How do you test and refine your value proposition and business model for your technological innovation?

1 Value Proposition Canvas

The value proposition canvas is a tool that helps you design and test your value proposition. It consists of two parts: the customer profile and the value map. The customer profile describes the jobs, pains, and gains of your target customer segment. The value map describes how your product or service fits the customer's needs by offering pain relievers and gain creators. The goal is to achieve a fit between the customer profile and the value map, which means that you offer something that your customers want and value.

2 Business Model Canvas

The business model canvas is a tool that helps you design and test your business model. It consists of nine building blocks: value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure. The goal is to create a coherent and viable business model that shows how you deliver your value proposition to your customers and how you generate revenue and profit.

3 Lean Startup Method

The lean startup method is a process that helps you test and refine your value proposition and business model using experiments and feedback. It consists of three steps: build, measure, and learn. The build step involves creating a minimum viable product (MVP) that represents your value proposition and business model. The measure step involves collecting data and metrics from your customers and the market. The learn step involves analyzing the data and metrics and learning from your successes and failures.

4 Customer Discovery

Customer discovery is a technique that helps you validate and improve your value proposition and business model by talking to your potential customers. It involves asking open-ended questions, listening to their stories, observing their behaviors, and understanding their needs and problems. The purpose is to test your assumptions, gain insights, and discover opportunities for innovation.

5 Pivot or Persevere

Pivot or persevere is a decision that helps you adjust or change your value proposition and business model based on the results of your experiments and feedback. It involves comparing your expected outcomes with your actual outcomes and evaluating whether you are on the right track or not. If you are not, you can pivot, which means to make a strategic change in one or more elements of your value proposition or business model. If you are, you can persevere, which means to continue executing and improving your current plan.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?