How are value propositions created? The traditional approach is to develop a generic proposition based on your understanding of what stakeholders value. But this approach is inadequate and typically ineffective. Value propositions should be cocreated, stakeholder-specific, and dynamic.
Yesterday, I facilitated a workshop with health professionals to explore how to cocreate value propositions with stakeholders to introduce and sustain new models of care. A value proposition should be viewed as an invitation to stakeholders to participate in creating a mutually beneficial solution. By adopting this perspective, we suddenly appreciate that value propositions are not just simple value statements. Value propositions have to be negotiated through a dynamic, iterative process where stakeholders learn about each other’s goals, expectations and competing priorities, and decide whether and how to collaborate together.
The starting point is to understand the context for cocreating a value proposition with a stakeholder. How would stakeholders perceive your proposal or offer and why would it be important to them? How does it help them achieve their goals and why will it benefit them? What roles can they play and how can they contribute?
Next, it is important to identify points of resistance that can be turned into opportunities to create a stronger value proposition. What are stakeholder’s competing goals, priorities and practices? Are there barriers that may create tension? Which trade-offs can be made that result in a better, shared solution.
Finally, craft personalised invitations to engage each stakeholder in a process of value cocreation. This requires careful attention to message strategy and use of influencing techniques to generate the right response.
Cocreating value propositions with stakeholders is an ongoing process that requires constant monitoring to ensure it remains relevant. Gone are the days of generic value propositions!
#strategy #valueproposition #cocreation