Great video! One thing I noticed that would be helpful is that there are other videos on TH-cam that explain the same value proposition, but nobody actually takes it to the next step and explains how to craft a value proposition with the information that was placed in both the customer and product side of the value proposition canvas
Thank you for the video, it is really clear and make a lot of sense. I now feel I am understanding for the first time the value proposition canvas! 🤗😃👍 There is something I would suggest though. In the milkshake example, hunger I believe is not a pain, rather a need. Pains I think are always part of the process of satisfying a need. Like effort. And gains are the why behind the pain. In the milkshake example I think one of the pains is that eating takes time (in a restaurant), and thus you want something that can be easily consumed on the go. So the gain here is time. Feel good is also a gain of course. Gains are mostly functional (time, money, effort), social (status, self esteem), emotional (feel good).
Agreed. There are many ways to look at pains and gains! For the Value Proposition canvas, the key question is: what pains and gains are important to the target customer?
Hi, Thank you, you've made so clear & simple. I have a question : is this process helping you to elaborate your value proposition statement or does it come after ? and if you have different segment are taking their commun traits to work on the value proposition canvas. Thank you
Thanks Lila. Unfortunately, I don't have a wellness business example - but your business concept is likely to be unique anyway - so I'd suggest jumping in and filling out the value proposition canvas for your idea. It's not that hard to do, and once you fill it in, it's usually helpful to think about it overnight, revisit it the next day, and iterate as needed.
@@Startupsos Thank you very much! I am working on it. Will be back to you shortly. thanks again! its great to have someone answering our questions on the other side of the screen :)
Mainstream entrepreneurs always preach bring value, find a niche, build a business around a customer's need! But NON of them go into detail about how to exactly map that out. And now that I look back at all the courses and videos I've seen, they ALL follow this method. Why then do they not share it in detail? Cuz competition will rise immensely ;) They give you enough information to want to come back for more. #awoke
I would say yes - because the value proposition is so central to the business model. The value proposition's position in the center of the business model canvas is a reflection of how the rest of the business model is really built around the value proposition. Clarifying and then validating/testing the value proposition is a great first step in building a business model.
Think of the Value Proposition Canvas as just being a tool to get you to a better value proposition, to give you a stronger start on your Business Model Canvas. The value prop is just one block in the Business Model Canvas - but there's a lot that goes into it, and the VPC helps expose some of that complexity.
There is a playlist of videos on testing your assumptions through customer interviews (customer discovery) at th-cam.com/play/PLmHBbUI__57k-WaZ22VaQbZ8UGm-JIM6k.html
Sure - one customer may look at a particular benefit as a pain relief, and another customer may consider the same benefit to be a "gain". I think of the pain vs. gain views to be simple "cognitive tools" to help customers think about benefits from two different points of view. Thinking in terms of "pain" vs. "gain" may help you (and prospective customers) think of the different types of potential benefits your solution can provide, even though people may label benefits as "pain" vs. "gain" differently.
Wouldn't you or shouldn't you get the answers to what jobs customers want to get done, what pains they want to avoid and what gains they want to achieve through market research?
That depends on what you mean by market research. I think of market research as being divided into 2 types: secondary research (looking at demographic data and published research reports) and primary research (talking to customers yourself). Some entrepreneurs only do market research with secondary sources. Secondary research is important - you get things like overall market size from secondary sources, and an understanding of overall trends. But whoever wrote the secondary research did not take your particular product into account, because your product is new (or maybe doesn't even exist). So secondary research may tell you that there is a $1 billion potential market opportunity - but only primary research (talking to customers) will give you an idea of what portion of the market might actually buy your particular product because it addresses the specific job they have to get done, and addresses the pain relief and/or the gain they want, and because they prefer your solution over the alternatives. A startup with a new product idea isn't likely to get that kind of insight from secondary market research reports. So I'd argue that you need both.
This is a poor attempt to explain Clayton Christensen's thoery, it even only covered the start of the first chapter of the book including the milkshake example. Buy the book The Thoery of Jobs to be Done.
Actually the purpose of this video is not to explain Christensen's theory, which I agree - it does not do and doesn't try to do. It just uses his milkshake example as a very simple explanation of how different customer segments can require different value propositions and even different product features.
Great video! One thing I noticed that would be helpful is that there are other videos on TH-cam that explain the same value proposition, but nobody actually takes it to the next step and explains how to craft a value proposition with the information that was placed in both the customer and product side of the value proposition canvas
Thank you for the video, it is really clear and make a lot of sense. I now feel I am understanding for the first time the value proposition canvas! 🤗😃👍 There is something I would suggest though. In the milkshake example, hunger I believe is not a pain, rather a need. Pains I think are always part of the process of satisfying a need. Like effort. And gains are the why behind the pain. In the milkshake example I think one of the pains is that eating takes time (in a restaurant), and thus you want something that can be easily consumed on the go. So the gain here is time. Feel good is also a gain of course. Gains are mostly functional (time, money, effort), social (status, self esteem), emotional (feel good).
Agreed. There are many ways to look at pains and gains! For the Value Proposition canvas, the key question is: what pains and gains are important to the target customer?
Great video! Going to do this for a group project idea and then come back to learn how to test the assumptions!
Great explanation! You are a great teacher. Thanks. Keep it up!
Thanks Leonardo. I hope the upcoming Business Model Canvas series is as helpful!
Simple high value explanation. Best I've seen on youtube
Got a complete idea about the theory. Thank you. Keep up the good work sir.
Thanks, will do!
thank you very much for your video, very simple and clearly explained. thank you!
yes thankyou! this explanation are really easy to understand, thankyou very much sir!
The best explanation ever
Really great channel! Thank you
I really enjoyed value preposition canvas
Hi, Thank you, you've made so clear & simple. I have a question : is this process helping you to elaborate your value proposition statement or does it come after ? and if you have different segment are taking their commun traits to work on the value proposition canvas. Thank you
Great channel! Just subscribed! Keep up the good work!
Thank you for educating me.
Thanks. Great video 👍
Great advice
Great video😊
very nice, helpful!
very clear dear Prof! thanks
Very well presentation, thanks a ton!
Glad it was helpful!
Excellent. Thanks for sharing!
Thanks!
Very helpful! Thanks!
You're welcome!
great video. do you have any example on wellness business? thanks from Argentina!
Thanks Lila. Unfortunately, I don't have a wellness business example - but your business concept is likely to be unique anyway - so I'd suggest jumping in and filling out the value proposition canvas for your idea. It's not that hard to do, and once you fill it in, it's usually helpful to think about it overnight, revisit it the next day, and iterate as needed.
@@Startupsos Thank you very much! I am working on it. Will be back to you shortly. thanks again! its great to have someone answering our questions on the other side of the screen :)
Good 👍
Great Explanation!
Thanks!
Thanks for that
Thank you!
Are there any examples of the Canvas in regards to a training organization or an executive coaching firm?
Sorry - not that I'm aware of.
Good
Very helpful video 👍🏻
it really helps enormously
Thank you very much
You are welcome
Great - thanks
Thanks Anders
Mainstream entrepreneurs always preach bring value, find a niche, build a business around a customer's need! But NON of them go into detail about how to exactly map that out. And now that I look back at all the courses and videos I've seen, they ALL follow this method. Why then do they not share it in detail? Cuz competition will rise immensely ;) They give you enough information to want to come back for more. #awoke
I hope you found this video more helpful than some you've seen elsewhere. I try to make what I post practical and actionable.
Thanks! Great explanation
Glad it was helpful!
I have a question: should value proposition canvas be determined first before doing the business model canvas?
I would say yes - because the value proposition is so central to the business model. The value proposition's position in the center of the business model canvas is a reflection of how the rest of the business model is really built around the value proposition. Clarifying and then validating/testing the value proposition is a great first step in building a business model.
@@Startupsos Thanks. I agrree but not one of the concept boards out there have VPC but we're inundated with BMC.
Think of the Value Proposition Canvas as just being a tool to get you to a better value proposition, to give you a stronger start on your Business Model Canvas. The value prop is just one block in the Business Model Canvas - but there's a lot that goes into it, and the VPC helps expose some of that complexity.
Where is the next video for testing our assumptions?
There is a playlist of videos on testing your assumptions through customer interviews (customer discovery) at th-cam.com/play/PLmHBbUI__57k-WaZ22VaQbZ8UGm-JIM6k.html
Can gain creators and pain relievers be same ??
Sure - one customer may look at a particular benefit as a pain relief, and another customer may consider the same benefit to be a "gain". I think of the pain vs. gain views to be simple "cognitive tools" to help customers think about benefits from two different points of view. Thinking in terms of "pain" vs. "gain" may help you (and prospective customers) think of the different types of potential benefits your solution can provide, even though people may label benefits as "pain" vs. "gain" differently.
@@Startupsos oh ok, thanx👍🏻
Then you test it and find nobody's gonna to order a milkshake in the morning!
Wrong.. you put caffeine in it, call it a frappe, put it on sale in the summer... and BAM! Everyone is buying milkshakes in the morning.
Yup - adding caffeine, repositioning the product, and tripling the price can make all the difference!
thank you :)
Thank tou
Thanks!
Wouldn't you or shouldn't you get the answers to what jobs customers want to get done, what pains they want to avoid and what gains they want to achieve through market research?
That depends on what you mean by market research. I think of market research as being divided into 2 types: secondary research (looking at demographic data and published research reports) and primary research (talking to customers yourself). Some entrepreneurs only do market research with secondary sources. Secondary research is important - you get things like overall market size from secondary sources, and an understanding of overall trends. But whoever wrote the secondary research did not take your particular product into account, because your product is new (or maybe doesn't even exist). So secondary research may tell you that there is a $1 billion potential market opportunity - but only primary research (talking to customers) will give you an idea of what portion of the market might actually buy your particular product because it addresses the specific job they have to get done, and addresses the pain relief and/or the gain they want, and because they prefer your solution over the alternatives. A startup with a new product idea isn't likely to get that kind of insight from secondary market research reports. So I'd argue that you need both.
@@Startupsos Thank you. Yeah I was mainly referring to primary research.
This is a poor attempt to explain Clayton Christensen's thoery, it even only covered the start of the first chapter of the book including the milkshake example. Buy the book The Thoery of Jobs to be Done.
Actually the purpose of this video is not to explain Christensen's theory, which I agree - it does not do and doesn't try to do. It just uses his milkshake example as a very simple explanation of how different customer segments can require different value propositions and even different product features.
Terrible example. Too simplistic.