Value proposition of artificial intelligence, Slides of Artificial Intelligence

Download Value proposition of artificial intelligence and more Slides Artificial Intelligence in PDF only on Docsity!

VALUE PROPOSITION

Presented by JILS GEORGE

A value proposition should clearly explain how a product fills a need, communicate the specifics of its added benefit, and state the reason why it's better than similar products on the market. The ideal value proposition is to-the- point and appeals to a customer's strongest decision-making drivers.

Types of value propositions Performance Performance refers to the product’s ability to execute a certain task. We commonly evaluate a product’s performance based on how effectively and efficiently it can carry out a task, or fulfil a purpose. Companies use this type of value proposition to showcase the quality of the product they’re selling. Its main goal is simple: convince customers that your product is currently better than anything else on the market. Eg; Apple’s iPhone 11 Pro is not the only tech product that uses a performance-based value proposition for their marketing strategies.

Design

Though design is subjective, and therefore hard

to measure, this type of value proposition remains

effective in making your service distinctive.

When working with this proposition type, you

emphasize your product’s design choices and

characteristics.

Additional elements that can be mentioned

include the use of high-quality materials and

functional features for better user experience.

Tesla’s Cybertruck has one of the best design-

centered value propositions currently on the

market.

Considering the truck has one of the most

revolutionary designs in the industry, highlighting

its design and utility value is a no-brainer

Brand

People often trust a specific brand because of the value that it has earned, such as luxury and prestige. To build that perception of quality, you must consistently develop your brand image and deliver high-quality products and services. Only if you’re truly delivering on the promises of the brand can you build a loyal customer base. Patek Phillippe, a renowned watchmaking company, uses this value proposition type to market its products. Known for producing high-class timepieces since the mid-19th century, the company instills an image of luxury and prestige in their products. Today, most people buy Patek Phillippe’s watches to carry those values with them, more so than actually using them as a timepiece.

Novelty Creating a new and original solution to customer’s needs will really help your brand stand out. In a saturated market full of similar products, offering a unique solution to a common problem opens new opportunities for your product to shine. Think outside the box, and deliver value which your customers might not expect, but will love nevertheless. While this type of value proposition helps you make a splash in the industry, doing so with an original product is risky. Make sure what you sell is unique, desirable, and profitable. Shooz , a crowdsourced business, entered the footwear industry by selling the idea of detachable shoes. Since certain occasions call for a specific type of shoe, Shooz solves that problem by letting people customize their footwear, giving them the perfect shoe for all events.

Watson IoT Platform can be used by manufacturers to create customisable adaptive robots. Similarly, Libelium offers an IoT Platform that allows users to connect several devices in different locations and collect data from them. The Libelium platform can be utilised to manage cities, farm systems, and water resources. In order to connect, analyse and optimise the use of factory equipment and devices, variety of solutions are offered by Microsoft IoT Platform. This platform has the potential to greatly improve worker safety.

2. Efficiency : Efficiency bringing smart and linked product business models increase efficiency makes transactions faster, easier, and more transparent, while also reducing errors. The major purpose of smart and connected product applications could be to improve transaction efficiency. Making the transaction faster, simpler, or boosting its dependability and openness can all help to improve efficiency. The initial step in deploying embedded systems is usually to increase efficiency. As a result, the most prevalent benefit sought in IoT firms is efficiency. For example, Intel's loT embedded vibration sensors may measure bridge vibration and offer reliable data for maintenance planning, potentially improving construction reliability. The purpose of Nest Labs Nest Thermostat is not only to monitor user behaviour but also to decrease heating and cooling costs by adjusting the ideal room temperature before the owner reaches home. It also connects with energy firms, allowing them to manage their output levels.

4. Complementary: IoT business models that are complementary deliver additional items or services that are more valuable when used together. Cross-selling and effective bundling are possible with these business models. Amazon Dash Replenishment Service allows for automatic replenishment of items like laundry detergent for washing machines and printer ink cartridges. It makes use of Amazon's customer service services, including payment and authentication systems. Moov is fitness wearable with a personal coach based on artificial intelligence.