Value Proposition Canvas
Use this framework to work out a value proposition for your products and services that will resonate with your target market
A value proposition describes the benefits that customers expect from your products and services. The Value Proposition Canvas is a tool from the Strategyzer company (the company that also promotes the Business Model Canvas). The framework helps you develop a value proposition by looking at all the benefits you have in your offer that are attractive to customers (the value map) and seeing to what extent these fit with the needs of the customers (the customer profile).
You should start with a target customer in mind such as a segment of the market. Now build a customer profile of this segment as illustrated in the right hand side of the diagram. Your should describe and list all the jobs the customer carries out and identify their pains and frustrations in doing these jobs. Rank order the pains and gains so you can see which are most important.
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At the left-hand side of the canvas is your value map. Here you list all the products and services you have in your portfolio. Now you show how your products and services can reduce pains for customers and how they can produce gains for customers. Again, rank products and services and the pain relievers and gain creators to show which are essential and which are simply nice to have.
One by one check to what extent your pain relievers and gain creators help customers carry out their jobs. You are looking for a fit between what customers need and expect and how your offer can serve them by reducing pains and producing gains. You may find that you need to change your offer in some way to get a better fit. In this way the tool can be used to drive innovation.