Industry 4.0 is changing companies’ business by introducing new manufacturing techniques. Personalization is one key goal of Industry 4.0 that is transforming companies’ business models by bringing the customer’s preference in the production process. Companies require to adapt their business model to these disrupting manufacturing approach. In this paper, we present a management tool for guiding the business model innovation towards personalized products: The personalized product business model radar template. This template implements a pattern that guides the business model design process by introducing predetermined values that are common in the personalized product business model in Industry 4.0. We apply this management tool in a business case scenario in a workshop setting with professionals from smart manufacturing.