A Value Proposition is not about the product features and technology, or the processes of a new service – it's about understanding the customer and the impact your innovation or idea can have.
Your value proposition helps you to translate your innovation or idea into a clear value–based solution.
There can be various barriers when launching a new product or service – some of the most common issues include a product or service that does not match an existing problem or issue; a technology that is not affordable; or a technology or product that does not have the right impact. The creation of a detailed and accurate value proposition can help you to identify and address those barriers.
Additionally, by tapping into the knowledge and expertise of our wider eco-system we can introduce you to the right teams to help to fill any gaps that you might identify – ensuring you have the right support at the right stage of development.
Creating your value proposition and getting input to your narrative so that the benefits of your innovation are clearly articulated is really important. This will also feed into your business case and inform your market access strategy. Value proposition is the reason why customers should turn to you.
- Solve a problem or need. It explains why is it needed.
- Be an improved, better or only offer. It explains what’s different and demonstrates value.
- Be specific to a customer.
There are four elements of a NHS value proposition:
- Problem: Who does it affect? Why does it affect them?
- Consequence: What does it cost? What are the clinical implications? What is the consequence to the workforce
- Intervention: Does it change the pathway? What needs to change?
- Impact: what are the benefits, costs and what is the ‘so what’?
- HI NENC can help innovators to ensure all critical information is included in their value proposition, particularly what it means to the buyer. Failure to identify important facts early is likely to lead to a misunderstanding of the potential business opportunity and/ or time and resource wasted on the wrong evaluation. The process of deconstructing your value proposition will help you to identify key facts early and in doing so reduce the risk of wasting significant time and effort.
Separating out your value proposition may be challenging and feel awkward compared with your well-rehearsed investor pitch. However, having deconstructed and then reconstructed your value proposition, the intended purchaser will more readily recognise the opportunity you are bringing to them. This will improve the speed of engagement and ability to build a relationship with them.
Our latest animation explains how HI NENC can help bridge the gap between industry and the NHS. It talks about the importance of having a clear value proposition, the need to generate evidence, and how the HINs can support innovators – with products and services that match NHS priorities – through these stages and on to national adoption.
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If you would like to find out more about how HI NENC can support your business and the support available via the Innovation Pathway, please email our Pathway Navigators at [email protected]