If you are running a B2B or a B2C business, you’d know how important it is to generate leads and then convert them into customers.
With so many competitions out in the market, you’d be surprised how tough it has become to make your customers buy from you. While you might be offering quality service, one of your competitors might be offering something better that resonates well with the audience. This is where the Value proposition canvas works.
For the companies who have been looking for a better way to outdo your competitors and for reeling in the potential customers, we have shared some of the most important tidbits that you need to know about the Value Proposition Canvas.
What is Value Proposition Canvas?
A value proposition canvas is a form of visual representations of a service a company provides that resonates and revolves around the needs of the customer and their views. It is something that provides value to the needs of the customer and is the main reason why a customer would buy your products or services.
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If you have an online business and have majority of the customers coming to your websites to check your services and products, the value proposition canvas has to be right for you to ensure better sales.
What are the elements in a Value Proposition Canvas?
When it comes to the elements present in a Value Proposition Canvas, it comprises or two main building blocks – the customer profile and the value map.
Customer profile
The customer profile is an easy assessment of the kind of things that they want or need. It mainly comprises of some of the basic items or factors that influence the final conversion.
Some of the common factors involved in a customer profile include:
- The kind of gains or benefits that the customer expects or needs, including the delights that they expect from the services
- The negative experiences the customers have experienced, so you don’t end up repeating history
- The social, functional and the emotional tasks or jobs that the customer generally indulges in
Value Map
Value map is where you take notes from the customer profile and then work on your value proposition aligned to that. It is where you provide solutions to the pains and the issues that the customers have been seeking all along.
Some of the important factors associated with value map include:
- Find and evaluate the ways that a product or a service would help the customer with the gains and offer value to the customer’s needs
- A quick description of everything that the product or service offers and how it can help the customer
- Accessory products and services that the customers would further like to indulge in
What does a Value proposition canvas offer?
Even though we have explained it before, it is important that one knows of the three important benefits or ups when it comes to the usage of a good quality value proposition canvas.
The three main factors that highlight the need of a value proposition canvas include:
- Provide relevancy surrounding the product or service that you are selling that the customers understand better
- Deliver the specific benefits as per the needs and requirements suggested in the customer profile
- Help differentiate your products and services from the competitors, providing with a more personalised approach to the customer suggesting them exactly why they should buy from you
What factors should one keep in mind while making a Value Proposition Canvas?
When it comes to finally diagramming or drawing out a value proposition canvas, there are some important elements or factors that you need to keep in mind. Since, this does impact your sales and helps you lead conversion and further customer retention, you want something that CLICKS.
Check Out Value Proposition Canvas Templates Here
Some of the important factors to keep in mind before drawing a value proposition chart includes:
Clear statements
The main thing with the value proposition chart is that you want to hit the customer where its needed. It is important that you make statements in the canvas that the customers will understand easily without any further confusion.
You want to explain everything about the product or the service in a very clear manner with this. This is why having crisp and shorter sentences without heavy jargons is what you need to focus on.
Focus on the language
If you are running a business, you’d know who your target audience is, in terms of the demographics and the overall language biasness too. If you are targeting people who don’t have a very in-depth knowledge of high status English vocabulary, the last thing you want to do is include works like immaculate or diaspora which are jargons and very hard to decipher for some people.
It is thus important that you have a language that is easy to understand for everyone who would stumble across your website and might want to make a purchase.
Avoid doing what the customers don’t want
It is okay to experiment around things but when it comes to the sales and profits of your company, there is no space for experimentation, especially when you aren’t sure how it will affect your potential customers.
This is the reason why it is important that you very well stick to the customer profile while doing a value proposition canvas and not end up diverting your attention to something else, that the customer potentially doesn’t need.
What does the value proposition include?
Now that you have a fair bit of idea what value proposition canvas is and what you need to do in order to get your customers on-board, it is important that you know what kind of content the value proposition canvas includes.
Headline
This is the section where you need to highlight what the customers can expect from the product and service in the end. It is the kind of benefits that you are offering. As simple as that. This is the part where you need to put your copy writing skills to use and make a catchy headline.
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Sub-headline
With the headline done, the next thing is the sub-headline which is like a shortened description for the main product or service that you are offering. It can include 2-3 sentences explaining what kind of benefits that you offer the customers.
Bullet points
These are the specific features enlisted that highlight the product or the service and what the customer can expect from it. It is more like a pointer based summary.
Multimedia
The last thing is to add some vibrancy to the end result and the best way to do so is with some form of visuals, be it an image or even an infographic, if you can fit one in.
How can you test your value proposition?
So, you have your value proposition canvas done and ready to go live. But, one main factor that is worth looking into is pre-testing before it goes live. This is a necessity above anything else.
If you have been looking into ways or wondering how to test out your value proposition, we have two common ways that help.
A/B testing
The very first and possibly the most commonly used method is to blind test the proposition canvas with subjects that you can select from around or pick them randomly as well.
The main goal with these kinds of blind testing is to check whether or not your end goal of sales conversions is happening. If you find the subjects inclining towards a successful sale or even thinking of a possibility, chances are that your proposition is just what you need.
Be sure to not reach out to friends or family members because there are chances of biasness because of the relationship. It is always best to pick random people and then get the same checked.
Pay-per-click advertising
Another effective way to check whether the value proposition canvas is actually good enough is to opt for the pay-per-click advertising. These pop up all across the internet and different websites based off of the customer searchers.
If your canvas is relevant, Google will pop yours up in a website. If the customer resonates well with your canvas and is attracted enough to click on it and set on the overall customer journey, you can map it and check whether that converts to a successful sale or not.
If it does, it means that your proposition is worth it.
The End Note
Preparing a value proposition canvas isn’t a cakewalk. It does involve a number of factors and elements that one does need to keep in mind. It is important that the final result that you produce is not just clickable but persuasive enough to convert the potential lead into a customer.