Competitive Analysis – Getting ahead of the competition
“Companies that solely focus on competition will die. Those that focus on value creation will thrive.” – Edward de Bono
When you’re starting a new project or a new company it is very important to define which values your innovation brings to the market, also known as value proposition.
A value proposition is where your company’s product offer intersects with your customer’s desires.
Basically, it’s the magic fit between what you make and why people buy it.
It is a simple tool that quickly gets you to the ‘minimum viable clarity’ require to test your ability and services. The canvas contains two areas – your product and your customers. Each area has three elements: products and services, pain relievers, and gain creators.
Let’s start bringing up that value!
Organize information about what the customers want in a simple way that makes the patterns of value creation easily visible.
- Step into your customer’s shoes. Try to understand what matters most to the customers
- Look at your each customer profiles separately; understand their story and what product/solution they are looking for to solve their existing problem
- Identify your customer pains including obstacles and risks
- What outcomes and benefits does your customer expect? List down as many gains as you can come up with
- Rank the ‘Pains’ from most extreme to moderate pains and ‘Gains’ from essential to nice-to-have gains at the bottom
Make a copy using Google Docs-> File->Make a copy option.
- Don’t mix several customer segments in one profile. Make value proposition for every different customer segment
- Keep this question in mind: Why customers should buy from you over your competitors
- Use different sticky notes for each pain reliever and gain creator