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A Swiss army knife or a set of kitchen knives?

A Swiss army knife or a set of kitchen knives?

November 11, 2022

In this issue, you’ll learn:

How to make more money by making things more convenient to your customers.
The possible ways you can do that.

Time to read: two minutes.

Types of value propositions

Today, we will talk about what's in bold in the list below.

Price
Cost reduction
“Getting the job done”
Risk reduction
Customization
Accessibility
Convenience/usability
Performance
Design
Newness
Brand/status

Convenience/usability

It's possible to add significant value by making things more accessible or simpler to use. Apple's iPod and iTunes gave users unprecedented simplicity when it came to finding, purchasing, downloading, and enjoying digital downloads. The market has been completely taken over by it.

Examples

Most of the tools that you see in the kitchen can be replaced by a Swiss knife.

It's the convenience and usability of these tools that make us buy them and use them more often.

Many of us are used to writing and sending meeting minutes via email or MS Word.

Some people know more about OneNote, and even more about Notion and Clickup.

The problem is that you are encountering considerable friction while carrying out this process.

First, you have to go to Outlook and copy the attendees' names and emails one by one.

Second, you want to find out the structure and go through a lot of tool-specific editing challenges.

Third: You want to create an email, add people to it, create a subject line, and send it.

A lot of time gets wasted in the meetings, let alone the time that gets wasted in the notes, and fewer people read them.

A convenience solution here is meeting software that integrates with your calendar; you add the notes during the meetings, and with a click of a button, you send them away.

Most of the tools in this category are ones that make things easier and more useful.

In the past, we were used to going through a lengthy and inconvenient process to purchase apps from iTunes.

You go to the website of the software provider, you fill up your credit card and account information after creating an account with every single app provider, you purchase, you download to your PC, and then you install and sync via your cradle (Palm OS).

With the advent of the app store, all of these steps are eliminated to the advantage of the user and the provider, i.e., more sales.

Wrap-up

Make products or services to improve the customer experience your total addressable market.
The more you save the time and reduce the steps the better you could charge.