"A great product isn’t enough to bring a flock of customers to your door. You must design a superior business model to attract and retain customers into your ecosystem."

"1. ‘Base Product & Consumable trap’: Nespresso, Gillette, HP, Kodak"

"For this trap, companies lure customers into their ecosystem with a base product and then milk profits from 'consumables' that customers are forced to buy."

"2. ‘Data trap’: Apple, Google Android, Spotify"

"The ‘Data trap’ consists encourages customers to create or purchase content and apps that are exclusively hosted on a platform."

"Spotify, a music software company, threatened Apple and Google’s music revenues and switching costs by offering a vast catalogue of songs on an app that can be downloaded from major smartphone marketplaces. But if you switch from Spotify to another music app, you’ll lose your playlists. Another example of 'data trap'!"

"3. ‘Learning Curve Trap’: Adobe, Salesforce, Box"

"Customers can be discouraged when they have to start over and learn how to use a new product."

"4. ‘Industry standards trap’: Microsoft, Adobe"

"5. ‘Servitization Trap’: Rolls Royce, Hilti"

"If your competitor uses the ‘servitization trap’, you’re not just competing against their product, but against an entire experience they offer."

"6. ‘Exit trap’: Verizon, AT&T"

"The ‘exit trap’ forces customers to use a product for a certain period of time specified in a contract."