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What are the best practices for formalizing a new product's value proposition?

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A value proposition is a statement that summarizes the benefits and advantages of a new product for a specific customer segment. It is a crucial element of any business architecture, as it helps to align the product vision, strategy, and design with the customer needs, expectations, and goals. However, creating a compelling and clear value proposition is not easy, as it requires a deep understanding of the customer problem, the market landscape, and the product differentiators. In this article, we will explore some of the best practices for formalizing a new product's value proposition, based on the following steps:

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Elena Cosma

Product and proposition lead | Experience designer | Customer value management
Paul R. Taylor

Enterprise/Digital/Business Architect
Richard Hillier

Retired Enterprise Architect at MyOfficeAtHome

1 Identify the customer segment

The first step is to define who is the target customer for the new product, and what are their main characteristics, motivations, and challenges. You can use various tools and methods to segment your customers, such as personas, jobs-to-be-done, or customer journey maps. The goal is to identify the most relevant and attractive customer segment for your product, and to empathize with their needs and pain points.

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Elena Cosma

Product and proposition lead | Experience designer | Customer value management
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I am currently building up the value proposition of a new SaaS product based on a new technology. I started from scratch with everything: first discovered there’s a problem our technology could possibly solve, then found the first real person complaining about that problem, then understood the problem in depth as it was expressed by that person, then found a new person complaining about something somewhat similar but not identical and so on. After hearing the 5th person with similar troubles, I decided we could go on and define a set of functionalities to addresses that range of issues. And then, I realized it was time to extend the research to find other similar people/ potential users/ customers and at this point segmentation started.

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2 Validate the customer problem

The next step is to validate that the customer segment you identified has a real and urgent problem that your product can solve. You can use various techniques to test your problem hypothesis, such as interviews, surveys, or experiments. The goal is to gather evidence and feedback that confirms or disproves your assumptions, and to understand the root causes, the impact, and the frequency of the problem.

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Richard Hillier

Retired Enterprise Architect at MyOfficeAtHome
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It's not really much to do with business architecture; rather it is part of the mission of marketing and product development. Business Architecture and Enterprise Architecture is concerned with the activities of the business enterprise rather than it's products. If a new product implied new or changed activities (processes) then BA/EA would be involved. Sometimes BA/EA gets asked to review product plans to assess impacts.

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3 Craft the value statement

The third step is to craft a concise and compelling value statement that summarizes how your product solves the customer problem, and what are the benefits and advantages for the customer. You can use various frameworks and templates to structure your value statement, such as the value proposition canvas, the lean value proposition, or the before-after-bridge formula. The goal is to communicate the value proposition in a clear, specific, and memorable way.

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Paul R. Taylor

Enterprise/Digital/Business Architect
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The value statement must be contextual. Most new products attempt to replace or improve upon existing products or ways of doing things. The value statement should identify why the proposed product is preferable, or adds value to how the task is done currently. It can do it better, faster, cheaper, or with a dash of fun. The world is full of interesting, innovative and cute products. But most never gain traction because they are not sufficiently differentiated. Remember also that the new product's value has to be sufficiently evident that peope will go to the effort of changing to adopt it. People are inherently lazy, we only change from how we are used to acting to something else when it is obviously better.

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Rahul Basu
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“The devil is in the detail..” This sounds apt for the task in hand here. To get to the right level of conciseness that a Value Proposition demands, it needs a lot of emphasis and effort in assessing the details of what the goals are, what are growth factors generated, what are the challenges overcome and efficiencies generated. Once we know this level of details thoroughly, it should be a natural progression to get to a concise and compelling Value Statement. Frameworks used to assist in this can definitely help, but we shouldn’t lose sight of the underlying granularities to work out the Value Statement.

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4 Evaluate the value proposition

The fourth step is to evaluate the value proposition against the criteria of desirability, feasibility, and viability. You can use various tools and methods to assess these aspects, such as the value proposition scorecard, the riskiest assumption test, or the business model canvas. The goal is to ensure that the value proposition is not only attractive for the customer, but also feasible for the product team, and viable for the business.

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5 Refine and iterate

The final step is to refine and iterate on the value proposition based on the feedback and data you collected from the previous steps. You can use various techniques to improve your value proposition, such as A/B testing, prototyping, or storytelling. The goal is to optimize the value proposition for clarity, relevance, and differentiation, and to align it with the product vision, strategy, and design.

By following these steps, you can formalize a new product's value proposition that is customer-centric, evidence-based, and value-driven. This will help you to create a product that delivers value for your customers, your team, and your business.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rahul Basu
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A detailed analysis of your current and to-be processes along with a thorough and well researched service design blueprint, and collating relevant MI can help and feed in to the value proposition. It helps make it more relevant, data driven and resonate with your key stakeholders.

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What are the best practices for formalizing a new product's value proposition?

1

2

3

4

5

6

1 Identify the customer segment

2 Validate the customer problem

3 Craft the value statement

4 Evaluate the value proposition

5 Refine and iterate

6 Here’s what else to consider

Business Architecture

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What are the best practices for formalizing a new product's value proposition?

1

2

3

4

5

6

1 Identify the customer segment

2 Validate the customer problem

3 Craft the value statement

4 Evaluate the value proposition

5 Refine and iterate

6 Here’s what else to consider

Business Architecture

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