2. The Value Proposition Canvas by Peter Thomson
Business and emotions
Peter J Thomson modified Alex Osterwalder’s Value Proposition Canvas, as he felt it didn’t take into consideration the emotions of customers and the marketing aspect present in every business development process.
Thomson’s Value Proposition Canvas helps decide where to start when creating value for our customers, as it helps understand their needs and fears.
It features two parts: One about the product and one about the customer. The key in this activity is to figure out what your value is and understanding your customers.
Start with the Customer Part and write down in sticky notes what their Wants, Needs and Fears are. Try to come up with at least 3 of each category, and brainstorm with other members of the team (or, if you have the chance, with someone who fits into your target customer profile) to come up with different ideas. Below the customers circle there is a smaller box where you can list substitutes – competitors, workarounds… In the product part, list the Benefits, Features and Experience you offer.
Now the magic starts. Are you offering something that is desirable to your target customers? How can you address their objections? Which features or benefits of your solution that cover their needs and wants should you potentiate in your marketing strategy? Would your use experience appeal them, considering their wants and fears?
I hope you found these tools useful and I’m looking forward to reading your experiences using them!