Summary: If you think you have an idea for a great product a Value Map is one way to test it because it shows how you differ from the rest of the offerings designed to do the same job.
Can you really create unique superior value?
For each idea that you have for a great product, decide upon the foundations below that we’ve covered already.
- Value Mission – This is simply stating in a clear, short statement, the reason the brand, product or service exists in terms of the superior value it aims to provide and to whom.
- Value Position – This is what you actually get for your money – e.g. less for more, more for less etc.
- Value Proposition – The whole set of benefits that an offering comprises, in terms of what you do for people, how they think about you and how they feel about you. The more sustainable these are – in other words the harder to copy – the better. The greater the value they provide over competitors offerings – the better.
- Unique Selling Point – Unique selling point or unique selling proposition. The main reason you are different! The more unique Value you provide the more remarkable it will be.
- Brand and Positioning – The personality of your offering and how it is positioned distinctly against other offerings in ways that will matter to your customers.
It is a good idea to list these against main competitors to see if there are real differences in the areas that matter. Then, once you have done this, look at the Consumer Value Line along the different elements of Value. Now you can check whether the greatest Value Pains consumers feel from rival products are removed by the offering. Does your offering have a dramatically different chart in terms of what’s in the spaces compared to other offerings? If not it is likely to be too similar!
How much better is it at meeting the famous 4? An example Value Map is below – mark in how your idea differs in each box compared to the leading offerings in meeting the famous 4. Remember to look at the Performance 14 analysis of your ideas, so you can pick and choose anything in addition to the product that will have a significant impact on the famous 4. Give your solution hypothetical satisfaction scores based on your knowledge of it, and any other research you want to carry out on employees within the business or consumers. At this stage there is no need to test ideas, we are only looking to short list them.
| ————- Value Line ————- | ||||||
| Value Itself In Solution | Looking | Choosing /Buying | Getting /Delivery | Using /Support Maintenance | Sustain/Disposal | |
| Functional Benefits | ||||||
| Time/Convenience/ Simplicity | ||||||
| Psychological | ||||||
| Social | ||||||
| Emotional | ||||||
| Environmental friendliness | ||||||
| Financial | ||||||
| Other Detriments | ||||||
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