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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