Value Proposition - The Gift
Value Proposition - The Gift
Why dose the Business Model Canvas refer to the Value Proposition as a gift? Well the main reason is that your business idea is solving a pain felt by a community of people.
It can’t be overstated that getting the Value Proposition right is the key to engaging the target community … those feeling the pain!
In order to transmit the value of your innovation to the user, you need to clearly:
1. Identify your product/service
2. Identify your target customer
3. Describe the value you provide
Here’s my value proposition for reading this article to the end … This article is for entrepreneurs to have a clearer understanding of what TO DO and what NOT to do when defining their value proposition. Get through the article and your present is at the end!
In this article you will find 3 tools available to you to help you define/discuss/refine your Value Proposition
A Simple 2x2 Grid
A grid help you identify the values you offer to your customer. The questions to ask are:
- What does your customer have before having the product [UBER]?
- What does your customer feel before having the product [UBER]?
- What does your customer have after having the product [UBER]?
- What does your customer feel after having the product [UBER]?
The Value Proposition Template
The VP template is a great starting point that helps you draw out the 3 key components of a good value prop [listed above].
Which statement below transmits the Value Proposition more effectively?
Can you guess the product name?
A search engine that uses a patented page-ranking algorithm to make money through ad placement.
The world’s largest search engine that allows internet users to find relevant information quickly and easily.
Can you easily pick out:
1. The product/service
2. The target customer
3. The value provided
Here is a blank template for you to fill in:
Our _____________________ [product] help[s]
_____________________ [target customer] who
want to __________________ [primary value],
by _________________ [value]
and _________________ [value],
unlike ____________________ [optional]
The Value Proposition Canvas:
Developed by Strategyzer, The Value Proposition Canvas is a visual tool, and an awesome, detailed explanation on using it can be found here: https://strategyzer.com/canvas/value-proposition-canvas.
You have come to the end of the article!
Your present is a great video on what NOT to do when defining your Value Proposition.
Give it a minute to load and try not to laugh too hard!
Just in case it doesn't load, here is the URL
https://www.youtube.com/watch?v=WnPjqt6vEzA&feature=youtu.be&t=6%20%253Ciframe%20width=%2522560%2522%20height=%2522315%2522%20src=%2522https://www.youtube.com/embed/WnPjqt6vEzA%2522%20frameborder=%25220%2522%20allowfullscreen%253E%253C/iframe%253E
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