Value Props: Creating a Product that people will actually buy

The video from Harvard Innovation Labs titled “Define Value Props: Create a Product People Will Actually Buy” highlights key strategies for startups to create compelling value propositions that prompt customers to buy. Some of the main points include:

1. Importance of Value Proposition: A strong value proposition is critical for startup success and prevents failure due to lack of customer interest.
2. Understanding Customer Needs: Emphasizes the importance of deeply understanding what customers need and desire.
3. Existing Solutions: Discusses how current solutions might be “good enough,” highlighting the need for a compelling reason for customers to switch.
4. Customer-Centric Approach: Stresses designing business models and products that prioritize customer needs and preferences.

Even though the video is not tailored to the Hospitality industry, it does give you a really clear framework that is easy to adapt to any product development.

Overall, the video provides insights and practical tips for startups to ensure their product or service stands out in the market.

Source: Harvard University Resources: https://www.youtube.com/watch?v=q8d9uuO1Cf4