The Value Proposition Canvas is a tool which can help ensure that a product or service is positioned around what the customer values and needs. The Value Proposition Canvas was initially developed by Dr Alexander Osterwalder as a framework to ensure that there is a fit between the product and market.
It was originated from Business mofel Canvas (also conceptualised by Alexander Osterwalder). Refer to the picture below. If you put together Value propositions and Customer segments then you’ll get the Value proposition Canvas.
Here is a template of the value proposition canvas.
Benefits of using VPC:
Main benefit is to undertsand existing customer jobs, their pain points (with the existing product(s), gains which the customer expects from the future solution/product.
As a product team your focus should be on the customer profile section and come up with a product/service which could address the listed pain points and provide gains to the cusotmers. There is no point wasting time and effort on creating soemthing that no one wants.