Why your CX Strategy Needs the Value Proposition Canvas
Introducing the Value Proposition Canvas, a simple but high-impact business tool from Strategyzer made for boosting CX strategy.
Why Develop a Value Proposition
If you’re about to launch or looking to better define your offering, reality suggests the odds are not in your favor. Clayton Christensen, a Harvard Business School professor, wrote that 95% of the estimated 30,000 yearly new products fail when they hit the market. We’ll admit, that’s a grim outlook. We’re also willing to bet most new offerings have underdeveloped value propositions.
We define a value proposition as a service, product, or feature that clearly differentiates itself from competitors by avoiding customer pains, creating gains, and enabling jobs. Without an airtight value proposition, your brand is vulnerable to confusion and friction which leads to poor Customer Experience (CX).
Customer Experience (CX) is King
It’s no secret CX is the new frontier of competition. Products must seamlessly carry out jobs-to-be-done without confronting consumers with the underlying technology. Shep Hyken, contributing Forbes writer, recently reported that “Today, 89% of companies compete primarily on the basis of customer experience – up from just 36% in 2010.” Customers now expect a flawless CX journey and they want to feel good about every point of interaction.
Take Uber, for example: the app solves the basic need of getting from A to B. Riders don’t see the massive logistical effort needed to operate the gig economy giant; they aren’t privy to Uber’s software engineering; they are not hindered by its finance technology. All they see is human-centered design. They tap the app, they get a ride. The workings behind great CX should be invisible, add value, and grow appeal.
CX is About Empathy & Friction
Building top-notch CX is not formulaic. You must deeply understand and empathize with your customers in order to give them a frictionless CX journey. Empathy puts you in your customers shoes; it helps you identify their “jobs-to-be-done” and what pains stand in the way of their desired gains.
This human-centered approach to customer experience is proven to reduce buyer journey friction.
Enter: The Value Proposition Canvas
The Value Proposition Canvas is a simple but high-impact business tool. The canvas is a free, downloadable PDF that helps value creators, marketing experts, business owners, and product developers identify consumer profiles, define their offering’s value, and achieve product-market fit.
The Value Proposition Canvas is a foundational tool for unpacking the customer experience (CX) needs and opportunities. Here's how to unlock value using the tool:
Take the grocery shopping experience, for example. We’ve filled out a blank canvas by starting with the circle on the right. We then came up with perceived customer pains, gains, and jobs associated with grocery shopping (which wasn’t hard considering we’re all shoppers). We then brainstormed pain relievers and gain creators for a hypothetical grocery store service.
Notice we did not start our value proposition with the technology by coming up with a shiny new product or service. We started with the customer experience by putting ourselves in their shoes. Think of brands that have moved beyond their original offering.
Nike has moved beyond being a maker of shoes to become a brand that “empowers people to achieve.” USAA provides more than an aloof financial service, it provides holistic financial security to each of its members rooted in dedication to outstanding customer service. How can your brand move beyond your offering? Start with a Value Proposition Canvas.
Get Started: Use Bridge Innovate’s Value Proposition Template
At Bridge, we know all too well how challenging it is to meet the demands of changing customer expectations. That’s why we developed our own value proposition canvas.
With this template, begin brainstorming and writing a lasting value proposition so you can deliver a high-quality, frictionless, and valuable customer experience.