What is a Value Proposition?
Every innovation, service, or feature intended to make your company or product attractive to customers should be able to be summarised in a "value proposition".
A value proposition is a statement that clearly identifies the benefits a company's products and services will deliver to its customers. A well-crafted value proposition will differentiate the company and/or its specific product or service in the marketplace and among a target market or target audience.
A value proposition is a statement that clearly identifies the benefits a company's products and services will deliver to its customers.
How should you work with a Value Proposition?
- You can start to sketch out your Value Proposition at the very start of your new service/product journey. In that case, your value proposition should be considered more of a hypothesis, and it WILL change during the creation of your new business model.
- You can also use a Value Proposition process on existing services - think about it as a "health check" or status of an existing product.
Is this really a 1 Minute Exercise?
Yes! You can use this template to sketch out - in simple words - the bones of your value proposition.
But beware
Using this simple text-based formulaic sentence assumes that you already know how to fill in the blanks. It's a good way of capturing your current thinking, but it MUST be used as a document that WILL be changed and tweaked as you nudge your service towards the market. It WILL and SHOULD change. Don't fall into the trap of writing this, letting it become the source-of-truth, and falling into a status quo.
Go further...
You can go way deeper into Value Proposition work, using tools such as the Value Proposition Canvas by Strategyzer, but we can cover that in another hack. For now, simply use this easy template above to get you started.
