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How to Write a Business Plan

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Value Proposition & Channels

2:00 with Pasan Premaratne

The core of our business model is built around a solution for our customer's needs or problems. In this video we'll take a look at this value proposition and the different ways we can deliver it to our customers through our channels.

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    [Pasan Premaratne] The next part of our model that we want to explore is our value proposition. 0:00
    Our value proposition is the core of our business idea and what we frame everything else around. 0:04
    "Value proposition" is just a fancy term for the product or service that you are offering. 0:10
    This seems simple enough. 0:15
    To clearly define or communicate our value proposition to others 0:17
    and to lay it out in our future business plans, 0:21
    all we need to do is answer the following questions: 0:24
    What value do we deliver to our customer segments, 0:26
    what problems are we helping solve, 0:30
    and what customer needs or wants are we satisfying? 0:33
    Once you've answered these high-level questions, 0:36
    it becomes easier to associate the specific features of the product or service 0:39
    with the problems they solve or the needs and wants that they fulfill. 0:43
    Now that we know our value proposition 0:47
    and the customers who we deliver this value proposition to, 0:50
    we need to figure out how we are going to deliver it to them. 0:53
    This is the focus of our next section: The Channels. 0:56
    First, let's start by asking through which channels 1:00
    are we going to reach our customer segments? 1:03
    You can have multiple channels through which you reach your customer segments, 1:06
    but each channel has five distinct phases. 1:10
    When you're exploring channels, break it down into these following phases: 1:13
    [Awareness] Using this channel, how can you raise awareness 1:16
    of the product or service you are offering? 1:21
    [Evaluation] What kinds of methods of evaluation are you offering your customers? 1:23
    [Purchase] How can a customer purchase your product or service? 1:28
    [Delivery] Once a customer has purchased your product or service, how do you deliver it to them? 1:31
    [Post Purchase] And finally, how do we offer post-purchase support to our customers? 1:36
    Once you have all your channels broken down into the five phases, you will have a better understanding 1:43
    of your dependencies, cost structures associated, and your profit margins 1:47
    and can thereby figure out which ones can help you reach 1:52
    as large a segment as possible while retaining the most revenue. 1:55

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