Member Value Prop 3

5 steps to get on the fast track to a great Customer Value Proposition

Having a great Customer Value Proposition (CVP) is often considered the ‘secret sauce’ of successful companies. However, knowing how to design and deliver the right CVP, one that your customers will love, can be a daunting prospect.

At RbD, we take a structured approach to helping clients progress from their initial ideas right through to a high-level roadmap to implement the CVP. Here’s how.

Step 1: Developing a hypothesis with internal stakeholders

Many of your staff are interacting with your customers every day and therefore have a great deal of (often untapped) knowledge about what they want and need, as well as what delights or irritates them. That’s why we start the journey to a great CVP with an internal workshop with key stakeholders from different areas of the organisation.

It’s usually a carefully selected group of around 12 people and it’s important that, as well as customer-facing staff, key functions such as marketing, R&D, HR, IT and communications are in the room. As well as adding valuable and contrasting perspectives, these cross-functional stakeholders will be responsible for delivering the CVP, so the earlier you involve them the more likely they are to buy-in to it.

This intensive 1-day session gets the group to focus in on CVP design, thinking about key elements such as the roles and responsibilities of customers, the positive outcomes they’re seeking, and the frustrations they’re trying to avoid. By the end of the day (and after many post-its and healthy debates) we get to a hypothesis about what the CVP might look like.

Step 2: Testing the hypothesis with customers

At that point it’s time for our experienced research team to get out in the field and test what your stakeholders told us in the workshop. Using a range of techniques including quantitative surveys and qualitative depth interviews, we delve into customer perceptions, attitudes, and behaviours – building a detailed picture of your customers and what matters most to them. This not only provides an objective view of how your current CVP is performing, it also helps to identify gaps, ideas and opportunities that will inform the refreshed CVP going forwards.

Step 3: Exploring staff attitudes and behaviours

In parallel with customer research, we may also explore further with staff their experiences with customers as well as their wider perceptions, attitudes and behaviours. For the new CVP to be successful, all your staff will need to get behind it, believe in it, and deliver it. Involving staff during the research stage not only adds valuable insight, it also demonstrates that the company is engaging them in its strategic decision-making process, and identifies potential barriers to delivering the CVP, such as pockets of cultural resistance or poor communication.

Step 4: Developing the Customer Value Proposition

With a rich set of data collected, both from the initial workshop and the research, our team set to work to analyse the outputs and start to synthesise them into a draft CVP. We focus on identifying key themes across the data, as well as highlighting new opportunities, untapped potentials, barriers and challenges that need to be overcome, areas of strength or for improvement, etc. It’s an exciting stage, with the shape of a compelling new CVP for your company starting to form from the data and insights we’ve collected.

Step 5: Fine-tuning the CVP and developing the roadmap

The process culminates in a second internal workshop, this time with a group of stakeholders who will be able to take the CVP forward and embed it in the organisation – some are likely to be the same people as in the initial workshop. Here we present and discuss the findings of the research, enabling the group to fully understand and own the insights. Building on this, we then present the draft CVP, discuss and fine-tune it with the group, and highlight the existing areas of strength and weakness in delivering it.

Finally, we help the group to brainstorm the actions needed to implement the CVP, both in terms of delivering the products and services themselves, but also the supporting elements such as communication and culture. These outputs are delivered following the workshop in a slick PowerPoint deck ready for stakeholders to socialise and sign-off the CVP and implementation plan internally. It’s an action-oriented approach that ensures our clients not only have a great new CVP, they also know what needs to happen to make it a reality for customers.

If you want to learn more about how RbD can help you develop or refresh your Customer Value Proposition using this structured and proven approach, please get in touch for an exploratory chat.

This entry was posted in Membership, B2B, tagged Membership, Target audience, Market research tips, Qualitative, Market Research and posted on May 8, 2018

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