72% of new products and services introduced to the market fail to deliver on expectations.
Simon Kucher & Partners Study
It doesn’t have to be that way. There’s obviously a lot that goes into the development of product solutions but ultimately you need to be able to clearly communicate and describe the products and services that you sell.
This worksheet will guide you through the 6 elements that you should consider when defining your solution. How you choose to define your product will be critical when you come to price your product or look at different ways that you can manage the levers of your business model.
This happens once you have confidence that you have developed problem-solution fit. That is that you are creating a solution that people will pay to solve. This stage is about being clear about what you are selling, how it is will be delivered, how often customers will buy and how you will monetise it.
Tackling the Challenge: How to Define the Perfect Product or Service Solution
Products and pricing go together like two peas in a pod. The reality is that if you must be able to clearly define what you are going to sell so that you can determine what goes into them. This means costing each of the inputs that go into the product or service so that you can evaluate whether you can make money or not. If you already have a product or service in mind, then completing the worksheet is really straight forward. But like with everything in a business model, there are a number of different levers that you can use to optimise.
Launch your Business with Confidence and Clarity
Simplify the Process of Defining the Products and Services you will launch with
Unleash your creativity and start developing the perfect business model for you
Use this to start working out the costs of producing your Products or Services
Like with most of the foundation steps, the time that you invest in considering this will pay big dividends in the end.
