I think point #2 is especially important. As an example, executives in many companies either overestimate or underestimate the capabilities of a key competitor, since there is a fair bit of subjectivity in the mix. If you are engaging with those executives, it’s very important to know what that gap is between their perception and reality.

One other point: In my experience, you not only need a value proposition that articulates your unique value–the best option for the customer–but also a strategy that prevents a competitor coming in the last minute and doing something that will dilute your hard-earned credibility and value. Examples would be the competition raising the subject of some unhappy customers you may have, a key senior executive leaving your company, new product delays or quality problems, etc. You get the idea. You have to build a kevlar shield around your value proposition so it is not susceptible to attack.

Just look at the presidential elections. The best value proposition doesn’t automatically win.