Value proposition
The value proposition in the Business Model Canvas (BMC) describes the unique benefit that a product or service provides to its customers. It's a statement that summarizes the value a business creates for its customers and how it differentiates itself from its competitors. Creating a good value proposition involves understanding the needs and desires of your target customers and aligning your product or service with those needs.
To create a good value proposition, ask yourself the following:
- Who are your target customers? What are their needs and desires?
- What tasks or problems are your customers trying to solve?
- What are the pain points your customers experience when trying to complete their tasks?
- How can your product or service meet the needs of your customers?
- What are the key features of your product or service that help address the pain points and meet the needs of your customers?
- What are the benefits that your product or service provides to your customers?
- What makes your product or service unique compared to your competitors?
- What evidence do you have to support your claims about the benefits and features of your product or service?
Apple Inc. is an example of a brand with a well-defined value proposition. It is centered around its brand promise to deliver innovative and intuitive products that enrich the lives of its customers. The brand strives to create beautifully designed, easy-to-use products, and seamlessly integrated into users' lives.
Pro Tip: Make use of customer journey maps to create your value proposition and use prototypes to test it.