Using the Value Curve Canvas you can determine the critical product or service features for the value proposition which allow you to differentiate yourself from the competition or to create a new market (“Blue Ocean”). The prioritization tool supports you in reducing or eliminating the irrelevant factors and to raise or create the relevant factors.
The Value Curve Canvas visualizes the strengths and weaknesses of different value propositions (see also respective canvas) regarding a certain product or service feature (so-called “factors”). It allows for prioritizing of factors and hence leads to more efficient and effective product development. To focus on the critical factors you can choose from four measures:
The Value Curve Canvas is available for free under a Creative Commons license: you may use and modify the canvas as long as you cite Datentreiber in particular as the source.
The Analytics Use Case Canvas lets you design products and services that solve your customers’ problems and create added value for them. In addition and in order to differentiate your value proposition from the competition, you should focus on the product and service features that are critical to your target audience’s buying decision. The Value Curve Canvas lets you compare your value proposition with your competition’s offerings in terms of various factors, so you can decide which factors you will:
For more information, see Data Strategy Design.
Step 1 of 5
After designing your value proposition using the Analytics Use Case Canvas, transfer the elements of your value proposition to the Value Curve Canvas. These are the elements in the Benefit field on the Analytics Use Case Canvas. Each element corresponds to a competitive factor, based on which a customer decides for your product or service or for your competition’s offer. You place the competitive factors on the template in the lower area on the fields “1st Factor”, “2nd Factor” and so on. Examples of purchasing factors include price, functionality or features, quality, brand image, handling, and many more.
Step 2 of 5
Next, decide who your competitors are. These should offer comparable value propositions. If necessary, group similar competitors together if the target customers and products or services are very similar. Give each competitor or group a distinct color and place a respectively colored card with the corresponding competitor’s name or group as a caption on the template in the fields “1st competitor / group”, “2nd competitor / group” etc. The first field “Own Company” is intended for your company. This field must be also filled with a colored card.
Remember that your company has both direct and indirect competitors. As an airline, for example, you are competing with both low-cost airlines (first group) and premium airlines (second group) as well as railway companies, bus companies, car rental companies, carpools, and many other market participants.
Step 3 of 5
Next, you go through the competitive factors from left to right and determine their offer strength for your company’s value proposition as well as for your competitors. A high offer strength means that this factor is very strongly pronounced for the respective company. The customer perceives it positively. As an example: A particularly low-priced value proposition is especially distinctive in terms of the factor price. Place for each competitor or group, as well as for your company, a respectively colored card along the dashed vertical line so that the relative position of the cards reflects the factor’s offer strength of the value proposition.
After you have gone through all the factors, you may sort the factors according to their offer strength:
As a result, your value curve runs from the top left to the bottom right, while one of your competitors runs from the bottom left to the top right.
Step 4 of 5
To really stand out from the competition, the distance between the two curves should be as big as possible on the left side. Ideally, you are offering a product or service which did not exist yet in this way and is, therefore “uncontested”. This is also known as the Blue Ocean Strategy. You have four measures available to increase or achieve this competitive advantage (see the right-hand side of the canvas):
Step 5 of 5
After you have taken these measures, it is advisable to re-sort the value curve according to the offered strength of the factors (see OFFER STRENGTH), so that the factors that distinguish your product or service are placed on the left. These factors should get the appropriate attention while developing and marketing your value proposition. Hence, these should be highlighted on the Value Proposition Canvas.
Here you can find further documentation:
Step-by-step-guide (Canvas Generation)
Instructions manual (Stattys)
Data Thinker Group (LinkedIn)
The Value Curve Canvas’ concept originates from the book “Blue Ocean Strategy”,
Get to know our Data Strategy Design Method in our practical seminars:
Here you can find further canvas and information concerning Data Strategy Design:
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Wie das mit der von uns entwickelten Methode des Datenstrategie-Designs funktioniert, verrät Ihnen Martin Szugat im Fachartikel im iX-Magazin.
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