English
ČeštinaValue Proposition Statement framework
We're building a comprehensive knowledge library about product development as part of our mission. The library is for anyone looking to make better decisions — primarily decisions about how to further develop a product. Whether you're an inventor, a product manager, or a Chief Product Officer, using a structured decision-making method increases your chances of building the right things for the right audience (build the right thing for the right audience). Today we'll introduce the Value User Story Mapping framework.
Framework name: Value Proposition Statement.
Inventor: Michael Skok.
Year first used: 2013.
Link to the original source: Presentation Harvard i-lab | Startup Secrets: Value Proposition and a presentation linked to the framework.
Key people in the development of the framework:
Underscore VC (co-founder Michael Skok)
The Harvard Innovation Lab (The Platform)
Key milestones in the development of the framework:
Unknown.
History and first use
Michael Skok wanted to show how to explain, in a simple way and to a wide range of audiences, where a given startup is headed. So he put together a simple phrase that captures the value proposition of any business in the world.
The core principle of prioritization
The main idea of the framework is to show, in just a few seconds, who a business is for and what it offers. It is not a decision-making technique, but a simple method that helps founders and product managers show quickly and precisely who their product is for and what core value it delivers.
Another major benefit of this technique is its psychological value: it can align the team around a shared vision for a product. Not least, it also serves as a tool for differentiating yourself from the competition.
In English, the framework has five lines. The product manager or founder fills in the content shown in parentheses:
For (target customers)
Who are dissatisfied with (the current alternative)
Our product is a (new product)
That provides (key product-solving capabilities)
Unlike (the product alternative)
Here is a breakdown of what each line means:
For (target customers) = in 2-4 words, this line describes what the product's target customer looks like.
Who are dissatisfied with (the current alternative) = a few words about the main problem the customers face.
Our product is a (product name) = just the name of the product.
That provides (key capabilities that solve specific problems and needs) = this part describes the value, in other words the solution we offer our customers.
Unlike (the product alternative) = finally, this compares our value with the competition and shows where we are better.
The value proposition can be expanded into a broader document that describes the following points in more detail:
Market trends,
The company's mission and vision,
The main pain points that the target customers experience,
The main features and benefits for the target customers,
The main features that set the product apart from the competition,
Insights from testing the value proposition.
Prioritization example
An example of prioritizing selected problems using the Value Proposition Statement framework.
