Assessing the Value in Value Propositions

According to Wikipedia “A value proposition is a promise of value to be delivered and a belief from the customer that value will be experienced. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services.” Value props are typically the domain of the brand development team, but rest assured leading firms use marketing research to test the believability, clarity and resonance of value propositions with different segments in the market. As market segments vary in their levels of product usage, beliefs, and attitudes toward a brand it is reasonable to assume that a single value proposition may not suffice.
 
The concept of a value proposition applies equally to both the consumer and B2B market research. Testing them is ideally suited to the capabilities on an online survey platform. A popular method is to display a single value proposition and then ask respondents to rate the statement on two or three dimensions including likability, relevance and clarity. This exercise is often a combination of closed-ended rating questions and a comment section allowing respondents the ability to share free-form thoughts. In the survey design phase, the placement of the value propositions should be randomized in order to minimize potential order bias. Another option is the use of a Max-Diff scenario which allows the researcher to assign a numeric ranking to each proposition. This option requires special software to administer, but yields vary relevant data.

The graphic below takes the various value propositions under consideration and assesses the attachment of the propositions to various competitive brands. If the study is blind then this option provides valuable insight into the perceptions of the market and your competition. If you are using this format make sure to set the question so that the header row repeats. This will prevent the respondent from having to scroll up and down to respond to statements further down the list.

val prop matrix

As a parting thought, I cannot emphasize enough the need to randomize the rows and columns in a matrix such as that seen above. If your survey tool does not allow for this automatically then you can create alternate versions of the survey varying the elements in each version.

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