Core Value Proposition of a Product

When you move to your first house in a new suburb, you always wonder – “I wish there was an app or a website I can find handy man or an electricians that fits my budget”. You are looking for your problem to be solved. The purpose of a product is to solve common problems that your customers face. It focuses on a unique idea or a topic, drives its purpose, targets its audience and benefits them with the service that you provide. This is called “DRIVING VALUE THROUGH YOUR PRODUCT“.

The uniqueness in your product is a way that attracts new customers and differentiates you from the market or your competitor. This uniqueness is generates through constant evaluation of –

1. What does your Customer Wants?
   • This helps you in understanding the customer pain point.
2. What does your Customer Needs?
   • This helps you in prioritizing necessary features from the pool of creative idea.
3. What does your Customer Fears?
   • This helps in designing an experience that is user-friendly, seamless and serves the needs.

In the study in stating universal building blocks of value by Harvard Business, they shared The Elements of Value Pyramid¹. This pyramid addresses four kinds of needs:

1. Functional
   • Saves time, Simplifies, Reduces Risks Organizes, Integrates, Reduces Efforts, Reduces Cists, Quality, Variety, Makes Money.
2. Emotional
   • Reduces Anxiety, Rewards, Fun, Attractiveness, Provides Access, Budget value, Design/aesthetics, Nostalgia.
3. Life Changing
   • Motivation, Hope, Self-Actualization, Belonging.
4. Social Impact
   • Self-Transcendence.

These elements bring greater customer loyalty and provides company with a sustained revenue growth.

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Issac is dedicated to learn from his Leadership on their requirement of a Journaling Product so that he can design its Value Proposition.

A Journal application powered by AI, Simplifies your thoughts, Prioritizes your Daily Tasks and Boosts your Productivity making you feel Accomplished.

By leveraging AI, it suggests activities tailored to your preferences, re-populates recurring tasks, and tracks your mood in relation to the task completion — This helps you to Achieve More while Thinking Less.

PROBLEMS SOLVED

Helps to Organize your thoughts and reduces Overthinking.
Aligns your daily Tasks to motivate you on completing them.
Encourages you to try some different/related activity that boosts your mood.

BENEFITS

Provides Smart Suggestions.
Reduces efforts by identifying Daily Tasks.
Tracks mood and shares analysis.
Helps to plan efficiently by reducing mental load.

WHY IS THIS PRODUCT UNIQUE?

Goes beyond traditional journaling application with its powered intelligence.
Prioritizes Emotional and Life-changes impacts.
Saves time by self-performing tasks with user validation.
Provides security to your personal data by not sharing to third-party LLM systems.

1. The Element of Value by HBR ↩︎