Analyzing business value proposition with AI
When building a product the most important thing is not the idea it is the problem you solved and that just one thing most of the problem is also has been solved by someone else. Because of that we need a business value proposition to make our business unique and can compete in the market.
If you just starting a business just like me you might find it difficult to do that. In this article I will share how we can use AI to work on this problem.
How to define business value proposition?
To answer that question I have great resource you can learn and it free from youtube Havard Innovation Labs here.
Basically you need to answer this question:
For (target customer segments) who are dissatisfied with (existing solution) because it does not meet (key unmet needs), (Venture name) provides a (product category) that delivers (key benefits of your solution).
Here's one of the screenshot of the slide if you don't want to see the full video.
Why we should Analyzing business value proposition with AI?
We can not use AI to generate an idea or business without use doing the work. What AI can do is to help us doing a research and give us in insight. So with the help of AI we can outsource some of this work to help us and the goals is to get better result, save time and to be successful right?
Ok let's start the job by designing the prompt, the step here is to give the AI framework how to define business value proposition using the formula above.
Analyze Business Value Proposition Statement using this framework. Value Proposition Statement: - For (target customer segments) - who are dissatisfied with (existing solution) - because it does not meet (key unmet needs), - (Venture name) provides a (product category) - that delivers (key benefits of your solution). Output your analysis in one sentence.
Let's do the analysis with chatgpt.
So this time we will try to analyze text from bannerbear.com landing page.
Automate & Scale Your Marketing. Bannerbear helps you auto-generate social media visuals, ecommerce banners and more with our API and integrations.
And here is the result from chatgpt.
For businesses seeking to automate and scale their marketing efforts, Bannerbear offers an API and integrations to auto-generate social media visuals and ecommerce banners, addressing the need for efficient and customizable marketing content creation.
You can also use the business value proposition statement to reverse the process to generate headline for your landing page. Here's the example prompt for it.
Generate headline and description (it should be concise and direct) from this business value proposition statement. For businesses seeking to automate and scale their marketing efforts, Bannerbear offers an API and integrations to auto-generate social media visuals and ecommerce banners, addressing the need for efficient and customizable marketing content creation.
With this method you can get the idea what the competitor business value proposition are. If you do the process again and again it will give you great insight to how you design your product and what the marketing strategy are.
And the best part is that we can do this process free, there are a lot of LLM you can use beside chatgpt like Claude, Bard, LLAMA and more.
Building a product is not started with idea, it started with problem that you want to solved, and one important step you need to do is to knowing who is your target market. In this process can help you doing that research.