How value propositions can add value to your project
Blog | 31st July 2021 | Rupali
How do you keep your project afloat and ensure it goes all the way to completion? How do you make sure your project has the necessary support?
You need to understand the importance of value propositions for your product in order to achieve all of the above.
When your product has a strong value proposition, it becomes easier to understand what your project is all about.
How to exactly do all of this, is what we are going to see in this blogpost.
*How to convey the look and feel of your product.
*How to increase the charm and appeal of your product.
*How to secure the right investment for your project.
*How value propositions work for PRINCE2 Agile projects as well.
*What courses to choose if you are interested in increasing the appeal of and investment in your product.
A key factor when considering value propositions
A product is what you put into it. And what is put into it affects the final look and feel of the product.
You must communicate the look and feel of the product at various stages of the project.
More importantly, this look and feel can be put into a value proposition.
A value proposition crafted with the look and feel of the product in mind can go a long way in putting out the crux of the product across the organization.
Suppose you are a product manager and have a project going.
You are creating a product.
In the interval on the way to delivery, you start to simultaneously create a digital identity for the product.
There is a third party who helps you with a social media package. You begin to provide regular teasers about what went into the making of the product.
This activity has helped you build a solid value proposition for your product. Gradually, as you tease the audience, people begin to see what the stuff the product is made up of and what it means for them.
Lets recap what we have seen:
*It is important to communicate the look and feel of your product, which is in turn influenced by what is put into the product.
*A good way to start is by building a solid value proposition.
*A good value proposition will communicate the stuff your product is made up of. It communicates the crux of your product across various organizational layers.
Increasing the appeal of your product
Having a good value proposition helps communicate the look and feel of your product.
After all, you have put a good something into your product. And that affects the way your product is going to come across to people.
Hence tightening it into your value proposition helps your product reach across to various people, just as it is.
Not only that, people will think it fair to pay for just what they are getting.
A good value proposition will help them see what they are paying for, and you can then charge for what you have put into the product.
This sense of fairness and transparency increases the appeal of your product.
I'll refer to the same example that we saw before.
You are a project manager with an active project.
You are creating a product. Not only that, you are creating a digital identity for the product.
You have engaged a third party for social media support to get the product out.
While doing that, you create a chargeback policy for your product that helps people pay only for what they receive. This makes your product a bundle of value that appeals to a wide range of people.
*A product is what you put into it.
*This affects the look and feel of the product.
*A strong value proposition helps you convey the look and feel of the product across to various people.
*It also raises visibility into what a customer will be paying for.
*This raises the overall appeal for your product and ensures sound viability of your project.
Ensuring a safe base for investments
After all, a product becomes what you put into it.
We saw that this affects the look and feel of the product.
A valid value proposition increases visibility into what a customer will be paying for a product based on the look and feel of it, thereby increasing its appeal to an audience.
When that happens, senior leadership know that people are actually going to buy or invest in your product once the project is over.
They now know that the project is going to recover what is being put into the product.
This assures them that it is safe to invest in and convince investors for, your project.
We'll yet again continue with the same example.
You are the project manager with an active project.
You are now creating a digital identity for your product by engaging the help of a third party, who have a social media package for you.
Now using that, you have crafted and conveyed a great value proposition for your product.
You have even been transparent with your customers of what it has cost you to create the product and how much of a value bundle your product is for the intended audience, because they will be only paying for the features.
Because of the success of your chargeback mechanisms, you have been able to spread the buzz for your product.
When it reaches the senior leadership of your company, they too want to contribute by seeking the help of two venture funding companies who would be interested in your project!
*The look and feel of your product should be continuously conveyed to the various people affected by your project. Especially your customers.
*A strong value proposition helps raise the appeal of your product by doing just that.
*When your product appeals to people, it means it is going to find buyers.
*That makes it a safe bet for investors and senior management who look at your project from an investment perspective.
PRINCE2 methodologies have been the driving force behind projects for a very long time.
These have been adjusted to reflect changing project requirements, like shorter and quicker development spans, not very unlike those characteristic of Agile Software Development.
However, whatever may be the case of a project, some things will never change.
Your project will always involve the creation of a product. It will always involve putting something into a product.
This will affect the look and feel of a product. The look and feel are innate properties of the product.
A value proposition always conveys the look and feel, the innate characteristics of a product.
This hold true for both PRINCE2 and PRINCE2 Agile projects.
Both kinds are after all projects.
They would lead to the creation of products.
A value proposition is meant for the product created.
It conveys the innate stuff put into a product, and hence raises the overall appeal of the product.
That is why, both PRINCE2 and PRINCE2 Agile kinds of projects need a value proposition to create that sort of effect about them.
* We looked at a primary difference between PRINCE2 and PRINCE2 Agile.
*The latter comes from new software development techniques.
*A valid value proposition is necessary for the product.
*We looked at an example that focused on products, and not on the methodologies.
*The project in case could have been PRINCE2 or PRINCE2 Agile.
*Creation of products is universal in both cases, and a strong value proposition is meant to cater to products.
*Hence, a value-adding value proposition is universal for both PRINCE2 and PRINCE2 Agile.
Knowlathon has been for long, a provider of PRINCE2 trainings.
Not only do you attend a training, but also you can validate your skills by sitting a certification exam.
You then get a PRINCE 2 certificate.
We have several options for you: the PRINCE2 Foundation, PRINCE2 Practitioner, and also a blended course:PRINCE2 Foundation and Practitioner.
If you just want to know the basic tenets of PRINCE2, you may opt for the PRINCE2 Foundation.
If you want to lead projects actively, you may take the PRINCE2 Practitioner course.
Save yourself the time by doing a three day blended PRINCE2 course.
Newer ways of software development led to Agile practices being widely popular.
Given how immensely popular Agile is when resources are strained during times like these, PRINCE2 Agile was written for those who want to speed up development and creation of products.
Now, for you, we have the PRINCE2 Agile route.
Consisting of the same course types as PRINCE2, we must say our three day PRINCE2 Agile Foundation and Practitioner course is well sought after.
Check out our range of PRINCE2 courses