Blog 9: A 360 degree understanding of business (business model canvas)

A summary of what we did to get a 360 degree understanding of our business:

• Well, we had a startup idea and a rough idea on how the mobile app should look.

• But since our goal was to build a business and not just a mobile app.

• It was important that we flesh out the problem and solution further. Have a 360-degree understanding of the product and the business we are building.

• So, we leveraged the framework ‘business model canvas’.

• Source: https://www.strategyzer.com/canvas/business-model-canvas

• Fill in your respective answers to each of questions in the above 9 boxes

  1. Start with the center box (box 1: value proposition), i.e., what does the product do? Read blog 10 and blog 51 to learn more on articulating a value proposition. Value proposition forms the crux for several other frameworks

  2. How do you interact with your customers? i.e., customer relationships

  3. How do you reach them? i.e., your distribution channels

  4. Who are your target customers? i.e., different customer segments

  5. Who will help you in the journey? i.e., your key partners

  6. What do you do? i.e., your key activities

  7. What will you need? i.e., required resources

  8. What costs will you incur? i.e., the cost structure

  9. How much will you make? i.e., revenue generated (read blog 50 to learn about different revenue streams)

• As your business and team grows, the ‘business model canvas’ will help to:

  • ensure every team member is on the same page

  • create an effective story around the product. Thus, empowering engineers, developers, designers, sales, marketers and etc.

• Read blog 57 to learn more about transforming a business model.

• Refer blog 19 for articulating 'pain points' to 'value proposition'.

• Refer to blog 77 to understand how to identify the target market?

• Refer to blog 78 to understand the different types of customer segmentation.

Note the difference, customer segments are broader grouping of customers based on shared characteristics. While user personas help us creating personalised content and messaging that speak directly to individual needs.

Jump to blog 100 to refer to the overall product management mind map.

All the best! 😊