Determine The Value Proposition
The value proposition is a measure of the benefit a customer gets from using a product or service. To succeed a new product needs to give the user superior value over her current product solution.
You should hopefully remember from your marketing courses that a customer does not buy a product; she buys a benefit. Therefore, we need to understand which benefits she is seeking. Ideally, we should target her highest priority need with a market-beating benefit. We should first build a customer persona and identify the person’s priorities. Next, we should match the benefits sought with her highest priority in this solution space. Finally, if possible we should quantify these benefits with tangible metrics.
Using one of the products below, first, develop a brief persona. Then identify the highest priority the persona has in this space. Lastly, attempt to quantify the value proposition of the product.
Impossible Foods Impossible Burger