In the world of business, nothing could be more important than the concept of providing value. We’ve discussed the importance of value propositions before but today we really wanted to dive in and take an in-depth look at the concept of providing value. We find two of the most powerful value propositions you can offer is with money or time savings. Furthermore, the realization of either of these factors will be dependent upon the business. A retail business, for example, is looking for the realization of money through an increase in consumers purchasing their products. A retail business can also benefit from an increase in time through optimization of processes or technology. All and all, every business has a way it can improve the bottom line or increase their business processes. Let’s dive in and take a closer look.
Money & Time
Money really is just an abstract version of our time. We get paid for our time at work and thus money can in some sense replace time. This is true when considering a value proposition as well since money and time are two important aspects to providing value to a business. If a service offering can help a business save money or time then it will be a true value proposition. There has been a ton of research and case studies into proper ways to increase the efficiency of a business. Really the whole department of marketing exists to increase the bottom line and time-efficiencies within a business. This is most often thought of through advertising campaigns but can also be done through proper business operations and standard operating procedures.
Increasing business efficiency should also be a top priority for any business. Creating standard procedures for your business operations can be an easy way to start increasing your business efficiency. All and all, once you have standard operating procedures in place you can start to really understand what your business is doing on a day to day basis. Then you can start to identify points in the business which are inefficient, thus working to make them more efficient.