Product Strategy — Part 3: Identify your value proposition
What's the benefit the users will get if they use your product?
This article is a part of the Product Strategy series. (Paid subscribers can access the template at the end of the article)
How is a value proposition useful?
At the beginning of your product lifecycle: The value proposition explains your hypothesis on what the value your target audience will get from the product. This is useful to align your team on what value we think right now. It could be wrong, but by articulating the assumption, you can experiment to test it.
As you go through a few experiments: The value proposition encapsulates what your users value from using the product or prototype. The value proposition becomes a tool to help your team capture observation from research and experiments.
As your product goes into a more mature lifecycle: Value proposition is a tool to express what value resonates the most to your target audience. This will help you to communicate on your landing page, for example. Even more, your team can align on what value you need to double down.
Avoid the pitfall of a generic value proposition
Having a generic value proposition statement such as, “Buy & Sell Groups at scale,” doesn’t really useful.
You see, the value proposition is a valuable tool. It can help your team to align. As your team grows, you could use a value proposition statement to align with the marketing team. The problem is, that many people use a fluffy statement to articulate the value proposition.
In this series, I highly encourage people not to use one high-level value proposition statement. Instead, the value proposition needs to be specific to be useful.
Guide and template
Paid subscribers can access the template by the end of the post.