What is the process of creating a value map and how can it be used to improve a company's willingness to pay (WTP)?

Creating a value map involves selecting a target customer group and using data-driven surveys to rank value drivers, which are the core list of criteria that customers value in the order of importance. Then, on a scale of one to ten, indicate how good your company is in meeting each value driver. This map can be used to identify which value drivers could be improved to increase a company's willingness to pay (WTP). By focusing on these areas, a company can enhance its value proposition and increase customer satisfaction, thereby improving WTP.

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A value map is an excellent tool to visualize critical strategic opportunities and tradeoffs. To build a value map, select your target customer group and use data-driven surveys to rank value drivers, the core list of criteria that customers value in the order of importance. Finally, on a scale of one to ten, indicate how good your company is in meeting each value driver. Create this map for your organization and see which value drivers you could use to improve WTP.

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Better, Simpler Strategy

Ever wondered what strategies make Apple, Amazon, and other juggernauts so successful? Better, Simpler Strategy by Felix Oberholzer-Gee shares top ins...

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