How can you use value proposition to improve your product's marketability?

The value proposition canvas provides a structured approach to identifying key elements. Customer Segments: Clearly define the specific segments of customers you aim to serve. Understand their demographics, preferences, and behaviors. Jobs to Be Done: Identify the core tasks or jobs that your customers need to accomplish. This provides insights into their functional needs and goals. Pains to Avoid: Understand the challenges, frustrations, or pains that your customers want to avoid. Gains to Achieve: Determine the desired outcomes, benefits, or gains that your customers seek. This could include enhanced efficiency, cost savings, improved experience, or other positive results.

One critical component that most startups forget about is that your value proposition can and will change. It is a balance of you identifying a problem that your customer segment has told you about and validating it by customer action. You should focus on the most pressing problems your customer segment is facing.

Marketing success lies in articulating the fundamental principles of your personal or organizational identity, addressing customer needs, and emphasizing your unique qualities. This gives you a competitive advantage by communicating the product's value to target customers using their preferred language, highlighting benefits like enhanced productivity, financial savings, and quality of life. Avoid broad generalizations and focus on customer value and services to differentiate you from competitors. Establish a distinctive presence in the market and communicate a robust product vision to keep customers engaged and gain loyalty. Pay close attention to customer grievances and address any product shortcomings to ensure their loyalty.

Yes you need to talk to customers, but your goal when talking to customers first and foremost is to understand the problems and opportunities they are facing, so you can build a better mouse trap. You want to do this because many times customers will tell you what they think you want to hear, not what they will actually do. To truly validate your value proposition, you need to take that feedback and validate it by tracking your conversion rate. Your conversion rate can be anything from an email sign up, waitlist to an actual say. Focus on conversion rate over conversions as this shows how likely people are willing to pay for what you have.

Your value proposition is going to change for each target market, so you need to create different customer journeys for each.