Our Summy for:
Hacking Value Proposition Design With The Value Mix

Summy Transcript

For an entrepreneur, one of the most important parts of creating a successful business is putting together a lot of different things together and making them work. However, for many, this can be extremely overwhelming. This is where the job of a business designer comes in. However, what does a business designer do, and what do you need to do as an entrepreneur in order to become one?

A business designer is a person who creates business models or new value propositions through a design approach. This includes high-level strategy such as brand positioning, financial planning, business modeling, vision, and purpose as well as execution strategy such as customer acquisition and retention, product roadmap, customer experience, and prototyping. As such, business designers must be generalists and masters over a large range of business concepts and tools. For example, in the case of Guerric de Ternay, author of The Value Mix: Create Meaningful Products and Services for Your Audience, he focused honing his skills in the following areas: programming/graphic design, legal studies, business, management, sales, operations, and marketing.

According to Guerric, there are 2 definitions of value in the business.
1. The company’s value to shareholders. 2. The value of services or products to the customer. In other words, the value is actually in the eye of the beholder.

To better understand this concept, you must better understand what value is composed of. 1. What do they want and need? 2. What does your service or product offer them in order to fulfill this need. As such, as a business, it is very important to understand context. Through context, you can better understand what is important to your customers. For example, it is much better for a florist to understand their customers and why they are buying flowers, in order to sell them the proper ones.

Therefore, in order to build a successful business, you must ask yourself the following 3 questions: Who you will focus on? What products you will or will not offer them? How you will or won’t perform these activities? As such it is very important to focus on deep work. In other words, don’t get distracted by what does matter; rather, focus on the things that have the biggest impact and matter the most to your business.

When making your business models, it is very important to closely observe your potential customers. Focus on the things that they buy and what they do. This will help inspire you and focus you on providing the correct products. In addition, it is important to look at other businesses and the technologies that they are using. By doing so, you can take the best practices from others, and apply it to your own business.
To learn more about what it takes to become a successful business designer visit the original article.