What is it?
Value proposition is a written statement that communicates why a consumer should buy your product. It should clearly communicate how a product fulfills a need, how the users will benefit, and why it’s more desirable than other products on the market.
How defined should the value proposition be during Discovery?
At this point, you’ll have some ideas for the specific features of your product, but you’ll work on defining those during the ideation process. Focus on forming your assumptions. Let’s look at a transportation example:
You could use any of the following as a product solution to location transportation:
- Public Transportation
- Ride Service Application
At this point in Discovery, it’s enough to know whether you’re going to be building a car or an app. If you’re planning on building an app, then focus on various value propositions for an app to be explored further.
As you’re thinking about your value proposition, it’s important to consider how people will perceive your product. Small changes to the design, materials, brand, and packaging can add significant value without necessarily adding significant cost. Let’s look at an example below for how price affects your perception of two similar products.
When choosing between the two options, some people may assume that the higher priced item is of better quality. It must cost more for a reason. But in reality, that product may not cost significantly more to manufacture.
Let’s look at how aesthetics affect perception. Which of the next two items would you choose?
A good aesthetic design appeals to the emotions of the customer. It can change their thinking from I have to buy this to I want to buy this. And consumers who want to buy something will spend more than those who have to buy something.