Questions

For content, I've listen closely to my users and two things make this challenging: 1) different users get different value out of my single product and 2) there is a large psychological underpinning to some of these value props, but it's awkward to make them explicit in a message to our end user. Eg. No one wants to say they purchased a network when they went to the finest business school, but that's also true.

"I've listened closely to my users" - This tells me you are off to a great start. You have talked to your users and understand how your product solves their pain. It is normal that your users get different value from your product. This means that you have multiple customer segments that you can sell to.
I would approach this, by identifying the different customer segments that your product serves. Eg: Let's assume your product is a reusable water bottle. It has the following main customer segments
1. Athletes
2. Students
3. People who drive extensively for work
Of course there are others, but let's start with these three main segments
The next step would be to identify the segment that you want to market to FIRST. You can identify this based on the following
1. size of the segment
2. Need in the segment (Is your product essential or a nice to have)
3. Paying potential of the segment (will you have to price competitively or will they pay a higher price for a better product)

There might be other criteria that might be specific to your industry that you want to consider in addition to these three.

Pick the segment that will be easy to penetrate and will give you a good ROI (either large segment size or higher paying power). Target your value prop to this segment. As your business grows you can add segments by modifying your message and/or product.

Having a psychological advantage is excellent. For Eg: if we were to use your example of a business school, the advantage of having a large network is that you will have greater and better job opportunities. So an example value prop of the business school is
"Education that delivers success" - You are addressing the product (education) and the psychological benefit (success).

I am happy to talk more if you need help with segmentation and targeting to your segment using both product and psychological attributes in your messaging.

Good luck with your venture!
Fehmida


Answered 6 years ago

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