Plot the performance of your value proposition against competitors or against potential substitutes to develop new strategies.
Drawing value curves of your own value proposition and the ones of competitors enables you to take decisions which features should be focused on. The value curves are drawn from the perspective of a specific customer segment and what they perceive as valuable.
How to use this template
1. Select a specific target group and the value proposition you offer them. The vertical axis shows the level of perceived value by your target group.
2. Define criteria that are important to your target group (between five and ten criteria)
3. Evaluate your value proposition with the chosen criteria and score it (e.g. 1-5 or 1-10). Draw your own value proposition as a line in the canvas and be honest about the features where you don't provide a high customer value.
4. Evaluate, score and draw 1-2 competing value propositions (can also be substitutes from different industries).
5. Analyze where your value proposition is stronger and where it is weaker than competitors. Which elements should you focus on in the future? How do you best address customer needs? Are there new criteria that you add to different yourself?
One of the easiest, yet best frameworks. Whether you just want to play around and brainstorm some new ideas or whether you actually need to come up with a new product for your company, this template will help you a lot. Just by comparing two or three competitors on different dimensions visually shows great results and opens your eyes to new opportunities.
This templates depends very much on what competitors and dimensions you choose. Make sure to think a bit outside the box. Don't just think who is my direct competitor but also think about substitute products. And when choosing the comparison dimensions, make sure to look at it from a customer point of view. If these aspects are not considered, the template won't create any value.
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