You have probably heard many times the name of this famous canvas to analyse your value proposition from the customer's point of view. Still, you ask yourself: What is the real importance of a Value Proposition Canvas? Value Proposition Canvas: A gift for success
- Importance of the Value Proposition Canvas
- Valuable tips on the creation of the Value Proposition Canvas
The short answer: This canvas is the company's value promise to the customer, the main reason why a potential customer should buy from you.
Understanding the value proposition in a clear and diagrammed way will for example be a critical success factor in the customer's interaction with your website. A good analysis put into practice on the website will determine whether readers will bother to read all about your product and click that more information button.
In essence, the Value Proposition Canvas can be summarized in these 3 points:
- Relevance: Relevance in the Canvas states how your product or service solves your customers' problems. Or, how your product or service improves the customer's situation.
- Measurable value: Delivery of specific benefits.
- Differentiation: The reason why the customer should buy from you and not from your competitors.
Your potential customers should read and understand your value proposition. In addition, the value proposition should be the first thing that people who visit your website look at. In addition, you must use the right language, but what does this mean?
The value proposition must be in the language of your customer, i.e., the value proposition must be shown in the same way that the customer is imagining the value proposition. For this it is necessary to know the customer using different technological tools to collect information and you can also carry out interviews with the customer.
The main components of the Value Proposition Canvas are:
About the customer:
- Pains: Situations that happen to the customer that are unwanted and that your product or service can solve.
- Benefits: The gains that customers expect when they purchase your company's process or service.
- Customer jobs: Refers to the customer's daily activities related to your product.
About your product or service:
- Pain relievers: How your product or service solves the customer's problems and needs (pain).
- Vitamins (Gain creators): Based on the customer's experience, how your company is contributing benefits to that experience.
- Products and services: The description of the products and services offered by your company related to the customer's daily activities.
To achieve a correct creation of the canvas it is important to answer key questions about the benefits and pains of the client. At Imagineer we provide you with the following questions so that you can successfully create the canvas:
- What are the barriers your customer has in adopting solutions to their problems? Do your customers have resistance to change, initial investment costs or learning curve?
- What are the mistakes your customer commonly makes?
- What are your customer's current risks? Are they technical, financial, or social?
- What difficulties and challenges does your customer encounter?
- What are the frustrations, annoyances and things that give your customers a headache?
- What takes them considerable effort, what costs them a lot of money or takes a lot of time?
- What would increase the likelihood of adopting a solution - minimum risk, better quality, high performance, appropriate design, or lower cost?
- How do you measure your customer's failure? How do you measure your customer's success - in terms of cost or performance?
- What specifically are customers looking for - specific features, warranties, good design?
- What are the savings that make your customer happy? Can these savings be measured in terms of money and effort?
- What results and expectations does your client expect?
- What could make your customer's life easier: a flatter learning curve, more services or lower cost?
To conclude the Value Proposition Canvas can make the sale of your products or services an easier task, to start off on the right foot I invite you to use the Imagineer template. I share it with you, and I hope you found the information useful. See you next time.