I can’t stand formulaic approaches to otherwise intuitive and creative endeavours. When it comes to building a product, a step-by-step guide is nearly always a waste of time.
That said, there’s always something new to learn from every guide. I love the simplicity of this approach. I use it to evaluate a product concept, often using it as a tool to cull my ideas list:
Audience + Attention + Value = A Good Product
Audience: Is there an existing audience? Is the customer segment easily defined, and found all in the one place?
Attention: Do you already have the audience’s attention? Perhaps through previous products, community reputation, or media?
Value: Are you bringing a strong value proposition to your audience? Do you have the right balance between benefit and cost?