[Week 03 - Tech Thoughts]
Creating Value Proposition Canvas and Business Template
Engr Marbert Jael headed the plenary class for this week, in which he discussed the importance of creating a value proposition canvas and business template in a startup company.
The discussion was insightful, and I have learned about the process of creating a VPC and business template and the significant role it plays in building a startup company. The Value Proposition Canvas is a business model tool that aids in positioning a company's product or service around the values and demands of its customers. A business model's Value Proposition Canvas is crucial. It aids the company's decision-making and product positioning. It's more than a visual representation of what customers want. Businesses can tailor their strategy to meet the needs of their customers. This can aid in the creation of a product that customers desire.
Creating a value proposition canvas has several advantages:
1. Focused Planning
A Value Proposition Canvas serves as a visual reference. It guarantees a focused approach to creating a high-demand product.
2. Increases the reach of marketing
Launching a new product necessitates a significant amount of marketing and branding effort. It entails informing customers about how purchasing the goods will meet their demands—this aids in creating a solid brand image in customers' eyes. A Value Proposition Canvas is a powerful tool for identifying client needs and developing a plan to address them. With this in place, promotions and advertisements may easily attract the attention of customers.
3. A high level of customer involvement
A Value Proposition Canvas connects the process of identifying and meeting needs. This structure allows you to concentrate on the aspects that clients care about the most. As a result, there is a high level of customer interaction.
4. Easy to use and understand
A Value Proposition Canvas provides a basic summary of the company's operations. Analyzing the product strategy and performance becomes broad while remaining straightforward.
On the other hand, a business thesis template assists businesses in systematically organizing their thoughts and ideas. To define the business goals and how to attain them and identify any potential roadblocks. When the company gets busier, it gives a straightforward approach.
For our startup team, we’ve decided to settle and pursue a mobile application called NavigaTour. NavigaTour is a 2D indoor or mall navigation app that helps customers/tourists seamlessly and conveniently locate areas (shops or facilities) within the mall that they desire to visit.
We conducted an initial interview with ten (10) individuals to assess their needs and help create the user-end of the value propositions canvas and see if their goals, conditions, and desires align with ours. We have identified the gains they want to have, the job they seek to do, and the pains they are encountering. On the product’s end, we concluded that our features, gain creators, and pain relievers are in line with those of our respondents’.