Failure to properly articulate your value proposition
The value proposition is the new sales pitch. Too many companies describe themselves as “better, faster, cheaper” than what already exists on the market, and their pitch stops there.
But this is not enough.
- How is your solution better?
- How much faster?
- How much cheaper than your competitors?
You must be prepared to communicate your unique value proposition from all angles, and you must understand the value for each stakeholder. What problem are you fixing? How much is this solution worth in the eyes of your customers?
Take the time early in your product development project to identify the expectations of each of your potential stakeholders, then quantitatively explain how your product improves it.
It's not rocket science but it's often ignored!