A value proposition is :–:
- How a product or service benefits the target customers
- A statement describing those benefits Value is created by solving customer problems or satisfying their wants & needs.
To understand a product’s value proposition, write User stories for the customer. User stories look at a product through the lens of the user to clarify how it creates value for the user.
Value can be delivered in many ways, such as:
- Newness (the first iPhone)
- Improvement (software update)
- Design/usability (nest thermostat that is easier to use)
- Social status (Gucci, Prada, Rolex, etc.)
- Convenience (faster, easier, better location, etc.)
- Novel experiences, (visiting a zoo or circus, attending a magic show, etc.)
Alex Hormozi has a great framework for generating ways to talk about the value proposition(s) of an offer when copywriting.
- Pluses - what are the benefits of the offering?
- Minuses - what pain points does the offering solve?
Then take those and frame them with a variety of perspectives:
- Self - how will these things impact me directly
- Friends - how will my friends/family/wife/team perceive me
- Enemies/competitors - how will my competition perceive me