Value Proposition Innovation in Startups: Value Proposition Identification and Prioritization

Essential Elements Of Value Proposition Identification Model

The value proposition innovation approach includes tasks such as gathering product value proposition ideas, validating those ideas, implementing those ideas, and eventually making the product available to customers on the market. The most important job is determining an accurate value proposition, or the benefits that a product is expected to provide to its customers in order to increase customer value. These benefits should be validated in the sense that none of the underlying assumptions about the product value proposition should be merely hypotheses, but rather something those potential buyers truly require. Such a process is actually a market experiment, with the startup team gathering initial ideas, interacting with customers using prototypes (Gupta et al., 2021b) to validate these ideas, as well as uncovering additional insights about customer needs, and finally identifying the product value proposition. The process of determining the product value proposition is structured as a customer experiment with the goal of accurately detecting customer expectations about the product. The following properties should be present in the value proposition identification model.