Very few products and services are used in a vacuum. Most of the time, other products and services affect their value. But, in most industries, products or services converge are within the bounds of their industry’s product and service offerings.
Take a look at movie theaters. The cost of getting a babysitter and parking the car affect the perceived value of going to the movies. However, these complimentary services are beyond the bounds of the movie theater industry as normally defined. Movie theatre operators worry about how hard or costly it is for people to get babysitters. Imagine a movie theatre with babysitters services.
Untapped value can often be hidden in complementary products and services. The key is to define the total solution buyers seek when they choose a product or service. A simple way to do this is to think about what happens before, during, and after your product is used.
Think airline industry and ground transportation, or trucks that used to be purchased and how much they cost rather than the total cost. Peterbilt is the most expensive and the least expensive over the road truck in overall cost.
Use the strategy canvas.
Think about these issues:
What is the context in which your product or service is used?
What happens before, during, and after the use of your product or service?
Can you identify all the pain points?
Can you eliminate these pain points through a complementary product or service offering?
