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Building an Online Marketplace by Reflecting in the Value Strategy Real Customer Knowledge...


The Stark Reality of All Internet Businesses.


Building an online marketplace depends entirely on a winning value strategy.

And that depends on how well you understand...

Who your audience (market, niche, etc.) is?...

What they want?...

How they want it?...

And, how they finally get it...

This is fundamental in business. On the internet, it's crucial!

If you've done the research and groundwork in designing your internet business, you've probably already settled on a market in which you'd like to compete in.

Hopefully you've done so, only after considering things such as size of market, profit potential, amount of competitors, and their offers.

Now it's time to consider the individuals that make up that market...

That targeted audience of online customers for which you'll tailor an attractive and coherent offer of value.

 

Getting to Know your Online Marketplace...

To start off, you'll need to look at demand and competition again, but not from the standpoint of profitability.

You've already proven profitability and business potential during the selection process...

What your internet business needs now are the inputs that will help in developing value in your offer...

A customer profile, formally written or just conceptual, is the first and most important of those inputs.

Generating a detailed profile will help you understand what makes your customers tick! It'll give you an idea of what they want, how they want it, and when they want it, so you can decide how to give it to them.

It should answer questions like...

 

How do your customers experience the web? How do they select, determine, and ultimately judge content quality?

 

How do they expect to be engaged by your internet business?

 

Do they expect networking opportunities, or some other type of online social interaction with others who can provide unbiased opinions about your internet business?

 

What are the required factors or conditions (order qualifiers) that you need before customers even consider a purchase?

 

What factors or conditions (order winners) will ultimately trigger a positive purchase decision?

 

Although these questions address aspects of demand only, you must consider the competition as well!

You should consider things like...

 

Have competitors identified the most important benefits?

 

Is their value proposal coherent?

 

Can you develop an offer with higher perceivable value?

 

Are they consciously addressing all components of value?

 

Are they aware of the experience being had by customers, visitors, subscribers, etc.?

 

The answers to these questions should help you create the best offer possible... one that provides the right set of benefits within the most coherent value proposal.

 

 


Bridging the Vital "Gaps" in a Value Strategy!


So you've created an offer full of benefits presented within the most thoughtful and coherent value proposal.

It's now live on the internet!

Is it all it can be?

Is there room for improvement?

A value strategy is never complete... it's always a work in progress.

That said, it's possible to continually approach perfection if you consider the following "gaps" in value delivery...

 

First off, the "assessment gap" addresses a failure to correctly interpret the needs of customers and the competition's performance in designing your offer of value.

 

Then comes the "benefits gap", which states that even if you could perfectly assess all customer needs and offers by the competition...

It's possible that the benefits you've included in your value proposal aren't as relevant as they could be, or even that you've worked with a wrong set of benefits.

 

The "presentation gap" addresses the fact that even the most relevant benefits can go to waste, if they're included within a poorly structured value proposal.

 

Lastly, the "delivery gap" has to do with the fact that the experience you stage to provide those benefits will never exactly "match" the one that customers perceive.

 

These "gaps" in a value strategy's design are inevitable, but giving them careful thought is vital and necessary.

Return to "Creating Value" from "Building an Online Marketplace with a Winning Value Strategy"

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