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From Idea to a Business
1. Getting from an Idea to a Business
Workshop 1: Discover your business model using the Lean Canvas
Rory Cawley rcawley@linkedin.com
http://ie.linkedin.com/in/rorycawleyAll based on Running Lean by Ash Maurya
39. TECHNICAL PRODUCT CONSULTING
Lean Canvas:
Problem Solution Unique Value
Proposition
Unfair
Advantage
Customer
Segments
Cost Structure Revenue Streams
Key Metrics Channels
Date: Version Name:
name
12th May 2013 First brainstorm
Top 3 problems.
Top 3 features.
Single, clear, compelling
message that states why you
are different and worth
buying.
Can't be easily copied or
bought.
Target Customers.
Early Adopters:
Personas:
Activity that drives
retention/revenue.
Path to customers.
Customer Acquisition Costs
Distribution Costs
Hosting
People, etc.
Revenue Model
Lifetime value
Revenue
Gross Margin
Editor's Notes
Divide and conquer
Brainstorm possible customersAn MVP aims to solve not only the TOP problems the customer has but also the problems that are WORTH solvingWhat we deliver is just enough to charge customersList the top 3 problems for the customer segment you are working withProblems are jobs customers need done, what problems arise for these customer segments that would cause them to seek products or services to solveList existing alternatives – document how you think the early adopters address these problems todayMost problems have existing solutionsIdentify other user rolesHone in on possible early adopters – using the problems in mind, narrow down the characteristics of your prototypical customer – our objective is to define an early adopter not a mainstream customerCustomer segment – who we aim to reach and serveWho do we plan on selling our solution to?Segment – a defined group of people who share the same problem or passion and speak the same languageDefining who will buy the product is as important as the product itselfIn some cases the segment comes first, that’s the fulcrum on which the rest of the business model pivotsDoes the prospect have an adequate workaround to their current problem? Do they have budget for you product?Can we find out what the specific shortfalls of the existing workaround the customer is using? Be specificWhat functionality or feature of your solution resolves which shortfall?Does the customer segment represent a large enough business for this product?Distinguish between customers and users, customers are the ones that pay – a user does notIdentify the user roles that interact with the customerSplit broad customer segments in to smaller ones, not easy to build a product to suit EVERYONE at once (Facebook targeted Harvard only first)If getting messy with different slants we can slit into multiple canvases but start off with oneYou will likely need a separate lean canvas per customer segment since elements of the business model can vary per customer segmentProblems are jobs that customers want done – when people want to get a job done they hire people or a service to do it for them Pick the top 2-3 most promising customer segments
Products and services that create value for your segmentsThis is what will grab someone’s attention long enough to want to find out moreWhat makes our product different?Start with the best guess and iterate from thereBe different and be sure that matters – derive this from the number 1 problem you are solvingBe bold and target only early adopters – don’t water it down at this stageA good UVP gets inside the head of your customers and focuses on the BENEFITS you customers will derive AFTER using your productFor example, for a CV creating product, benefit is “getting an eye-catching CV that stands out”UVP format – Instant Clarity Headline = End Result Customer Wants + Specific Period of Time + Address the objectionsDominos = Hot fresh pizza delivered to your door in 30 minutes or its freePick your words carefully Performance = BMWDesign = AudiPrestige = MercedesUVP answers what is your product and who is your customer, subheading of ‘why’ if possibleHelps to create a high-concept pitch to identify the UVP
All we have is untested problemsSince the problems will get reprioritised or replaced no need to fully refine the solution just yetSketch out the simplest thing you could possibly build to address each problemBased on the problems create a short list of features we should include in the minimum viable product or MVP
How you communicate with and reach your segmentsFailing to build a path to customers is a big cause of failureInitially don’t plan to scale – get in front of some customers first, refine the productBy engaging in customer discovery/interview process we already build a path to customers enough earlyFirst sell your product manually before automating itSell your product yourself first before getting others to sell itAny way to get your product to a customer is a channel
This is about the viability of this as a businessRevenue streams – how we’ll get paidAn MVP aims to solve not only the TOP problems the customer has but also the problems that are WORTH solvingWhat we deliver is just enough to charge customersCustomers should be charged for this from Day 1, that way you will really find out if it’s proving them with value and you will get the feedback you need to learn and create a better product for your customersNot charging will impose a big risk on the product – maybe customers WON’T pay for itPrice is part of your productPrice defines your customersGetting paid validates your productCost structure – how much it costs you to run your businessList the operational costs in bringing your product to marketFocus on the present rather they too far off into the futureWhat will it cost to interview 10-30 customers?What will it cost to build and launch your MVP?
Key numbers that show how well your business is doingHow many actual users? (acquisition)How many user did an activation? (activation)Do users come back? (retention)Do we make money? (revenue)Do users tell others? (referral)