When we are building a product or service in the business, we certainly need to really recognize our own product or service to find out what are the advantages and disadvantages. Not only that, but we must also recognize what our customers need and how your business product or service can meet those needs. This is especially important when we are competing in a market where there are thousands of new products or services that claim to be superior to others.
Therefore, you can use a tool called the Value Proposition Canvas or VPC that can help you identify the value of your product to consumers and prioritize your business work to be more efficient. So what is the Value Proposition Canvas and what are its benefits? Let’s see the explanation below!
What is a Value Proposition Canvas (VPC)?
The Value Proposition Canvas is a tool that helps your business to find out if the product or service created by your business can meet and match customer needs. This can help you to find a match between your product and your target market segment by understanding your customers better. That way, the Value Proposition Canvas can be used to improve products or services that are being developed in your business and help make plans more focused. Below is an example of a simple Canva Value Proposition description and an explanation of its components :
Customer Segment (Circle)
In this component, you will describe the characteristics of the consumer segment you are targeting based on the following factors:
This factor refers to the tasks, problems, and needs that the customer wants to solve and fulfill.
Contains bad experiences or risks experienced by customers when they want to solve the problems mentioned in the customer job
An explanation of the wants and benefits expected from consumers.
Value Proposition (Square)
In this component, you will describe the response or action that will be given from your product or service to customer characteristics, namely:
Products & services
Describe the products and services that will be offered to help solve customer problems or needs.
Explain the benefits or advantages that customers receive when using products and services.
Explain how the products and services we offer can eliminate the problems that have been mentioned in the Customer Profile.
That’s the explanation of the value proposition canvas. With these simple tools, you can make more careful planning when creating your products and services. But don’t forget, making a statement at the VPC must also be accompanied by true evidence and must not be made up.
Also read other articles about Start-ups, business, innovation, and technology on the Ideanation website www.ideanation.id.