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Before you start today’s task, please think about the order in which we proceeded with the development of your business idea: We first dealt with the target customers and then with their problems and previous solution alternatives. Then followed the unique value proposition, and only now – in the fourth step – is it about the solution or the core of your business idea. Intuitively, most people do it the other way around: they start with a solution idea and then think about who could use it. That increases the danger of working beyond market needs.
The critical point is that there are various possible solutions to fulfilling the unique value proposition. To illustrate this with the yoga example:
The yoga value proposition can be realized, for example, by opening a high-quality yoga studio in a dense industrial area full of office workers. Classes are offered on weekday mornings, at lunchtime, and after office hours. The studio will provide small snacks and refreshments to combine pleasure (relaxation) with the practical (having a snack).
But the same value proposition could also be an in-house yoga offer, where yoga teachers visit clients’ office buildings to offer courses for employees at fixed times.
The solution, i.e., either an owned studio or an in-house offer, solidifies the business model and clarifies how the customer benefits from the unique value proposition.
Here is your task for today:
Collect the individual aspects your solution covers on Post-its. So, what exactly does the solution consist of, what makes it stand out? Write down everything that comes to mind; you will sort it out later.
Example of the yoga studio:
One of many ways to design the solution includes the following points:
- Yoga Studio
- Dense industrial estate
- Offers Monday to Friday, before and after office hours and during lunch breaks
- Healthy snacks and refreshments
- Small groups with premium quality
- Premium Price
Second part of the task:
When you’ve written down all aspects of the solution, stick the four to eight most important ones as Post-its in the box marked “Solution” in order of importance. If you think of additional or new aspects over time, simply replace or add to them. The Extended Canvas is a living document, which means it’s constantly being developed and updated according to what you learn. This applies to all fields, by the way.
Repeat this exercise with the other Extended Canvas if you have several alternatives.