A value proposition is a simple positioning statement that explains what needs or wants your business fulfills for its market. It may also indicate how your business satisfies these market gaps better than the competition.
An ambitious value proposition can be critical to your company’s success in a competitive market. That’s why many businesses leverage technology to hit their goals.
Here are some different ways that businesses have leveraged technology to address consumer pain points, add value to their services, and disrupt industries.
Using Big Data to Bring Transparency to Real Estate
The real estate industry is infamous for its ambiguity. Nobul disrupted the space by using big data to shine a light on agents’ track records and put the power in the hands of the consumer. The platform even allows users to compare commissions, so clients can pick agents that satisfy their metrics.
According to Nobul’s CEO Regan McGee “It’s all about what’s right for the consumer.” In an interview with Cheddar News he explains, “Do you want the most value-added services, or do you want the cheapest? It’s all about being honest and open and consumer-centric.”
Nobul uses powerful technology to ensure that users benefit from visibility, choice, and accountability. It’s the only online real estate marketplace to do so. Nobul also provides transparency and security with a blockchain component that makes tracking and managing contracts more transparent and auditable across the real estate transaction process.
Using User Experience to Provide Convenience & Ease of Use
You don’t have to look further than Uber for a company that established its value proposition with disruptive technology. The American mobility service provider gave users a low-cost and convenient way to travel anywhere at any time with its sophisticated ridesharing app. Here are some of the features that helped Uber shake the taxi industry:
- The app has an attractive, intuitive, and easy-to-use UI.
- Uber utilizes complex technology to enhance the privacy and security of users.
- A robust rating system adds accountability for users.
- Artificial intelligence (AI) helps mitigate the risk of fraud and other risks.
- Machine learning (ML) matches the right drivers and riders, optimizes routes, and suggests accurate services to users.
- AI and ML allow Uber to determine the ideal price to ensure supply during peak hours.
Using Technology to Differentiate Services
When businesses have similar value propositions, technology can help differentiate their services. For instance, when comparing Uber and Lyft, you’ll notice that Uber offers more services like food and parcel delivery through its state-of-the-art app. On the other hand, Lyft has greater transparency with more detailed automatic receipts and more transparent surge pricing calculations.
Using Technology to Supplement Your Value Proposition
Sometimes, technology can help a company supplement its value proposition even if it doesn’t help define it. IKEA’s value proposition is about improving people’s everyday lives through well-designed, functional home furnishing products at affordable prices. IKEA’s customers can shop for its products on an app that offers accurate suggestions by analyzing data with ML.
IKEA also launched an augmented reality (AR) app called IKEA Place that allows users to virtually place true-to-scale 3D models in their homes, making it easier for them to test furniture without a monetary commitment.
The quality of your business’s value proposition can help determine its future. You can achieve even the most ambitious targets and disrupt your industry with the right technology.