The Value Prop Canvas Tool Will Speed Up Innovation Processes in Your Business
As a consultant, Iâ€™ve had the chance to work with some of the worldâ€™s biggest businesses and organizations to help guide innovation initiatives and business strategies. What continues to surprise me is how often leaders lack a clear understanding of what the value proposition is that they are providing to customers before developing new products and services to meet their needs.Â
Value Propositions determine why a company does what it does, and if you donâ€™t have a clear vision of what matters to your business, youâ€™ll never be able to develop solutions that truly resonate with your customersâ€™ needs.Â
What is the Value Proposition Canvas, and what are best practices, tools and online templates for teams and organizations?Â
AÂ Value Proposition CanvasÂ is used to ensure that the product or service being created is centered around customer wants and needs. Specifically, this tool outlines what the customer expects to gain from the product or service, any negative experiences they may have as a consequence of using the product or service and the tasks they hope to accomplish with the product or service. Features listed in each portion of the segment can be arranged from desirable to essential. TheÂ Value Proposition CanvasÂ is useful for refining a new product or service innovation to make sure it is well received on the market. A solution is a good fit for the market when its features align with what the customer needs from the product or service.Â
TheÂ Value Proposition CanvasÂ helpsÂ business leaders makeÂ better decisions about what matter to them as a company and where they should be looking to engage with customers.Â The key is to put together all available pieces of information together where they can be reviewed side by side. When this happens, insights professionals and business leaders can find more meaningful groupings of the data and make connections that will lead to lasting innovations.Â Â
The Value Proposition Canvas ToolÂ
TheÂ Value Proposition CanvasÂ is usually shown as a diagram with two separate sections for information.Â Â
The right side of the canvas describes the customer profile, listing customer tasks and expectations about the product or service. Additionally, this is where both the benefits and consequences of using the product or service are listed. The point of this side of theÂ Value Proposition CanvasÂ is not to read consumer minds, but rather to understand why they want to complete certain jobs and to think about how to minimize negative experiences and how to exceed expectations.Â
The left side of the canvas describes the product itself. Here, the pain relievers and gain creators are listed, which respectively describe how the proposed product or service fulfills customer needs and helps facilitate the jobs they need to finish as well as describe the added value that is offered to the customer. Additionally, the various features of different versions of the product can be listed in this segment of the canvas.
You can access theÂ toolÂ freely as a downloadÂ here. Itâ€™s simpleÂ to useÂ and is based on best practices Iâ€™ve gathered in the 3 decades Iâ€™ve spent as a strategic business consultant.Â Praxieâ€™sÂ digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.Â
About the AuthorÂ
Soren Kaplan is the bestselling and award winning author of Leapfrogging and The Invisible Advantage, an Affiliate at the Center for Effective Organizations at USCâ€™s Marshall School of Business, a columnist for â€¯Inc. Magazine, a globally recognizedâ€¯ keynote speaker, and the Founder of â€¯Praxie. Business Insider and the Thinkers50 have named him one of the worldâ€™s top management thought leaders and consultants.Â
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