I recently taught a group of business owners how to use the value proposition canvas. I was once again reminded just how important this exercise is in building successful, scalable businesses. In fact, it’s an essential piece of the puzzle. Here’s why:
One of those depressing startup statistics floating around is that 72% of new products fail. Why? Simply put, they’ve failed to compel enough of their target market to buy their solution. Creating a solution that works is only one half of the entrepreneurial puzzle. The other half is compelling enough people to pay you for it. So, how do you ensure you’ve developed something that will inspire customers to throw money at you?
You create something that relieves their biggest pains, helps them achieve their greatest gains, and assists them in fulfilling the various roles they play from excelling in their careers to impressing their colleagues. Our customers are people, too, with frustrations, fears, struggles, aspirations, hopes and dreams. Have you considered how your company can help them address their top three problems and goals?
Here are three ways you can consider your value proposition on Take Action Tuesday to ensure you’re creating solutions with your customers in mind:
Complete the value proposition canvas
If you haven’t done this yet, no worries, we’re offering our next Value Proposition Workshop as part of our Summer Series on Tuesday, July 24th 2-4pm; RSVP today: Create a Rock-solid Startup Success Story: Get Your Value Proposition Right.
Do your customer discovery work
Yes, you should be talking to your customers. And, as Tom Fulcher, our entrepreneur-in-residence likes to say, work is a four-letter word. It may be, but talking to your customers is the only way you’ll get a feel for what they care about and why.
Revisit your value proposition
If you’ve already done your homework, good. Today is an opportunity to revisit your value proposition to ensure its still resonating for your customers and for you. If your products/services have changed, if your target market has shifted, if you’re not getting customers to give you their dollars, then it’s time to revisit your value prop. Have I mentioned we’re doing a workshop on that exact topic!
I look forward to seeing you over here at ASU Chandler Innovation Center soon!