This is a good point, and I think it also applies when chasing after product/market fit.
"Channel" is a concrete redefinition of the vague term "market" that describes an actual group of people plus the means of reaching them.
"Offer" is a redefinition of "product" that includes a strategy for communicating its value. These are pretty important distinctions, and I agree with the author that this framework holds a lot of value.
The question remains, how and when do you decide that your product just doesn't have enough value to anyone you might pitch it to? Obviously you start your venture believing that it has value, and at any point your next iteration might reveal the magic combination. Or it might never come. I think there is no good solution, and it is, as you say, an art.
"Channel" is a concrete redefinition of the vague term "market" that describes an actual group of people plus the means of reaching them. "Offer" is a redefinition of "product" that includes a strategy for communicating its value. These are pretty important distinctions, and I agree with the author that this framework holds a lot of value.
The question remains, how and when do you decide that your product just doesn't have enough value to anyone you might pitch it to? Obviously you start your venture believing that it has value, and at any point your next iteration might reveal the magic combination. Or it might never come. I think there is no good solution, and it is, as you say, an art.