Business Planning >> II. Create A Value Proposition
Select A Target Market
Selecting a target market and establishing a client profile is the first step in creating a value proposition.
The market analysis and segmentation process should have provided a context to identify and measure opportunities in the market place. For experienced professionals who identify market opportunities in the normal course of business, market analysis and segmentation can confirm and reveal whether client feedback and trends constitute a worthwhile market to pursue.
Once a target market is identified, the specific needs and profile of prospective clients within the target market need to be understood in detail. In particular, the specific need or problem that must be solved must be defined in order to state the specific experience, result and value that must be delivered to the client. This is the value proposition statement.