Here’s a quick overview of the five most important tools we use to help companies achieve business and innovation success.
Here’s a quick overview of the five most important tools we use to help companies achieve business and innovation success. We use these tools hand-in-hand with the Customer Development process and Lean Startup principles to reduce risk. Depending on the context we add other tools to the mix, too.
Before we jump into the five tools, let me quickly define success. Success means going from business idea (a new market, improve a business unit, a new technology, etc.) to a profitable and scalable business model with the minimum amount of time and money wasted. To achieve success you need a differentiated value proposition that customers want embedded in a business model that can scale and generate profits. Crucial to this is the right timing, in the right business environment, with the right aligned team that can assure sound execution.
Here are the 5 tools that help you get there:
Value Proposition Canvas (VPC): Use this tool to make explicit how your products and services create value for the customer by addressing the most critical jobs, pains, and gains that they care about.
Strategy Canvas: Combine the VPC with the Strategy Canvas tool to visualize if and how your value proposition differentiates from competition (in a meaningful way). The Strategy Canvas is a tool from the Blue Ocean Strategy book, which is specifically focused on differentiation.
Business Model Canvas (BMC): Use this tool to iterate towards a business model that is become profitable and scalable.
Business Model Environment: Use our “Strategyzer Environment Cards” to map out the environment around your business model. Identify and assess trends, competition, customer context, and changes in a macro environment. Understanding the environment will also help you understand if your timing is right.
Team Alignment Map (TAM): Lastly, at Strategyzer we love using the Team Alignment Map from our friend Stefano Mastrogiacomo. It helps you ensure team alignment and sound execution while you are testing and implementing your new business opportunities.