The Value Proposition Canvas (by Strategyzer)is a powerful tool for visualizing how a company creates value for customers. An important next step in using the Value Proposition Canvas is to develop various value proposition statements based on the insights obtained from the canvas. But before we delve deeper into what value proposition statements are, let’s briefly recap what a value proposition actually entails.
A value proposition is a concrete expression of a company’s chosen positioning. With the value proposition, a company aims to convince customers within the chosen target market and audience of their offering.
When it comes to value proposition statements, the focus is on transforming the proposition into concise, powerful sentences. These are short and impactful expressions in which the promise a company makes to customers is clearly articulated. It’s about formulating “punchlines” with a strong value proposal for a specific customer group.
A filled-out Value Proposition Canvas serves as the starting point for designing compelling statements. With the canvas, you have gained insight into how you create value for customers. Now it’s time to leverage those insights to formulate powerful statements. When crafting powerful statements, it’s essential to keep the link between the value map and the customer profile in mind (Pain -> Pain Reliever or Gain -> Gain Creator).
After you’ve compiled a list of potential statements, select the best ones for your communication efforts. These value proposition statements can be applied in various ways, such as on your website, in advertisements, in your pitch, in an explanatory video, and so on. Test the different statements by conducting A/B tests, continually refine them, and discover which statements are the most effective.
Testing various value proposition statements is a crucial step in the testing phase of the Business Model Hacking method. Fill in the Value Proposition Canvas, formulate different statements , test them, and fine-tune the best-performing triggers. Learn more about the Business Model Hacking method by buying the book.