How do you balance social and financial value in your value proposition?

In my experience, the deep understanding of the stakeholders is a step that should be greatly considered. Indeed, their understanding help to draw the outlines of how the products will be developed and marketed to be unique and helpful.

One thing I find helpful is also to see how the value proposition is different from the competition. How can all your stakeholders be impacted by your product? All the impacts are important as the more a product is impactful the better it is

A clear value proposition includes what makes your business unique and why customers should choose you. It should include both social and financial benefits. Find out the key benefits your product or service provides. Identify what sets you apart from competitors. Include the social mission and financial advantages into a persuasive statement. According to Harvard Business Review, companies with a strong value proposition can expect a 30% increase in customer engagement.

Indeed, the ESG should be considered in the stakeholders so the impact of the product can be seen earlier on in the development phase. Each part of the ESG should be tackled to make sure that the full picture is seen.

Amen to that, and I can give you a whole range of examples of where businesses, who orient their North Star around solving big world social (and environmental) issues, win because it galvanises their people and ecosystem of suppliers / customers / investors to think beyond the norm and innovate to keep improving. Who doesn't want to work for someone who gives a sh*t about their sh*t and the wider world? Think of it like business with soul (or not).

In my opinion, this step is going smoothly when you have identified the right stakeholders and their stakes in your product. The feedbacks should be therefore aligned with KPI (5 maximum) that you have defined in advance to see if your product is where you want and need it to be.

Testing and validating your value proposition with real-world feedback helps ensure it resonates with your target audience. Develop prototypes or sample messages of your value proposition. Use focus groups, surveys, or beta tests to collect feedback. Identify areas of strength and areas needing improvement. A study by Bain & Company found that companies improving their value propositions based on customer feedback can see a 25% boost in revenue.

Indeed there are several tools to iterate and make sure your product is ready to take into account the different feedbacks and to be delivered. In my opinion, the excessive amount of iterations can also delay the adoption of the product by the stakeholders

Communication tailored for each stakeholders to make sure they see the real value and the pain points your product cures. The communication should be adapted taking into account the different feedbacks and the understanding that was made at the first step.

Effectively communicating your value proposition ensures that your audience understands the social and financial benefits your business offers. Ensure all marketing materials consistently reflect your value proposition. Use social media, email marketing, your website, and other channels to reach your audience. Use stories to illustrate the impact of your social mission and financial benefits. A study by Contently found that 78% of people remember brands better when they use stories in their communications.