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Focusing on What Matters

IN RECENT YEARS, the terms value and value proposition have become two of the most widely used terms in business markets. While these terms are fundamental to our customer value management approach, our research reveals that despite their growing use, there is little specificity or agreement about (1) what is value, (2) what constitutes a customer value proposition, and (3) what makes a value proposition persuasive.

Moreover, we find that most value propositions that suppliers construct and deliver in business markets do not actually convey the superior value their offerings may provide to customers. Lacking the knowledge to persuasively substantiate the superior value of their offerings relative to those offered by competitors, suppliers find that their value propositions are discounted by customer managers who, increasingly pressed for time and demonstrable results, focus simply on reducing price.

What is customer value in business markets? Offerings in business markets can have many value elements. How can identifying the points of difference, parity, and contention with the next-best alternative help firms focus on the relative handful that matter the most? What are the three alternative kinds of value propositions in practice, and which is best for suppliers to pursue? We answer each of these questions in turn—a solid grasp of these concepts is vital for moving business customers beyond price to demonstrated and documented superior value.