Discover your Value Proposition
Most people think that the most important enquiry about a business’ strategy has to do with choosing direction: where are we going to go to grow next? When faced with the challenge of Digital Transformation, some companies try to answer these questions by building a separate technological solution, or innovating new digital solutions.
But what if you asked a more fundamental question – how do you create value? Your value proposition is where you convert your strategic vision and direction into the everyday capabilities of your company that deliver your strategic intent and create value for your customers. Your value proposition is the capabilities you do better than anyone else, and the how they work together in a system to create value in a marketplace through the products, services and/or experiences you offer. These capabilities build your identity and your culture. Your value proposition is unique to your organisation, and where you must focus on shaping your digitally transformed future.
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You should be able to write down your value proposition in a few sentences: why do you do what you do for whom you do it? It should be:
- supported by your strengths,
- differentiated from the value created by competitors,
- profitable and attractive to markets that will appreciate and respond to it.
You might want to additionally audit your digital proficiency, your digital technology, and your digital assets to see where digital technologies play a part/are business critical. You might also want to gauge where your customers and stakeholders are at digitally, to see how they respond to your current digital set-up, and what they would like to see by auditing your digital engagement. In relation to them, you might also like to consider auditing your Business Model.
If you have done all of that, lets reimagine your existing capabilities, using digital technology to move your strategy forward. Focused technology interventions that sharpen your existing capabilities. Innovations in your pre-existing capabilities that create new practices. Lets Define The Digital Opportunity!