2-6 Define Value Proposition

A value proposition is an “elevator pitch” for a product or service – a clear and concise sales pitch that summarizes the product or service.

Desired Solution is Valuable, Usable, and Feasible

There are different formats or templates for creating a value proposition statement. The most popular template for a value proposition provides the following answers:

• Who are the target users for the product/service?

• What problem or need does the product/service solve?

• What is the product/service?

• What benefit or value does the product/service provide?

VALUE PROPOSITION TEMPLATE

For [describe target users] who [describe problem or need], [name of product/service] is a [describe type of product/service] that [describe benefit or value].

EXAMPLES

For coffee drinkers who are annoyed by waiting in line to order and get their drinks, JavaGo is an app that lets you pre-order and pay for your drink, so it's fresh and ready when you arrive at our coffee shop.

For people needing a ride who are frustrated by trying to get and pay for a taxi, Lyft is a smart ride-sharing service that, with one tap in our app, quickly brings a car to your exact location, gets you to your destination, and lets you pay automatically without cash.

YOUR TASK

Create a value proposition statement for your team’s smart device system using this template.

It may be helpful to refer back to your journey map since this shows some of the current problem(s) affecting your target users. The journey map can help you clarify the benefit or value that your solution will provide (compared to the current user experience).