I met with an entrepreneur last week; he has an idea for a new product and doesn’t quite know how to move forward.
I outlined how to design a profitable product in three steps, and I’ll now share step #3.
Step three is “design with a business model”.
In my experience, this is the most underused tool. And when companies use it, so often they base their model on costs and building from there.
I like to take another angle and built from the value proposition. Did we solve the client’s problem? Can we measure this value? Can we add even more value than pure functionality? Often we can, and we re-design accordingly.
The “Lobster”, a paintbrush holder is a great example of product and business model.
Do you use business models for your products or services?
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