A framework for defining a value proposition is called the Value Proposition Canvas. You may find it useful for your business! This term I learned at google squared module was one of the given a pre-class activity with the aim to break down the use (value of offering) into 2 aspects: CUSTOMERS & BENEFITS.
Customer : Want, Fears, Needs
Benefits: Features, Benefits, Experience
PRODUCT EXAMPLE – Kindle Fire HD 8
Needs of their consumers : All in one tablet with built in Amazon App Store and digital content. Reliable performance speed, storage capacity and battery life that is important to consumers.
Wants of their consumers : Lower Price Tag, Aesthetics, New/ Exceptional Features, Fast charging, Improved memory, Upgrade in battery life
Fears of their consumers : Slow Charging , Display is more inferior to iPad minis
Substitutes for their consumers : Ipad mini, Samsung Galaxy Tab A 7.0, Lenovo Tab3 7, Asus ZenPad S 8.0
Features of the product: Comes with 4 exterior color options, Cool Small Design. Cloud base Voice Service – Alexa, 8” HD Display1280x800, Quad Core – Performance Booster , 16GB, Micro SD Slot (up to 200GB capacity) , 802.11N WIFI, Fire HD, Amazon 5W power adapter, built in rechargeable 4,750 mAh battery (12 Hrs Battery Life) , USB charging cable, Front & Back, Camera. Stereo with DOLBY audio – great for movie watching, Software is Fire OS 5
Benefits of the product: For a budget friendly price tag, it is a good tablet to use. Especially if parents with kids are looking for a cheap alternative, the features of longer battery life and more base storage than the previous version is ideal. Light weight and flexibility in bringing a smaller size 8-inch screen tablet around. It offers stereo by Dolby great for watching videos, expandable micro SD storage and ample parental controls.
Experience with the product: While it may have poorer screen resolution and its camera functions are just basic enough, this tablet will be ideal for activities such as reading, e-mailing, web surfing and normal non-excessive app-downloading. Consumers will require Amazon Prime Membership to gain access to thousands of free video, movies, e-books. music options and TV shows.
Any product or service / app that needs to do such a value proposition, try brainstorming and breaking them down as above framework. Hope this helps!
LIZTALES 