Originally published: 27/09/2024 14:47
Publication number: ELQ-77856-1
View all versions & Certificate
Publication number: ELQ-77856-1
View all versions & Certificate
Customer Value Template - Product/Service Benchmarking & Prioritization
This includes top customer values analyses along with instructions.
product valueservice valuecustomer valuefeature prioritizationservice prioritizationcustomer value templates
Description
TOP CUSTOMER VALUE ANALYSES & EXERCISES WITH INSTRUCTUION
1. SERVICE VALUE PROPOSITION BENCHMARKING - We’ve included a service value proposition benchmarking template. You should make sure the service value proposition dimensions are the important ones to your industry. For instance, in retail the 5 dimensions retailers compete on are Selection, Service, Convenience, Experience (Shopping), & Value. The quick way to fill in the data is to brainstorm with an internal team and use relative rankings versus competitors. The more accurate, but longer way to fill in the data is to execute a customer benchmarking survey or a customer journey / ethnography exercise.
2. PRODUCT VALUE PROPOSITION BENCHMARKING - We’ve included a product value proposition benchmarking template. You should make sure the product value proposition dimensions are the important ones to your industry. You should especially expand the core features dimensions, since those are often the most important with physical products. The quick way to fill in the data is to do some research and see if you can compare technical and/or feature specifications between products. You can also do analysis on product reviews to see what the most important dimensions are for customers. Then you can also brainstorm with an internal team and use relative rankings versus competitors. The more accurate, but longer way to fill in the data is to execute a customer benchmarking survey or conduct a customer journey / ethnography exercise.
3. CUSTOMER NEEDS TO SOLUTIONS EXERCISE - We’ve included a product and service template for this exercise to generate new ideas for existing products or services. The first thing you need to do is make sure the value proposition dimensions are aligned with your benchmarking or with the dimensions that are important to your industry. Then brainstorm the needs customers have across each dimension, with a focus on those needs that aren’t currently met by anyone, or gaps you may have against competitors. Then focus on potential solutions to those needs, especially solutions that would be hard to replicate by competitors. Then score your ideas by customer value improvement and ease and cost to implement. These scores can feed into the product / service / feature prioritization matrix.
4. FEATURE / PRODUCT / SERVICE PRIORITIZATION - This is a great template to help generate ideas and prioritize them. The two axis of the matrix are “Improvement in Customer Value” and “Effort & Cost of Implementation”. Those ideas that are high customer value and low effort and cost to implement are the low hanging fruit you should focus on.
TOP CUSTOMER VALUE ANALYSES & EXERCISES WITH INSTRUCTUION
1. SERVICE VALUE PROPOSITION BENCHMARKING - We’ve included a service value proposition benchmarking template. You should make sure the service value proposition dimensions are the important ones to your industry. For instance, in retail the 5 dimensions retailers compete on are Selection, Service, Convenience, Experience (Shopping), & Value. The quick way to fill in the data is to brainstorm with an internal team and use relative rankings versus competitors. The more accurate, but longer way to fill in the data is to execute a customer benchmarking survey or a customer journey / ethnography exercise.
2. PRODUCT VALUE PROPOSITION BENCHMARKING - We’ve included a product value proposition benchmarking template. You should make sure the product value proposition dimensions are the important ones to your industry. You should especially expand the core features dimensions, since those are often the most important with physical products. The quick way to fill in the data is to do some research and see if you can compare technical and/or feature specifications between products. You can also do analysis on product reviews to see what the most important dimensions are for customers. Then you can also brainstorm with an internal team and use relative rankings versus competitors. The more accurate, but longer way to fill in the data is to execute a customer benchmarking survey or conduct a customer journey / ethnography exercise.
3. CUSTOMER NEEDS TO SOLUTIONS EXERCISE - We’ve included a product and service template for this exercise to generate new ideas for existing products or services. The first thing you need to do is make sure the value proposition dimensions are aligned with your benchmarking or with the dimensions that are important to your industry. Then brainstorm the needs customers have across each dimension, with a focus on those needs that aren’t currently met by anyone, or gaps you may have against competitors. Then focus on potential solutions to those needs, especially solutions that would be hard to replicate by competitors. Then score your ideas by customer value improvement and ease and cost to implement. These scores can feed into the product / service / feature prioritization matrix.
4. FEATURE / PRODUCT / SERVICE PRIORITIZATION - This is a great template to help generate ideas and prioritize them. The two axis of the matrix are “Improvement in Customer Value” and “Effort & Cost of Implementation”. Those ideas that are high customer value and low effort and cost to implement are the low hanging fruit you should focus on.
This Best Practice includes
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