Creating a Product-Market Fit with Value Proposition Canvas

 

By Omodiaogbe Samuel

Overview

By the end of this guided project, you will be able to use the Value Proposition Canvas (VPC) to position your products and services around what your customers truly value or need. The Value Proposition Canvas is a strategic business tool that can help you get a clear picture of how well a product or service matches up with customers’ needs. Basically, it is a chart that consists of a square on the left and a circle on the right, and both are divided into three sections. The circle is about the Customer Profile, which details the customers’ needs, desires, and obstacles. While on the other hand, the square is the Value Map that identifies the various benefits of the product/service and how it addresses the customers’ needs. The Value Proposition Canvas is developed as a complement to the Business Model Canvas, which helps teams pay special attention to the main purpose of every business model: customers. A value proposition is the place where your company’s product intersects with your customer’s desires. It’s the magic fit between what you make and why people buy it. 

For us to practically demonstrate how the fit is created, we will use a spreadsheet to analyze a Social Venture startup. The example of the case study would empower you to use the model to analyze your startup or any other company of your choice. The project is for entrepreneurs who want to test their product-market fit between what their company offers and what customers actually want. Also, for intrapreneurs who want to modify their existing products, or more importantly, develop new ones that truly reflects the needs of the customers.  At the end of the project, you will be able to use the Value Proposition Canvas to differentiate your offering from competition by delivering solutions your customers truly care about

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