Sketchnotes: ENT101: Value Proposition–Joe Wilson

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes.

20121031 ENT101 - Value Proposition - Joe Wilson

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MaRS ENTREPRENEURSHIP 101 (#ENT101). OCT 31, 2012
VALUE PROPOSITION JOE WILSON
New tool: Value Proposition Generator
Workbook: Crafting your value proposition marsdd.com/toolkit

I have a great business idea
BLAHBLAHBLAHBLAHBLAH Chemical Polymers BLAHBLAHBLAHBLAHBLAH nanotube wrapping BLAHBLAHBLAHBLAHBLAH

Everyone will want one!

BLAHBLAHBLAHBLAHBLAH Chemical Polymers BLAHBLAHBLAHBLAHBLAH Carbon nanotubes BLAHBLAHBLAHBLAHBLAH

Don’t be that guy!

Sounds exciting! What is it? But what’s the business value? But why?

Value Proposition
WHAT you’ve got –> hypothesis to test
& for WHOM
& WHAT VALUE

Learn startup: tweak!

A value proposition is NOT A…
- Elevator pitch (hook)
- Marketing tagline
- Mission Statement

Q: Testing vs secondary market research?
A: Everyone needs to get out and talk to people. Learning opportunities.
Q: Uniqueness? Living Social / GroupOn
A: Copying is possible. Industry leaders / exponential growth usually need tobe unique. MaRS is interested in new products and new business models.
Q: Must be quantifiable?
A: Doesn’t have to be B2B good to have at least 1.
Q: Prototying?
A: Next week’s lecture, also, IDEO

UNIQUE Specific combination

DIMENSIONS: What, for whom, Values

WINNERS
“…off-priced… international sourcing…”
Department store that offers fashion-conscious consumers the latest brand names at up to 60% off.

economical & easy-to-use
chemical additive that allows — Now ! get it!
Paint manufacturing companies
To reduce the environmental impact of their products

Don’t try to sell to everyone at once

Value prop1, Value prop2, Value prop3

Google
“patented page-ranking algorithm”
Search engine that allows internet users to find (are they really Google’s customers?) relevant information Quickly & easily
Advertisers: Search engine that automatically provides advertisers with potential customers tailored to the ad content, increasing click through rates & conversion rates.

Value != Feature

Understand target customer
Rolls-Royce flying plane incentive

Overt, quantifiable business value
- lower risk
- save time
- save / make money
- enabling functions
- customizable
- convenience
- quality

latent, emotional values … and more
- newness
- status
- aesthetics
- health
- usability
- social inclusion
- ethical
- environmental
- self actualization

PROCESS

Steve Blank
State hypothesis -> Test hypothesis -> Test concept -> Verify
Verify: confirm minimum viable product, Iterate, Exit!
Whole product
Day in the life scenario: Before–> after

Get out of your office!
Talk to customers
Running Lean: Scripts! Analysis! Words!

Watch how people behave
Don’t forget market research: MaRS

Value proposition designer
products & services
gain creators
pain relievers

Customer empathy maps
Gain
Pains
Customer jobs

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