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Value Proposition Canvas by Strategyzer.com explained through the Uber Example馃殬 - YouTube
Channel: Railsware Product Academy
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Hello! this is Ana at Railsware. In our
last video we have discovered how does
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the lean canvas work for validating your
startup business model. Today we will focus
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on the value your product offers to your
customers by learning how to use the
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value proposition canvas. We will also
see how the value proposition canvas
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works for uber back when it was getting
of the ground. If you have any questions
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or ideas along the way, please, share them
with us in the comments. Both startups
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and existing businesses fight for their
place in the market by introducing their
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products and services. However not all of
them are destined to succeed with
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customers. More than a half of new
propositions fail to meet customers
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expectations and fade away. You can avoid
failure only if you identify your
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customers problems and give them the
design, features and functionality they
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want. And that's what a value proposition
canvas can help you with. The value
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proposition canvas originates from the
business canvas. This is a sort of
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a shortened business plan designed to
create the value of your idea by
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breaking it down into nine essential
components. Two of them, unique value
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proposition and customer segments, formed
the value proposition canvas - the tool
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that allows you to design, test and
visualize the value of your product for
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customers in a structured way. The value
proposition canvas is divided into two
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parts: the customer profile (circle) and
the value map (square). Each part consists
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of three sections that describe specific
features of a customer or product
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respectively. The circle on the right
refers to the customer segment,
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describes the motivation to buy the
product, and consists of "jobs to be done",
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"gains" and "pains". This part explains why
the customer needs this product.
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The square on the left features the
value map by listing products and
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services, as well as describing pain
relievers and game creators. The best way
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to understand the practicality of the
value proposition canvas is to
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investigate it through an example. We've
decided to use Uber as an example back in
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the time of its foundation, and focus on
one customer segment - passengers. So, here
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we go. Let's go back in time to when Uber
did not exist yet. How would its
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founders describe taxi passengers pains
back then? We start with the customer
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profile and jobs your customers need to
have done. Don't focus on the functional
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jobs only. Emotional and social ones are
also essential. We pick the following
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jobs for taxi service users: contact a
good service, control cost for the
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ride, wait for the cab for some unknown
amount of time, and pay for the trip.
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Pains include blockages and problems
your customers may face trying to get
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the jobs done. In our case, taxi customers
could experience low cab availability,
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bad drivers can happen, need to book a
cab in advance, and issues with payments
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for the taxi service (cash or card). The
next step is to specify gains. Those are
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more than just the opposite of the pains.
Gains describe positive outcomes the
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customer expects when the job is getting
done.
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These include benefits, aspirations and
results like a trusted driver, zero time on
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payments, one-click order or
cancellation, and tracking your cab.
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Once we have shaped the customer profile,
we can move forward to the value map.
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Here we begin with products and services
your value proposition offers to get the
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job's done.
Our list consists of passengers mobile
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app, Uber Pop, UberX, and Black Cab. Then we
need to describe how these products or
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services can minimize or reduce the
mentioned pains, and outline in which way
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they create the gains. Pain relievers are
meant to improve the customer experience.
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We chose 24/7/365 availability of cabs,
driver ratings, arrival and travel time
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prediction, and flawless automatic
payments. As gain creators, an Uber
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customer can expect a rating system,
automatic credit card payments, the
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ability to manage all the details on a
single platform, navigating your trip on
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the map. The value proposition canvas
aims to achieve a fit between what the
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customer wants and what your product or
service can offer to overcome pains and
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generate gains. In practice, our customer
profile may have tons of jobs to be done,
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pains and gains, but the value map
outlines which of them you focus on. The
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more items from the right part have
matches on the left one, the higher the
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probability that your product will
strike home. Do not forget that the value
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proposition canvas is a detailed extract
from the lean canvas or business model
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canvas. Therefore, the success of your
future product depends on how good the
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entire canvas is. A holistic approach to
assessing what your customer wants and
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what you can provide is the path to
success. That was the intro to the value
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proposition canvas. If you found this
video helpful, press thumbs up and
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subscribe for the Railsware YouTube
channel. Suggest us ideas on the topics
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for our next videos in the comments
below. Thank you for watching and stay
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tuned.
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