Significance of the Value Proposition
The essential purpose of a product, whether it be tangible or service-related, is to generate as much possible business success for its organization, fueling that organization’s upward momentum. Defining and adhering to a strong value prop is one of the essential steps in creating a successful product. It is the north star that everyone, in or out of the core product team, looks to as they make product adjacent decisions.
Converging on the Value Proposition Using a Canvas
While a successful product must be innovative, this is not all. Upon launch, the product must fulfill business, market and customer needs. Research must be done to accurately understand and reconcile these various needs in a feasible way. The value prop canvas template provides a framework to plot and categorize this. By weighing these three types of needs and also observing how the competitor strives to engage with and answer them, one can converge on a strong value proposition that will inform the next steps of the product life cycle.
VALUE PROP CANVAS TEMPLATE IN PRIORITY MATRIX