When evaluating the value proposition of a product or service, it is important to focus on the concept of "pain killers." These are elements of an offering that reduce or eliminate specific problems for the customer. Examples include saving time, money, or effort, enhancing well-being, or addressing frustrations. For instance, a product might improve upon existing solutions by offering new features or better performance, thereby easing daily challenges and simplifying tasks for customers. Understanding these pain points is essential for developing a compelling value proposition. Differentiating between solving a problem and addressing a need is another key aspect of crafting your value proposition. Problems are specific issues that customers face, such as requiring a more efficient accounting tool or an improved word processor. Needs, however, are universal desires like entertainment or communication that apply to a wider audience. Companies like Apple have succeeded by transforming products that solve specific problems into items that fulfill broader needs, such as turning the iPhone into a status symbol. Recognizing whether your product addresses a problem or a need can significantly influence your market strategy and potential reach. To effectively address customer pains, it is important to rank them according to their intensity and frequency. Determine whether the pain is critical for customers or if it is something they can tolerate. Additionally, consider how often the pain occurs; frequent pains may require immediate solutions. By understanding the significance and recurrence of these pains, you can prioritize which aspects of your product or service to focus on. Similarly, when evaluating the gains your product or service creates, it is essential to rank them based on their relevance to the customer. Begin by hypothesizing the benefits your offering provides but validate these hypotheses through customer engagement to understand which gains are truly substantial and relevant. By listening to customer feedback, you can refine your value proposition to ensure it delivers meaningful benefits that resonate with your target audience and enhance your product's appeal in the market. ## Activities - Watch the video [Pain Killers - Hypotheses](https://youtu.be/Kwk_QOCQPxo) ([[Udacity - How to Build a Startup]], Lesson 5.12) - Watch the video [Pain Killers - Problem Or Need](https://youtu.be/k3g-ZX173X8) ([[Udacity - How to Build a Startup]], Lesson 5.13) - Watch the video [Pain Killers - Ranking](https://youtu.be/Jt0WfWLXN-Q) ([[Udacity - How to Build a Startup]], Lesson 5.14) - Watch the video [Gain Creators Hypotheses](https://youtu.be/wRZbKGTF1Zw) ([[Udacity - How to Build a Startup]], Lesson 5.15) - Watch the video [Gain Creators Ranking](https://youtu.be/r0HTAelVS5Y) ([[Udacity - How to Build a Startup]], Lesson 5.16) Next: [[Minimum Viable Product for Physical and Web or Mobile Channels]] Back to: [[What Will Be Your Unique Value?]]