I. Analyze and Segment the Market

II. Create A Value Proposition

III. Design Business Processes and Operating Model

IV. Evaluate Resources, Capabilities, and Environment

V. Execute and Implement the Business Plan

II. Create A Value Proposition

1. Select A Target Market

2. What Is A Value Proposition Statement?

3. How To Write A Value Proposition

4. Value Proposition Criteria

5. Brand Identity

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