Key Invention Activities to build a successful business

As a small business, we need to prove our actual value to attract, win and retain customers. We need to put our money where our mouth this. Indeed, there are certain key invention activities that makers need to do to deliver on their value propositions and build customer relationships.

Key Invention Activities

Key invention activities are one of the nine components of the Business Model Canvas, which helps inventors manage and structure a streamlined business plan. These activities are measurable checks your business needs to accomplish to ensure the success of your business model.

So far, we’ve learned that we communicate Value Propositions tailored to specific groups of customers called Customer Segments. Each segment includes groups of customers who share certain demographics and other characteristics. Because of these differing characteristics, each segment may also value different things. Thus, not only must the value proposition be tailored to each customer segment, but you must also choose the right Customer Channels for your communications and build Customer Relationships.

But exactly how are you going to build those customer relationships? How are you going to deliver on value propositions? Most importantly, how are you going to generate revenue? So you can begin to see why your key activities are the important actions your business must execute to build, grow and scale your business.

3D Printing Production

Types of Key Activities

Alex Osterwalder, the inventor of the Business Model Canvas, categorizes key activities into three distinct groups:

• Production: Pretty much everything listed on our Services page belongs in this category. This category is for activities related to the end-to-end product development process. The key activities for invention makers here are to ensure the product is ready to be manufactured, of high quality and fully functional. 
• Problem-solving: This category is often related to the channels and customer relationship parts of the Business Model Canvas. Whether it’s passively through FAQs or immediately through services like live chat, inventors will need to consider key activities to determine how they can turn potential problems into opportunities.
• Platforms: This could be your website, checkout sequence or any other digital medium. Essentially, almost every online platform where you have control of the user experience. For these key activities, consider how customers navigate your website to look for information about your product. It might not seem important, but also consider how easy it is for your customer to checkout if you have an online store. All of these things matter as they’re a reflection of your brand.