Intro to Value Proposition Design:
The foundation of every business is how you create value for the paying customers. Without value creation, you have no legitimate sustainable business… Period.
Let’s put ourselves firmly in the shoes of the customer for a few days and design a product/service around their needs, pains, and desired gains. We do not want to design a product based solely on our imagination and something that sounds neat to us. We want to design a product to solve a specific problem for a specific customer avatar.
In various business models that involve a platform marketplace, we need to consider value creation for both the paying customer as well as the user. Sometimes this is overlooked.
Watch the Value Proposition Design Intro video here and understand why, how, and next steps for creating the backbone of your entire business venture!
1) Complete Product-Market Fit Diagram
2) Clearly Written Value Proposition Statement
3) Explicitly State 3 Key Benefits / Outcomes
4) Why You and Not Them? (USP Statement)
*Inspiration and borrowing from your competitors
*Learning and applying the 3 elements of creativity
Watch these videos (especially **) to help you learn and complete your action steps.
**Watch this video to see the theory behind the value creation canvas. The illustration explained in this video is critical in creating the foundation to your value proposition and thus the best starting point in the design process.
*This video helps you to further define your problem statement, solution, and benefit. The fourth step ties everything together to make the messaging clear and cohesive. The examples he interjects throughout the video are quite helpful.
**To create value you have to ‘be creative’. So how exactly does one ‘be creative’? This amazing video will open your eyes to what it means to be creative and will give you inspiration for designing your product.
Now that you understand the 3 elements of creativity, this is how to apply them to designing your product/solution. Iterate on your competitions’ products by injecting a twist or borrowing an innovative solution from a completely unrelated industry.
*This video gives a 5 step overview of going from learning about your users, pattern recognition, design principles, ideation, and iteration. Defining design principles before jumping into ideation is why this video is of particular importance in this module.
*This a great video illustrating the fundamentals of design thinking and provides insights into common missteps or what not to do. Some of the material is redundant with the other videos, but definitely worth the 3 minutes to watch.