VALUE PROPOSITION

The Value Proposition is about solving a customer problem or need.

It is composed of three components:

1.Product features (what product/ services are you providing?)

2. Gain creators (What gain are you creating?)

3. Pain relievers/ Pain killers (What pain are you relieving?)

Hence, it is not just about your product, but also what you make people do better and what problems you solve for them.

For Start ups, the real goal of understanding the value proposition is understanding the MINIMUM VIABLE PRODUCT (MVP).

According to Steve Blank,  an MVP is the smallest possible feature set that you can ship in day 1 that solves the pains and creates gains for your customers.

Think of the smallest and cheapest thing that you can build and develop that addresses your customers’ pain points and creates gains for them that you can put out in the market as quickly as possible.

Purpose of the MVP

Get feedback from the customers as fast as possible.

Customer Archetype

In Customer Segments, you are looking for three things:

1. What are their gains
2. What are their pains
3. What are the jobs the customers want you to do? (Functional, Social and Emotional jobs) What are the basic needs or problems that you will be solving?

The goal of this is to understand in enough detail the persona or archetype.

It is very important to have a customer archetype because we do not want to make products in the dark and hope that there is a market for what we have built and developed.

1. Demographics
2. Geographic
3. Socio/economic
4. Needs/ Likes/ Dislikes/ Interests