Companies don’t have to design a whole new product or service to be innovative or competitive. Combining the highest value features of existing products can create a unique value proposition. Designing novel combinations that resonate with consumers can create entirely new categories that will attract new customers, increase demand among existing customers and provide distinctive value. The following steps are crucial in order to create a unique value proposition through product design:
Combine—Design different ways of bringing things together that can result in one unique item.
Adjust, add or adapt—Explore which design changes can be made to improve your existing offering.
Revisit your product design strategy by asking all the rights questions:
- What item combinations are more likely to be purchased?
- How many item combinations should be offered to different market segments?
- Which prices by item, or item combinations, will increase purchase likelihood?
- What similar products or services can be added together? For example, two blades joined to a single razor;
- What dissimilar products or services can be united to create something new? For example, the Swiss Army knife;
- How can you adapt your existing offering to fit the cultural, religious or functional needs of a new market segment?
image credits: growthstrategy.com
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Wayne Simmons is an accomplished executive, innovator, value creator, and entrepreneur and co-author of GrowthThinking: Building the New Growth Enterprise. As CEO and Co-Founder of The Growth Strategy Company, Wayne leads the vision, strategy and growth of the company. He has worked for global advisory firms Ernst & Young, Deloitte Consulting, and has been a trusted advisor to C-level executives at Fortune 500 corporations, venture capital firms, and small and midsized companies. Wayne was trained in airborne reconnaissance for US Army Intelligence; and is an alumnus and Fellow of The Wharton School of the University of Pennsylvania.
Keary Crawford is a results-driven executive leader with extensive experience in operations, M&A and finance for start-up, entrepreneurial and middle-market companies. As co-founder and COO of The Growth Strategy Company, she manages the strategic growth and vision, and day-to-day operations; and is co-author of GrowthThinking: Building the New Growth Enterprise. Keary was trained in Behavioral and Social Sciences and is a Fellow and alumna of the Executive Development Program at the Wharton School of the University of Pennsylvania.