Deep Dive into Customer Value Proposition Map & Understand the Canvas
You know that defining and solidifying your unique value proposition gives you an essential foundation to stand out among your competitors. But simply knowing the overall concept of a unique value proposition doesn’t mean you’re ready to jump in and start creating one for your business. Working through various steps with a customer value proposition map will help you narrow your focus to identify the factors that make your business distinctive so you can effectively market to and connect with customers.
A value proposition canvas helps you assess various customer needs. These needs are complex, and some needs might oppose others. A value proposition map lets you identify and prioritize customer needs you can fulfill. It also helps you narrow your focus on product development, marketing, and branding so you can concentrate on your highest priorities to solve customers’ needs.
This article will introduce you to the value proposition canvas and walk you through the process of creating your own. Learn how to identify your unique value along with the ways you can use it to create value realization for your clients.
What Is a Customer Value Proposition Map?
A customer value proposition map is a tool you can use to visualize the features and benefits of your product as they relate to your customers’ pain points. The value proposition canvas results from your value map compared with a customer profile.
Your unique value proposition results from where these two visualizations overlap. When you have identified how your product or service alleviates customer pain and meets their wants and needs, use it to create your value proposition. This lets you improve every part of your business, from sales and marketing to client relationship management. It gives you a better understanding of your customers to engage them and keep offering helpful solutions.
How to Create a Value Proposition Canvas
Create your canvas to help you better understand your customers’ needs and develop a foundation for value selling.
Start With Your Value Map
To develop your map, break your product into its individual features and define how they offer solutions to common customer problems. Then create a customer profile identifying their wants, needs, and frustrations.
Next, describe how a customer would benefit emotionally from your product or service. Then, define how your product solves client needs differently than your competition and brainstorm unique solutions that only you can offer. Finally, discuss your customers’ common pain points, frustrations, and fears, and identify how your products solve them.
Then Create Your Customer Profile
You might have customers whose wants and needs are different — and maybe even conflict with one another. Create your customer profile using your most significant customers or look for similarities between your consumers.
First, identify their pains. Identify the common solutions your product provides for each of its customers. Even if your top customers work in competitive industries, there are still likely issues that plague all of them consistently. Figure out these needs. Ask these or similar questions:
- How does your product offer solutions to common customer problems?
- What challenges are your customers facing?
- How have your competitors’ products not met customers’ needs?
When creating your customer value proposition map, identify as many pain points as you can. Make a separate column for those that impact most of your customers to help set your priorities.
Next, define your clients’ wants. When your customers are businesses, you might be tempted to overlook emotional wants. While you won’t focus on emotional needs like a sense of belonging or appealing to safety, you can focus on others, including trust and confidence. If your product allows your clients to serve their customers better, it can help them meet these emotional wants.
Questions that can help you identify your customers’ wants include:
- What emotional needs does your product fulfill?
- How does your client use your products in their job?
- How does your product make life easier for your clients?
Finally, assess your customers’ needs. Identify how your product lets your clients’ employees do their jobs better. Perhaps your software as a service (SaaS) platform enables your customers’ employees to communicate more effectively and simplifies their daily responsibilities. In this case, you could identify productivity as one of your customers’ primary needs.
Questions that can help identify your customers’ needs include:
- What does your customer expect from your product?
- How do you meet and exceed these expectations?
- What benefits does your customer experience from your product?
If you’re planning on using your CVP map to focus on value marketing, you can make more than one canvas to help create targeted messages. You might have some clients who use certain features of your product more frequently than others. Create various customer profiles to identify universal pain points and others you can use to create targeted ads and content.
How to Use The Value Proposition Canvas
Your value proposition canvas will help you identify your specific competitive advantage, which you can use to create your unique value proposition. This will help you more accurately differentiate yourself from competitors in branding and advertising.
It is also a key component of customer value management. This tool lets you:
- Clearly communicate your value throughout a customer’s time with you from discovery to the final sale.
- Identify every stage of your customer’s journey from marketing to client relationship management.
Not only can you tailor your marketing messaging to focus on clear benefits, but you can also regularly check in with customers to refine your products to further meet their needs. Here are ways in which you can use your customer value proposition map.
Focus On Your Value
Throughout your daily responsibilities, it can be easy to lose focus on your company’s value. You might be tempted to develop new products or add new features without determining how they add to your value.
Developing a value proposition canvas gives you and your employees a guide for everything from marketing to research and development. When you know the value you provide to your customers, you can make sure any new products or features contribute to this value.
Tailor Marketing Outreach
You can use your unique value proposition to create marketing messages on all platforms. Whether you’re focused on advertising, creating content, updating your website, or any other marketing function, you can highlight your distinctive place in the market.
Even in B2B marketing, buyers are constantly exposed to advertising, and value selling helps you stand out. Selling your product or service on its potential merits means you are more likely to pull customers into your business.
A customer value proposition canvas also lets you target your outreach. You can use your insights to create different messages for different customer segments. When creating your customer profile, highlight different wants and needs you can use to create marketing messages that appeal to these segments.
Better Client Relationship Management
When you know how your product provides client solutions, you can better interact with them throughout the relationship. You can solicit feedback to see how your products are working to solve customer pain points and develop modifications or new products that can help better meet these needs.
Value-based client relationship management is more engaging and can lead to greater customer satisfaction. Your clients will have the chance to feel heard, and they are more likely to trust you than if you just came in with an aggressive sales pitch.
Mitigate Potential Client Fears
Fear of change is a common barrier to landing a sale. Using a customer value proposition map and canvas gives you and your sales team a better understanding of potential benefits.
Because your value proposition canvas is based on real results and metrics, your sales team has a stronger point from which to pitch. They can more easily anticipate potential objections and answer questions in the initial sales presentation. By allowing the sales team to set realistic expectations, your prospects might be less resistant to change and more willing to try something that will provide tangible benefits.
Entering New Markets
If you’re planning to enter a new market or target new customers with your existing products, a value proposition canvas can help you assess which ones to target. Since you already have an idea of your product’s benefits from your value map, you can create new customer profiles based on the new market.
This exercise gives you a better sense of potential success in a new market. You can use it to identify solutions you can offer. You can also use it to eliminate potential markets. When developing your value proposition canvas, you might find that your offering is not as strong as existing competitors. In this instance, you might decide not to enter that market or tweak your products so they’re more competitive.
Getting Started On Your Value Proposition Canvas
Understanding your company’s benefits helps you streamline every part of your business, from sales to product development. It lets you cultivate deeper client relationships based on needs and solutions.
DecisionLink can help you with your value proposition canvas, giving you the tools you need to generate better leads, refine your marketing, and refine your products. Contact us today if you’re ready to clarify your unique value to tailor your messaging and improve your revenue.