Value Proposition Canvas

Our Instructor, Ms. Shandy Mae Pañares suggested a webinar that everyone should view, starring Ms. Keren Happuch A. Lacadin, the Deputy Focal of the ICT Industry Bureau — DICT 10.

What is a Value Proposition?

A value proposition is a value you promise to deliver to your customers post-purchase. It's ultimately what makes your product attractive to your ideal customer.

Value Proposition vs. Customer Segment

A value proposition is a statement that explains the unique benefits and value a product or service offers to a specific target audience. It helps businesses communicate why their offering is better or more valuable than competitors' alternatives, and why customers should choose their product or service.

A customer segment is a group of potential customers with similar characteristics, needs, behaviors, or preferences. It helps businesses identify and target specific groups of people more likely to be interested in and benefit from their product or service.

4 steps for Creating a Winning Value Proposition

1. Research Your Audience:

This step involves gathering information about the individuals or groups you intend to target with your product or service. It includes understanding their demographics, preferences, needs, challenges, and behaviors.

2. Create an Ideal Buyer Persona:

A buyer persona is a detailed, semi-fictional representation of your ideal customer. It encompasses demographic information, interests, goals, challenges, and purchasing behaviors. It humanizes your target audience.

3. Research Your Competitors:

This step involves analyzing your competitors in the market. It includes understanding their products or services, target audiences, strengths, weaknesses, and market positioning.

4. Determine the Primary Benefit of Your Product:

This step involves identifying the key value or benefit that your product or service provides to customers. It's the primary advantage that sets you apart from the competition and addresses a specific customer need or pain point.

The Elevator Ride: What, How, and Why

is a concept often used in marketing to explain a concise way to convey information about a product, service, or idea in the time it takes an elevator ride, which is less than a minute.

1. What

This is a brief, clear, and specific description of your product, service, or idea. It should answer the question, "What is it?"

2. How

Next, you explain "How" it works or how it solves a problem. You provide a concise overview of the key features or benefits that make your offering unique or valuable.

3. Why

This is where you highlight the value or benefits your product, service, or idea brings to the table. You might address the problem it solves, the pain points it alleviates, or the opportunities it creates.

The goal of the Elevator Ride presentation is to be concise, clear, and engaging. You want to capture the listener's interest and make them want to learn more. While the specific content will vary depending on what you're talking about, the key is to deliver the information in a way that's easily digestible and leaves a lasting impression.