Thinking about your new opportunity in an existing busness.
Two complimentary sets of tools could be useful to you maximizing the potential of your new successful business model / business software.
They come out of Silicon Valley innovation and start-up community, and they are being applied to existing larger corporates also to reinvigorate them in a fast changing market.
These are Market Validation / Customer Development and Business Model Generation.
(Please note: the examples and links below are mostly IT startups, and the principles apply to existing businesses with some validity):
Market Validation / Customer Development (for example in an existing business – asking existing customers, past customers, and potential customers what they need and will pay for)
- What are customers seeking?
- Why do they do / not do business with us?
- What was their experience?
- What was their result?
- What insights do we gain from the answers?
For Market Validation / Customer Development see the links below
Customer Development combined with Agile Development evolving a product people actually want!
A Scientific approach to making entrepreneurial decisions
Business Model Generation
Using a business model generation tool – such as the Business Model Canvas
Searching, exploring and developing new business models
Testing business models before we build them
When the model works – then build it
For Business Model Generation see the links below?
Business Model Canvas (in short)
Business Model of Groupon vs. daily email lists
Good business models for VC funding
Business Model Generation in Detail
These tools might be part of a Strategic Overview of this opportunity
They might also be part of an ongoing strategic business / product development process