3 Ps for pinpointing your company’s unique value proposition

3 Ps for pinpointing your company’s unique value proposition

Companies start with one or a handful of people who have experience in a particular profession or vocation. They initiate a new business upon finding a need in the market and/ or upon having a vision about fulfilling a market need.

Let’s use the below mentioned approach to find your company’s differentiation in the market in relation to its competitors. It will help in pinpointing your company’s unique value proposition.

Draw three intersecting circles as shown in the visual diagram.

Title them as:

1st circle: PROFICIENCY

2nd circle: PROMINENCE

3rd circle: PURPOSE 

In the PROFICIENCY circle: list your company’s professional competencies & core skills.

In the PROMINENCE circle: list your company’s awards, commercial success, industry recognition

In the PURPOSE circle: list your company’s mission, natural motivation, internal values

Analyze the items written in the above three circles to make further modifications/ changes if need be. 

Now in the intersection space of the 3 circles, choose and write 1 or 2 items that interconnect to these circles … aspects that have a connection to each of these circles.

This helps you pinpoint your Unique Value Proposition. It’s your niche in the market where your company has a natural flair to excel. Work on this ‘sweet spot’ to differentiate your company in the market.

Solve systemic challenges using fishbone diagram

Solve systemic challenges using fishbone diagram

The fishbone diagram (created by Dr. Kauro Ishikawa) is typically used for uncovering systemic problems. It is a causal depiction for finding the root causes of a specific challenge or problem. Resemblance to the skeletal structure of a fish is the reason for calling it the fishbone diagram. It’s also called the Cause-and-effect diagram since it reveals the connection from the effect to the cause. Effects can be traced back to root causes by repeatedly asking ‘Why’ questions. Causes are usually grouped into major categories to identify their sources of variation.

Uncovering the possible causes of an effect provides substantial insights on the occurrence. It assists us for finding a solution to that particular challenge or problem.

The fishbone diagram is useful for solving problems such as:

Manufacturing: defects, quality inconsistency, shop-floor safety …..

Business challenges: product innovation, increasing market presence, finding sales leads, finding sources for products, reducing employee attrition rate, improving bottom line, people productivity …..

How to use:

1.     Write the issue or challenge at the tip of the fish’s mouth. This is the effect for which you are trying to uncover the root cause(s).

2.     Towards each end of the branch, write the potential cause of this effect.

3.     Within a particular branch, you may ask appropriate questions to further uncover smaller cause branches.