Value Proposition Canvas - Part Two
This is part two of our Value Proposition Canvas series. You can find Part One here
The Product Canvas
Now that we have some insight into how our customers think, we can start crafting compelling offers that scratch an itch.
Firstly, let’s list the features of our product or service. This is what we literally give people, be it the items they receive, or the process they go through.
Let’s keep going with our cars example from Part One.
A car company might describe:
The number of seats, and their folding abilities
The size of the engine
The number and type of airbags
Fuel consumption per 100km
The size of the tray (for a ute)
The size/material of the wheels
Tech features like GPS, reverse cameras or Bluetooth
The “price” (which is never the final price)
Extended warranties and capped price servicing
The shape and style of the car
Any bonuses that are included in a special offer
This is a long list, which is probably why so many car ads rattle them of as quickly as possible.
There’s a slight problem. These things are all boring.
Alloy wheels. So what?
Rear spoiler. Who cares?
That’s because customers don’t care for features, they care about what those features do for them.
Now let’s reframe these features into two categories – Gain Creators and Pain Relievers.
Gain creators are the positive, improved states of being that come from those features.
Pain relievers are the negative, annoying states of being that the features remove.
Think of the pain reliever or gain creator as the second half of the sentence:
“7.9L/100km, so you’ll save $15 a week on fuel”
“ABS brakes mean you’ll avoid more accidents”
“The modern, tough chassis will make you look like a modern, tough bloke”
“The seven seats allow you to be a supermum”
“The extended warranty means peace of mind”
“The reputation of our brand ensures a high resale value in the future”
This is the leap from “What” to “So What?”
Instead of describing a product, we’re describing benefits, because these address the Pains and Gains our customer brought to the table.
Not all Value Propositions count. They only count if they match our customer’s desires.
If you sell something with lots of benefits, but your customer doesn’t see how they would improve their life, you won’t get the sale.
Let’s look at some examples of how our car companies frame their features as Gain Creators and Pain Relievers:
Next in Part Three how to validate your value proposition with your customers...
To start filling in your own Value Proposition Canvas, go to www.strategyzer.com/canvas
You may enjoy some of the Value Propositions Case Studies series;
Part One featuring Louis Vuitton, AFL, Uber and TOMS
Part Two featuring Nespresso, Heineken, and Shoes of Prey
Part Three featuring a variety of Men’s Watches and Chocolate brands
Part Four featuring the classic iPod ads, Whiskey, Hardware, Butter and Barossa Tourism