In today's competitive business landscape, it is essential for companies to not only meet customer expectations but to delight them. As a product leader, advisor, or board member, one of the key responsibilities is brainstorming ideas on how to answer three important questions: How will the product delight customers? What will make the product hard to copy? And what are the business model experiments required to build a profitable business?

In today's competitive business landscape, it is essential for companies to not only meet customer expectations but to delight them. As a product leader, advisor, or board member, one of the key responsibilities is brainstorming ideas on how to answer three important questions: How will the product delight customers? What will make the product hard to copy? And what are the business model experiments required to build a profitable business?

To begin with, delighting customers is crucial for the success of any product. The book "7 Powers" by Hamilton Helmer outlines seven hard-to-copy advantages that can help in achieving this goal. These advantages include brand recognition, network effects, economies of scale, counter-positioning, unique technology, switching costs, and process power. By leveraging these advantages, companies can create a product that stands out from the competition and provides a delightful experience for customers.

One example of a company that has successfully implemented these principles is Netflix. They have built a strong brand and have harnessed the power of network effects by becoming the go-to platform for streaming content. Additionally, they have achieved economies of scale by reaching a large customer base and have counter-positioned themselves by offering "No Late Fees" when their competitors charged for late returns. These strategies have helped Netflix create a hard-to-copy advantage in the market.

Another important aspect to consider is the generation of margin for the product. It is crucial to experiment with different prices and business models to ensure profitability. This requires constant evaluation and adaptation over the life of the product. Companies should never consider their work done in this regard and should always be open to exploring new avenues for generating margin.

To put these concepts into practice, there are three actionable pieces of advice that can be followed:

• 1. Continuously brainstorm ways to delight customers: Take a moment to jot down how your product currently delights customers and think of ideas on how to further enhance their experience in the future. This exercise will help in identifying areas of improvement and innovation.

• 2. Leverage the hard-to-copy advantages: Using the eight hard-to-copy powers mentioned earlier, brainstorm ways in which your product can create a hard-to-copy advantage in the future. This will involve analyzing your product and market dynamics to identify unique selling points that competitors will find difficult to replicate.

• 3. Experiment with price and business models: Create a list of price and business model experiments that can be explored over the next 1-3 years. This will allow for flexibility and adaptation to changing market conditions and customer preferences. By constantly experimenting, companies can find the optimal pricing and business model that generates maximum margin.

In conclusion, the key to building a successful product lies in delighting customers, creating hard-to-copy advantages, and experimenting with price and business models. By following the principles outlined in the DHM model and incorporating the advice mentioned above, companies can position themselves for long-term success in the market. It is important to continuously evaluate and adapt to changing customer needs and market dynamics to stay ahead of the competition.