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In a Product Value Proposition, the must-haves are the essential features or attributes that the product must possess to meet the basic needs of the customers. Performance benefits are the features that enhance the product's value by improving its performance, such as speed, efficiency, or durability. Delighters are the features that exceed customer expectations and provide a sense of delight, often becoming a key differentiator in the market. These could be innovative features, exceptional service, or other elements that surprise and please the customers.
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A tool to create a Product Value Proposition is to make a table with the first column listing the must-haves, performance benefits, and delighters. There must be columns for each competitor and one for the product. Must-haves and delighters are filled with a simple yes, while each performance feature is rated high, medium, or low. This table helps us clearly articulate the value proposition along with how it is differentiated from competitors. To be prepared for future market shifts, we can add a near-future column to each competitor and the company's product to estimate future value.
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Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
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