No matter the business or the industry that you may be a part of, you will always need customers to keep your business afloat. Customers are the ones to challenge you and the reason to keep a clean image, for your company to retain them. And usually this step involves marketing strategies such as value propositions canvases, the cause of attracting customers and keeping them. But what are good value propositions canvases, and how are they made?
Keep reading to find out more.
What is a value proposition?
A value proposition is the value a company promises to give to a customer. It should be the reason a customer would want to work with you. A value proposition is also the value that a customer will receive and gain from your company that they can’t get from any other business. It is the answer to their need that they can’t find elsewhere.
Furthermore, a value proposition is part of the marketing strategy by promoting what the company stands for and “why” the customer deserves to do business with you. Your job is for your product or service to convince said customer that what they get with your business, they won’t elsewhere. That you are the new and improved of what the market was missing.
But of course, it is not solely about just delivering any type of message. To keep the customer interested and not waste their time, that proposition should be concise and clear. When reading the value proposition template, the customer shouldn’t request any further explanation, and if so, nothing that shows they did not get the main idea of your business proposition.
Every business value proposition should be unique and differentiate you, your business, product and service from the rest.
How to write a value proposition?
To begin writing a value proposition, one must begin to investigate and work on the canvas or type of value and gain they wish for their created product to bring to their business or customer. What objectives should be a part of the business process and questions such as these below should be asked:
- Start by identifying your target customer’s profile for your business, products and the canvas. An analysis of the market must be done, as it enables you to understand and pinpoint the needs and create the benefits that your product or service can give the customer. This leads to:
- Who they are (demographics) and what do they do?
- What are the pain points? What stops them from clicking and not purchasing products?
- Get to know the issues the customer encountered with other businesses and products before working with your business?
- How did the customer come to your business? What need led them your way?
- Figure out, what in your created product the customer needed and attracted them to your business?
Once you have done this, identified needs on your canvas, and if it has been helpful, you and your team can now proceed to the creation of the model persona of potential customers.
- Recognize the problem and need of your target customer or client in the canvas. Seeing their point of view, must be a priority as well. The better thoughts and understanding that were put into the value proposition of the product, the more effective it will be for both the customer and business needs
- Thinking of how your products or services will solve the customer’s problem/ needs, how the product will fit into their daily routine and the use they will have for it.
- Knowing how to answer what sets you apart from your competitors by determining your strengths and their weaknesses helps, so, that when it is time to sell your product, you have the answer to the need they don’t and can appear convincing.
- What are your strengths, and what are their weaknesses? What do you do that they do not or are not?
- Furthermore, what do the competitors lack? What solutions to needs can your product bring?
- Why would the customer see this product as beneficial for their need?
- Be clear and concise. There is nothing more confusing than reading something that makes no sense. It is a bad look, and the customer will quickly move on to the next. Remember that customer or client must instantly get the message you are trying to convey. It should be user-centric.
- Make your design appealing on all marketing platforms. Customers do not come into contact with your brand’s products through one channel. They use various tools. Therefore, do not forget to be an eye attraction to the customer as it generates more traffic and shows professionalism.
It is not a catchphrase, nor should it incentivize people. It should not make the customer feel as though if they do not buy your product or service, that they are somehow doing something wrong.
Once your major parts are revealed, it is time to write the proposition in which you generally have:
- The headline: What are your main benefits? How does it answer to the customer’s need? It should be an attention grabbing sentence.
- 2-3 sentences: Sometimes considered as a sub-headline, this is where you write a bit more in-depth about who it is for, and it would be beneficial.
- 3 bullet-points: They only list the key benefits of the product. No specific features of the product are revealed here.
- Image: Nothing beats adding a picture to the value proposition, it is more eye catching. Customer love to see what they are buying. And most times, it is the picture of the product or service rather than text that they read first.
Importance of a value proposition template canvas
The value proposition canvas avoids long readings for potential customers, they can quickly see and directly understand the message. And it is clear that customers or clients already have an idea of what they want, so if your value proposition is unclear, then they move on to the next.
A value proposition sets you apart from your competitors. It is the purpose of the value proposition canvas, it is to help be different from what’s present on the market.
If your message is comprehensible, you could gain leads for business that can potentially convert into customers. A value proposition canvas could only be a positive gain for business. So, the value proposition canvas attracts the right prospects and increases value for your business as well as between you and the customer/ client.
A value proposition canvas empowers you and your customer’s bond with better customer gain, understanding, experience and engagement because you will have studied the market to create your canvas.
The canvas helps perfect messaging clarity: Having to constantly put out the right message in the proper way, definitely helps amplify message distributions in an intelligible way. That is a strong proposition of value. Make sure to be present where you should and on the pages it concerns, such as the product pages home page etc.
Value proposition canvas
What is a value proposition canvas (VPC)? Well, the value proposition canvas is a visual representation tool that maps out and helps you focus on your product vs the customer’s needs. The value proposition canvas aids to position your product in the market. In addition, the value proposition canvas is used where there is a need for product reinvention or if there are new product developments.
The value proposition canvas is composed of two parts, that are the Value proposition and the customer profile in the canvas.
In the customer profile of the canvas, you have:
- Gains: It is the thing which concerns the customer’s benefits and expectations from your product or service. And, while discovering what would delight the customer, it would increase the value. So, it is in this section of the canvas, you will investigate what the customer needs are, then, deliver it in the value proposition.
- Pains: It is the negative emotions, risks, roadblocks/ fears that the customer experiences while getting the job done. And, it will your job to make it better in the value proposition side of the canvas.
- Customer job: Basically, this part of the canvas is what the customer does to complete any tasks on your website, for example. What are they looking for/ to gain? Whatever that is, is most likely what they are going to use to solve a problem.
Then there is the value proposition section of the canvas:
- Gain creators: It is what the product you have created will do for the customer and the value it gives him or her, part of the canvas
- Pain relievers: It is in this section of the canvas that you study how the product created can ease the customer pain.
- Product and services: Even though, it is hard to put every product created, in this section of the canvas, it focuses on the most gains & answered needs your business or product has given the customer and how much pain it has got rid of.
Examples of value proposition
There is a plethora of examples to choose from. You have:
FedEx, a delivery service with the components like:
Headline: Manage your home deliveries.
2-3 sentences: Sending and receiving packages is convenient and safe for individuals who want to ship ideas and innovations across the globe.
Photo: Then, you have the photo following the headline and sentences
If you were to use and create the canvas to study their value proposition, you would have:
- Customer profile:
- Gains: The customer wants to receive and send their packages without an issue or hassle. They also want the service to provide security and safety
- Pains: When it comes to returning the package to FedEx shipping centre and home deliveries are quite the headache at times.
- Job: The customer wants to send packages around the world.
- Gain Creators: There are many drop-off sites.
- App or tracking number that show you where your package is at, at all times.
- Pain Relievers: It can even be shipped everywhere in the country or even the world and can be picked sometimes in different cities.
- The customer receives a notification of the shipment and where to drop it off.
As you have read, value proposition are important to create a place at the top of the product and business market and answer customer needs. You will have better solutions to their needs and will be able to target the right customers.