Want to REALLY know your clients?
The one tool you cannot live without.
"The most successful businesses have an idea for the future that's very different from the present." – Peter Thiel
As leaders and big thinkers in a company, you’re thinking constantly about what your team, business or product offering could look like in the future.
However, often the more familiar, or expert you are in an industry, sector or with a client the further away you are from understanding what it was like to know nothing, to be new to the industry and come at a problem from a true customer point of view.
Fortunately—help is at hand and one clever tool can help you make sure your new ideas are truly answering a real customer need and not just making assumptions about what they want.
The value proposition canvas:
The value proposition canvas is a practical tool to better understand a specific customer segment and examine truly what would help satisfy their needs. Created by Alex Osterwalder, lead author of the international best seller “Business Model Generation, it’s a tool that’s revolutionizing how companies design, build, and create innovation in their businesses. Click here to download it.
Where would you use it?
As part of a recent engagement with the Bendigo Windsor Community Bank, we set out to examine and redefine the role and value proposition of bank branches in the community. The board was grappling with the challenge: what is the future and relevance of the branch and how can they better serve their surrounding community.
How does it work?
The first thing you need to do is choose a customer segment. Try to avoid large demographic segments like women aged 25 to 45, that’s too general.
Next, as a group, come up with some key insights related to this segment using three things:
JOBS – Start with the JOBS your customer is trying to accomplish. These describe what a specific customer segment is trying to get done, could be the tasks their trying to perform or complete, the problems they are trying to solve or the needs they are trying to satisfy.
PAINS – These describe negative emotions, risks or things that get in the way of them accomplishing their jobs. Anything that can make a frustrating or annoying experience before during or after trying to accomplish their jobs.
GAINS – These are things your customers expect, desire or would be surprised by when they are trying to accomplish their jobs. What would make your customer happy? What would go beyond his or her expectations?
Now by prioritising and focusing on these inputs as a basis for formulating ideas you can start to formulate solutions that will:
1) Help customers accomplish the most important jobs
2) Take away their pains – make their experience less frustrating
3) Satisfy their gains – create delight, surprise and surpass their expectations
Through this process and in only 4 short hours the board of the Bendigo Windsor Community Bank came up with the fresh and customer-centred idea of a community hub model for their branches, aimed at bringing members of the local community together to add value to each other.
The value proposition canvas is just one of the many tools we use in our programs to help our customers come up with innovative ideas that will shape their industry. All our workshops aim to use the best tools that are simple and immediately applicable.
Want to try this one out yourself? Click here and we’ll call you for a chat about how you can apply this to solve a challenge or generate new ideas in your team.