How to document the value proposition for an opportunity ?
- Template below will assist you in capturing those:
- Each customer, regardless of type, goes through a varying number of motivational states, some persistent and some transient.
- The product manager and the team have to experts on each market segment, and understand the underlying needs that ultimately drive the customer’s value proposition as in template above.
- Value propositions should always focus on the values that businesses generally seek
- like all businesses just want to make money, reduce costs and be efficient by doing more for less or get information or a service to help them do a critical internal task better.
- Good value propositions require a solid understanding of customers’ needs and benefits they would derive from a solution, in their terms.
- Good value propositions can also help you consider you customers’ options and trade-offs
- However, even well-constructed value propositions, with the right math, may be inapplicable – hence one must consider a holistic view or value, price and other elements that go with it like brand recognition and support etc that customer might be seeking.
- The value proposition should be connected to the product offering as per the chain below for easier communication both to internal and external stakeholders.
A broad understanding of value proposition documentation for a product professional.
Source: Haines, S. (n.d.). The Product Manager’s Desk Reference.