A whiteboard exercise within Dunford's Five-Part Positioning Framework's 'differentiated value' step. List every distinct capability of the product — often 50 to 100 items for a mature product — then for each one repeatedly ask 'so what?' until the answer lands on a customer-facing business outcome: money, time, or risk.
The raw capability list is too granular for messaging or sales enablement, so the output gets compressed into no more than three value themes, on the premise that customers can't retain more than a handful of value propositions at once. Feeds directly into Best-Fit Customer / ICP Reverse-Engineering, which reverse-engineers the ideal customer profile from whichever accounts most prize the resulting value bundle.