Value Innovation Paper
Customer segment selection
Water services consumers are usually segmented based on their preferences in consumption. For instance, some usually prefer drinking tap water while others like refrigerated water. Other consumers prefer bottled water. This project targets customers who like to drink refrigerated water. This project identifies them as affluent fridge followers. An observation of these consumers reveals that they have high-income levels and generally live good lives. They enjoy social settings in that they love meeting with other people and interacting. This segment is open to ideas from other people they consider influential or part of their social categories. These consumers also value a high life quality. Due to this, they tend to be selective in what they consume. Compared to other market segments, they question production processes. They like getting details in the production of products they consume. Many members of this segment believe that refrigerated water helps to regulate weight changes. It means that they attach this consumption to health consciousness. Thus, this project is suitable for this segment because it emphasizes the production process. It gives clear explanations of the production cycle. Therefore, customers understand the details involved in the product’s life.
Product idea
The proposed product in this project entails a tool that can convert humidity in the air to drinking water using refrigeration technology. Notably, there is abundant water in the air caused by respiratory processes in the environment. In essence, as long as humans breathe, there will always be water vapor. It can be converted into fresh drinking water through our latest technology that involves cooling the air around and condensing the humidity, then collecting it in a water tank. This technology can provide 99.9% pure drinking water for the targeted customer segment throughout the year. The technology has also been proven to be environmentally safe as it facilitates natural processes of conversion of water vapor to a liquid form that is helpful for humanity.
The proposed product will benefit the targeted customers first by providing them affordable water throughout. Their social status allows them to understand the process. Therefore, they will know that it is safe and environmentally sustainable. The segment will also be attracted to the technology because the proposed tool is affordable to them. Since they are open to new ideas due to their constant interaction and socialization, they will likely adopt this technology quickly and influences their peers to do the same. One of their characteristics is that they love serving their guests the water they prefer to drink. This trend will enable them to share their positive experiences with this new technology. Therefore, word-of-mouth marketing will be significant in promoting this gadget among potential customers and influencing doubters to adapt to the technology. In essence, this product will be favorable for the lifestyle of the targeted consumer segment.
Strategy canvas
Value curve explanation
The chart above shows our proposed product’s value curve compared to competing technologies. It explains the company’s offering to consumers that makes them want to do business with it. In essence, this value curve shows the current competitive landscape, placing the company in the competition context (Biloshapka & Osiyevskyy, 2018; Byun, Sung & Park, 2018; Alam & Islam, 2017; Leavy, 2018). It shows how the company and its products perform in the market. Further, this curve allows the firm to create new offerings that help avoid competition, create a niche, and capture customers that are not vulnerable to competition. This value curve is explained using the four actions framework, including eliminating, creating, reducing, and raising actions.
Focusing on the eliminating action, the new technology aims at ending the culture of consuming water whose source customers do not know. This technology allows consumers to learn how the water they drink is produced, increasing their confidence in the product. Though they believe the city council provides tap water, many consumers do not know its source or the processes it goes through before getting to them. On the other hand, bottled water’s sources are unknown as companies that produce this product rarely reveal this information. Skeptical consumers are more likely to stay away from this product. Thus, the proposed product would help to eliminate the doubts among consumers.
Regarding the creating action, the new product will create a trend where customers never face water shortage. Notably, the technology offers water throughout the year because it is readily available as humidity. Customers will forget about water loss and the fear that it will be scarce due to overconsumption.
The proposed product will also help to reduce reliance on limited water sources. Many consumers usually depend on tap or bottled water for safe drinking water. The new product will help to reduce this dependence as it offers a better and more sustainable alternative.
Focusing on the raising action, the new product will help raise awareness about safe and affordable drinking water. Observably, tap water is more affordable, but some customers have doubts regarding its safety. Thus, they prefer other alternatives for drinking water. On the same note, bottled water is widely considered to be safe. However, it may not be available for all consumer categories. Thus, the proposed product will offer customers 99% safe water that is also affordable in the long term.
Positioning statement
To customers who prefer refrigerated water for drinking, water converted from humidity using condensation technology is suitable for them as it offers safe and affordable drinking water as compared to other technologies, including tap or bottled water.
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