If you are a B2B then you would have salespeople dedicated to your customers. Customer Relationships - How will you interact with your customers?Īgain, this depends on your business. Your coffee shop may want to sell cup carriers for 50 cents (another revenue stream) to those who order pick-up (customer segment).ĥ. You may want to offer customized products/solutions to certain customer segments. You can link your revenue streams to your value propositions and customer segments. Will you whole sell? Will you have an e-commerce website? Will you have a brick & mortar store? Will you have add-on services? In other words, explain what your primary, secondary, and additional revenue sources will be. This is where you explain your revenue streams. Revenue Streams – How will you make money? What are your marketing tools? Some answers might be social media (but be specific, which social channels?), paid advertising, distribution channels, print advertising, etc.Ĥ. Channels – How will you communicate your value proposition? If you have three segments, then you should have three different value propositions.ģ. Each segment has different needs and pain points. Link value propositions to your customer segments. These criteria depend on your business and industry, but the idea is the same you need to be better than your competitors on a couple of these criteria. If you are selling coffee, you need to consider the quality of your beans, the speed of your service, freshness, smell, price, etc. For example, if you are Uber, your app interface should be user-friendlier than Lyft’s, and, your drivers should be more professional and better trained than Lyft’s. For this part, the first thing you need to do is identify key decision-making features in your industry. But why? You already know it can’t be price because bigger companies would cut their prices until you go out of business. To compete and be profitable, your leads need to choose your business over others. This is where you will challenge yourself. I think this is the most important question to answer for any business idea. Value Propositions – What makes you better than others? Buyer personas would be super helpful for this part.Ģ. Identify who would be your key customers and group them by their pain points, demographics, buyer behavior, or other relevant characteristics. We, marketers, hate selling everything to everyone. Customer Segments – Who is your customer? Let’s take a look at each section of the Business Model Canvas.ġ. But these are simple business terms with fancy names! The Business Model Canvas consists of nine essential parts: Customer Segments, Value Proposition, Revenue Streams, Channels, Customer Relationships, Key Activities, Key Resources, Key Partners, and Cost Structure. There are a couple of terms that make the Business Model Canvas sound complicated. Whether you are presenting your ideas to investors, starting a new business, or looking for funding, the Business Model Canvas is your best friend. But it should be the foundation of your business plan. Although some refer to the Business Model Canvas as a one-page business plan, it should not replace your business plan. The Business Model Canvas should come before your business plan. The Business Model Canvas will challenge you by making you answer tough questions about your business which would help you to be more prepared to start a business. It gives a clear picture of how you will make money and sustain your business. The Business Model Canvas is an excellent tool to create a business model and present your ideas.
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