The Buyer Utility Map helps you to identify which business ideas have real commercial potential. A common trap is that the management focuses on a product’s technical possibilities. Instead, they must concentrate on the product’s utility - identifying where and how the new product or service will change the customers' lives. It is less about a product's technical possibilities and more about its customer utility.
The Buyer Utility Map was introduced by W. Chan Kim and Renee Mauborgne in the article ” Knowing a Winning Business Idea When You See One”. The article was published in the Harvard Business Review edition from September-October year 2000.
W. Chan Kim and Renee Mauborgne are professors of strategy at INSEAD and co-directors of the INSEAD Blue Ocean Strategy Institute in Fontainebleau, France. They have published numerous articles in top academic and managerial journals. They are the authors of the New York Times Bestseller Blue Ocean Shift and the over 4 million copy global bestseller Blue Ocean Strategy.
Section
0:00 Introduction of authors and the purpose of the model
0:53 Two dimensions
1:18 The six stages of buyer experience cycle
4:16 The six utility levers
5:33 Use of the model with examples
10:00 Strategic price
11:51 Strategic price with examples
14:26 Adoption hurdles with an example
16:04 Criticism of the model
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