CO-STAR

CO-STAR Example

Description

The CO-STAR template helps develop a powerful value proposition based on the elements that make up a business model. When organizing these onto your canvas, you can map out what’s most important and cement the unique and lasting value behind your vision.

 

In the above example, we outlined a CO-STAR template for a new water bottle competitor and showed how they might break into a saturated market.

 

We began by analyzing the potential customers and market opportunity and proceeded to brainstorm solutions and discuss the more tangible side of the product. After establishing how your solution is different, both in its vision and reality, you can analyze the results of future implementation and how all of this will be expressed through your final value proposition.

 

Below you can find some prompting questions that will help guide your CO-STAR exercise. You can also find them in the help section when you open the board in Fresco.

Instructions

  1. Customer: Describe your ideal customer. How can you meet their needs, both met and unmet in their current solution? What problem are you solving for the customer? What specific benefits are you providing to them?
  2. Opportunity: What is the opportunity in the market? What is the specific market potential for your idea? What trends can you capitalize on within the current market? Think about the existing ecosystem and what you can do to replicate their success while maintaining your unique edge.
  3. Solution: Begin brainstorming specific solutions after reviewing all of the elements.
  4. Team: Who needs to be a part of your team to achieve your goal? Think about both the interior members and external partners that can fuel your success.
  5. Advantage: What is the competitive advantage you hold over the competition? How is your solution significantly better than the competition?
  6. Results: What results will be achieved because of your solution? What are the investors’ returns and the quantifiable benefits to customers?

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