Business Model Canvas Workshop 224d3w
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Venture Design Workshop IV Engineering Your Business Model
(Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
ABOUT ME
Entrepreneur (5x) Intrapreneur (1x) ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
ABOUT ME
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
ABOUT ME
www.alexandercowan.com Copyright 2014 Cowan Publishing
AGENDA Period! Venture Design I: Achieving Customer Relevance
Deliverables! Personas Problem Scenarios-Alternatives-Value Propositions Start Business Model Canvas Storyboards Customer Discovery
Venture Design II: Iterating to Success
Venture Planning- focal hypotheses, experiments, and minimum viable ‘product’
Venture Design III: Focusing & Validating Venture Progress
Review of field work, refinements of approach, planning next steps.
Venture Design IV: Engineering Detailing your business model and remaining focal Your Business Model! assumptions. Venture Design V: Deg the Pairing your learnings on personas & hypotheses with high Right Product! quality, actionable inputs (stories & wireframes) for product development and product validation. Copyright 2014 Cowan Publishing
THE BUSINESS MODEL CANVAS (Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT MVP
Product-Market Fit(?)
Scale
PIVOTAL ASSUMPTIONS
Nascent
Test, revise, test...
Validated- now tactical
Validated- now tactical
PRODUCT
N/A
MVP
Focus: efficiency, extension
What would a startup do??
ORGANIZATION
Founders
Customer dev. team
Full functional organization
Scalable organization
PARTNERS, CHANNELS
Probably too soon
Probably too soon
Yeah, maybe?
Yeah, definitely!
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Thinking through what you want the business to be for a better idea of what you don’t know. Then use that to focus your discovery.
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Focal point for managing your assumptions- which are open? closed? what are their inter-relationships?
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Focal point for organizing incremental ‘growth hacking’ experiments.
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Strategy management tool and jumping off point for new ‘intrapreneurial’ ventures and business model innovation.
Copyright 2014 Cowan Publishing
The Canvas is a housekeeping tool. It won’t hand you the gold but it will help you monitor how things are panning out.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
IT’S A PROCESS
Some techniques are more effective than others.
Personas
But they all require substantial, consistent exertion. Copyright 2014 Cowan Publishing
VENTURE DESIGN
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Learn
Lean StartupStyle Assumptions
Experiment
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Lean StartupStyle Assumptions Business Model Canvas
Learn
Experiment
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Lean StartupStyle Assumptions Business Model Canvas
Learn
Experiment
Stories & Test Cases
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Lean StartupStyle Assumptions Business Model Canvas
Learn
Experiment
Stories & Test Cases
Product & Promotion
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Business Model Canvas
Copyright 2014 Cowan Publishing
THE CANVAS: 3 PARTS Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Offering Customers Infrastructure
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
REALLY GETTING CUSTOMER SEGMENTS (Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
SEGMENT TO VALUE PROPOSITION MAPPING Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Segment_1 Segment_2 Segment_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
THE INDEPENDENT VARIABLE Customer Segments
Value Propositions
(Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
CUSTOMER SEGMENTS VS. PERSONAS
reCustomer motsuC Segments stnemgeS
Personas
≈ ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING
Empathy
Creativity Copyright 2014 Cowan Publishing
DESIGN THINKING- APPLICATIONS
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- APPLICATIONS
Empathy
1
Entry
2
Urinate as they go
3
Edges preferred
4
Speedy
5
PB > cheese
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- APPLICATIONS Check & Repair
1
UV Validation
2
Relevant Placement
3
A Better Mouse Trap
4
Powered by Better Bait
5
Creativity
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
Personas
Problem Scenarios Alternatives Your Value Propositions
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: THINK-SEE-FEEL-DO
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO What job(s) are you doing for the customer? What existing need or behavior are you fulfilling?
X
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
? ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
?
If they currently use spreadsheets, watch them use it and get a copy of it. If they currently put notes on the family fridge, ask about it, photograph it.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
?
YOUR VALUE PROPOSITIONS
!
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
?
YOUR VALUE PROPOSITIONS Are they better enough than the alternative(s)?
!
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
ENABLE QUIZ: EXAMPLE PROBLEM SCENARIOS PERSONA
Helen the HR Manager
Frank the Functional Manager
PROBLEM SCENARIO
“It’s hard for me to screen on technical skill sets and I end up sending Frank unqualified recruits.”
“I have limited time and I don’t want to be a jerk. It’s hard to screen for all the relevant technical skill sets.”
ALTERNATIVE(S)
- Call references - Take their word for it
- A few probing questions - Take their word for it
VALUE PROPOSITIONS
New ability for meaningful screening of technical candidates, increasing % of successful hires and lowering Frank’s workload on recruiting.
Less time doing interviews, and better hires sooner.
X
? !
Copyright 2014 Cowan Publishing
STORYBOARDING A PROBLEM SCENARIO BEFORE
BEFORE (using the Alternative) AFTER
AFTER (with the Value Proposition)
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION List at least 3 personas Mary the Working Mom Susan the Stay-at-Home Mom Douglas the Dad Nathan the Nanny Ivan the Infant
use 1 index card/ persona
…
(4 min) Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION Which are buyers? s? Both? Note with a ‘B’ and/or a ‘U’ on the Index Card Mary the Working Mom (B, U) Susan the Stay-at-Home Mom (B, U) Douglas the Dad (U) Nathan the Nanny (U) Ivan the Infant (U) …
(1 min) Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION Can you think of 5 real examples for each? Use the back of your index cards
(2 min) Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION Which have the most compelling need, desire? If you could only pitch 1 persona type, which? Sort top to bottom
(1 min) Copyright 2014 Cowan Publishing
EXERCISE- VALUE PROPOSITIONS
X ? !
Brainstorm Problem ScenarioPROBLEM SCENARIO Alternative-Value Proposition Trios.
ALTERNATIVE(S)
Problem: Mary would like to be more structured and consistent in her use of allowances to teach the link between work and financial rewards. Alternative: Track the completion of chores, homework, etc. manually using paper, boards, notes on her phone.
YOUR VALUE PROPOSITIONS
Value Proposition: Use our app to easily and consistently implement best practices tailored to your situation.
(7 min.) Copyright 2014 Cowan Publishing
EXERCISE- VALUE PROPOSITIONS Prioritize your value propositionsif you could only pitch one, which? After that? Etc.
(2 min.) Copyright 2014 Cowan Publishing
EXERCISE- MAPPING PERSONAS, VALUE PROP’S 1. List your prioritized personas (Customer Segments block) and Value Propositions 2. Map your personas to your Value Propositions
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
The templates here are made available on the same CC license as the original canvas.
Persona_1 Persona_2 Persona_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
(3 min) Copyright 2014 Cowan Publishing
PEER PRESENTATIONS PREP! For [target customer] who [statement of the need or opportunity], the [product name] is a [product category] that [statement of key benefit/ key reason to buy]. unlike [primary alternative], our product [statement of primary differentiation]. EXAMPLE For [hiring managers] who [need to evaluate technical talent], [Enable Quiz] is a [talent assessment system] that [allows for quick and easy assessment of topical understanding in key engineering topics]. Unlike [formal certifications or ad hoc questions], our product [allows for lightweight but consistent assessments of technical talent]. (4 min.) Copyright 2014 Cowan Publishing
EXERCISE: PEER PRESENTATIONS (4 MIN/EACH)
As Presenter PERSONAS & VALUE PROPOSITIONS 1) Intro. with your positioning statement. 2) Who is/are the top persona(s)? 3) What’s cool about the value prop.? 4) If applicable, how do they differ between the personas?
As Audience - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor
Copyright 2014 Cowan Publishing
REALLY GETTING RELATIONSHIPS & CHANNELS (Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
How do they first find out that you, your proposition exist? How do you break through the noise floor?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
What is it that engages them with your proposition? How will you connect?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
Are you connecting with an important problem scenario? Is your VP better enough than the alternative? Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
What is absolute minimum set of actions required by the customer to have you deliver on their problem?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
How do they become a regular, habitual ? How will you know if that’s happening?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
How do you deepen their involvement? Investment? How do you get them talking about it? Copyright 2014 Cowan Publishing
STORYBOARDING AIDA(OR)
Copyright 2014 Cowan Publishing
STORYBOARDING AIDA(OR)
Copyright 2014 Cowan Publishing
EXERCISE: AIDA STORYBOARD (10 MIN)
Using the squares, create a 6- AIDA(OR) storyboard (10 min) Copyright 2014 Cowan Publishing
EXERCISE- CUSTOMER RELATIONSHIPS
Customer Relationships
GETTING STARTED 1. Bounce off your take on AIDA(OR) 2. Decouple any concierge/hand-holding actions you use for discovery from your target steady state 3. Variation by segment? 4. How will you know if it’s working?
EXAMPLES ‘dedicated personal service’ (onsite? offsite?) ‘personal service’ ‘phone ’ ‘web/email based tickets’ ‘web self-help and forums’
(3 min) Copyright 2014 Cowan Publishing
EXERCISE- CHANNELS
Channels
GETTING STARTED 1. Bounce off your take on AIDA(OR) 2. Variation by segment? 3. How will you know if it’s working?
EXAMPLES SALES hand sales (direct or indirect?) retail web phone delivery
PROMOTION personal (direct vs. indirect?) specialty media television radio AdWords + SEO
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: PEER PRESENTATIONS (2 MIN/EACH)
As Presenter RELATIONSHIPS & CHANNELS 1) What’s the AIDAOR journey? 2) How do the Relationships & Channels work for that?
As Audience - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor
Copyright 2014 Cowan Publishing
REVENUE STREAMS Don’t overcomplicate it. When a plumber does something, you pay them. If a sink garbage disposal lasts twice as long, you’d pay more, right?
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
CREATE PRICING THAT TESTS ELASTICITY
Base Camp
Hootsuite Copyright 2014 Cowan Publishing
EXERCISE- REVENUE
Revenue Streams
GETTING STARTED 1. Where are you providing value? When? 2. How does the customer’s perception of value change over the course of their experience with the product? 3. How will you collect revenue, istratively?
EXAMPLES price/unit access/subscription fees utilization fees & maintenance contracts hourly billing fixed price services billing royalties/revenue share
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: SEGMENT TO VALPROP TO REVENUE Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
(2 min) The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
THE CANVAS: 3 PARTS Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Offering Customers Infrastructure
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
THE CANVAS: 3 PARTS Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Offering Customers Infrastructure
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
3 BUSINESS MODEL TYPES (Key Partners)
(Key Activities)
(Value (Customer Propositions) Relationships)
(Customer Segments)
1. INFRASTRUCTURE-DRIVEN 2. CUSTOMER SCOPE-DRIVEN (Key Resources)
(Channels)
3. PRODUCT-DRIVEN (Cost Structure)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
3 BUSINESS MODEL TYPES UTILITIES
TELECOM
COMMODITIES
RETAIL
BANKING
CORP. LAW
APP. SOFTWARE
MEDIA
Infrastructure-Driven
Scope-Driven PACKAGED GOODS
Product-Driven Copyright 2014 Cowan Publishing
3 BUSINESS MODEL TYPES
INFRASTRUCTURE Kimberly-Clark: paper pulp DuPont: plastics and polymers SCOPE Procter & Gamble: cradle to grave products Baby Store: everything for babies in one place PRODUCT EarthBaby, TinyTots, Honest Company: compostable diapers and service
Copyright 2014 Cowan Publishing
EXERCISE- KEY ACTIVITIES
Key Activities
GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. How will you do these things? 4. Will partners be involved? Should they be?
EXAMPLES INFRASTRUCTURE: a) industry participation b) supply chain management c) process design and iteration SCOPE: a) industry participation b) growth marketing online’ [SEO, web analytics..] c) supplier management PRODUCT: a) software product development b) growth marketing online’ [SEO, web analytics..]
(3 min) Copyright 2014 Cowan Publishing
EXERCISE- KEY RESOURCES
Key Resources
GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. How will you get it?
EXAMPLES INFRASTRUCTURE: a) ‘track record in [relevant topic]’ b) investment in infrastructure’ c)’supplier relationships/integration’ SCOPE: a) ‘track record with [customer segment]’ b) channel or partner relationships PRODUCT: a) proprietary technology b) rapid prototyping and validation methodologies c) expertise in [exotic technology]
(3 min)
Copyright 2014 Cowan Publishing
EXERCISE- KEY PARTNERSHIPS
Key Partnerships
GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. Are you comparatively good at it? 4. Where will partners make the business bigger and more effective?
EXAMPLES ‘direct sales partners’ ‘content creators’ ‘retail or distribution’ ‘creative agency’ ‘subcontractors’ ‘referral network’
(3 min) Copyright 2014 Cowan Publishing
COST STRUCTURE Minimize: Obviously. Defer: MVP’s; don’t over invest for the sake of creating ‘output’ Link: To revenue as much as possible (variable vs. fixed).
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
PROFIT DRIVERS: EXAMPLE Tighter Proposition (website, pres., etc.) Ease of Entry
Finite Deliverables
Revenue Drivers
Increased Use of Channels Upsell
Profit Drivers
Finite Cost
Cost of Sales
Easy to See What's on Menu Less Consultative Selling Simplified Contracting Intellectual Property Multipliers
Cost Drivers
Cost of Delivery
Tighter Talent Definition Simpler Training, Eval., Promotion
Engagement Management
(example: product-driven consulting)
Standard Project Management Comparable Post Mortems
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
COST STRUCTURE
Cost Structure
GETTING STARTED 1. How do you minimize? Use of partners? Off the shelf tech/ components? 2. How do you defer against customer development milestones? 3. How do you link to revenues? 4. Which are fixed vs. variable? How do they related to revenues?
EXAMPLES ‘fixed cost product development’ ‘fixed cost infrastructure investment’ ‘variable cost marketing or commissions’ ‘variable cost customer onboarding and ’ ‘variable cost inputs’
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: COST STRUCTURE & LINKAGES Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: PEER PRESENTATIONS (2 MIN/EACH)
As Presenter INFRASTRUCTURE 1) What’s your business type (infrastructure, scope, product)? 2) What are the major cost drivers and linkages? How do they tie to revenue? 3) How do the key activities, resources, and partnerships help that?
As Audience - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor
Copyright 2014 Cowan Publishing
AGENDA Period! Venture Design I: Achieving Customer Relevance
Deliverables! Personas Problem Scenarios-Alternatives-Value Propositions Start Business Model Canvas Storyboards Customer Discovery
Venture Design II: Iterating to Success
Venture Planning- focal hypotheses, experiments, and minimum viable ‘product’
Venture Design III: Focusing & Validating Venture Progress
Review of field work, refinements of approach, planning next steps.
Venture Design IV: Engineering Detailing your business model and remaining focal Your Business Model! assumptions. Venture Design V: Deg the Pairing your learnings on personas & hypotheses with high Right Product! quality, actionable inputs (stories & wireframes) for product development and product validation. Copyright 2014 Cowan Publishing
RECOMMENDED NEXT STEPS
Follow-On Workshops 1. For Creating Strong Personas Day in the Life Workshop: http://bit.ly/daynthelife 2. For Structuring Your Product Value Propositions into Testable Assumptions Venture Design II: Iterating to Success: http://bit.ly/vdesignII 3. For Deg a Profitable Business Model Venture Design IV: Engineering Your Business Model: http://bit.ly/vdesignIV 4. For Linking the Above to an Effective Product Development Program Venture Design V: Deg the Right Product: http://bit.ly/vdesignV Copyright 2014 Cowan Publishing
FINI bit.ly/vdesignIV
www.alexandercowan.com/venture-design
www.alexandercowan.com/startup-sprints
@cowanSF
[email protected] Copyright 2014 Cowan Publishing
(Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
ABOUT ME
Entrepreneur (5x) Intrapreneur (1x) ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
ABOUT ME
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
ABOUT ME
www.alexandercowan.com Copyright 2014 Cowan Publishing
AGENDA Period! Venture Design I: Achieving Customer Relevance
Deliverables! Personas Problem Scenarios-Alternatives-Value Propositions Start Business Model Canvas Storyboards Customer Discovery
Venture Design II: Iterating to Success
Venture Planning- focal hypotheses, experiments, and minimum viable ‘product’
Venture Design III: Focusing & Validating Venture Progress
Review of field work, refinements of approach, planning next steps.
Venture Design IV: Engineering Detailing your business model and remaining focal Your Business Model! assumptions. Venture Design V: Deg the Pairing your learnings on personas & hypotheses with high Right Product! quality, actionable inputs (stories & wireframes) for product development and product validation. Copyright 2014 Cowan Publishing
THE BUSINESS MODEL CANVAS (Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT MVP
Product-Market Fit(?)
Scale
PIVOTAL ASSUMPTIONS
Nascent
Test, revise, test...
Validated- now tactical
Validated- now tactical
PRODUCT
N/A
MVP
Focus: efficiency, extension
What would a startup do??
ORGANIZATION
Founders
Customer dev. team
Full functional organization
Scalable organization
PARTNERS, CHANNELS
Probably too soon
Probably too soon
Yeah, maybe?
Yeah, definitely!
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Thinking through what you want the business to be for a better idea of what you don’t know. Then use that to focus your discovery.
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Focal point for managing your assumptions- which are open? closed? what are their inter-relationships?
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Focal point for organizing incremental ‘growth hacking’ experiments.
Copyright 2014 Cowan Publishing
CUSTOMER DEVELOPMENT & THE CANVAS MVP
Product-Market Fit(?)
Scale
Strategy management tool and jumping off point for new ‘intrapreneurial’ ventures and business model innovation.
Copyright 2014 Cowan Publishing
The Canvas is a housekeeping tool. It won’t hand you the gold but it will help you monitor how things are panning out.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
IT’S A PROCESS
Some techniques are more effective than others.
Personas
But they all require substantial, consistent exertion. Copyright 2014 Cowan Publishing
VENTURE DESIGN
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Learn
Lean StartupStyle Assumptions
Experiment
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Lean StartupStyle Assumptions Business Model Canvas
Learn
Experiment
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Lean StartupStyle Assumptions Business Model Canvas
Learn
Experiment
Stories & Test Cases
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Hypothesize
Lean StartupStyle Assumptions Business Model Canvas
Learn
Experiment
Stories & Test Cases
Product & Promotion
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
VENTURE DESIGN
Business Model Canvas
Copyright 2014 Cowan Publishing
THE CANVAS: 3 PARTS Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Offering Customers Infrastructure
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
REALLY GETTING CUSTOMER SEGMENTS (Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
SEGMENT TO VALUE PROPOSITION MAPPING Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Segment_1 Segment_2 Segment_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
THE INDEPENDENT VARIABLE Customer Segments
Value Propositions
(Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
CUSTOMER SEGMENTS VS. PERSONAS
reCustomer motsuC Segments stnemgeS
Personas
≈ ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING
Empathy
Creativity Copyright 2014 Cowan Publishing
DESIGN THINKING- APPLICATIONS
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- APPLICATIONS
Empathy
1
Entry
2
Urinate as they go
3
Edges preferred
4
Speedy
5
PB > cheese
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- APPLICATIONS Check & Repair
1
UV Validation
2
Relevant Placement
3
A Better Mouse Trap
4
Powered by Better Bait
5
Creativity
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
Personas
Problem Scenarios Alternatives Your Value Propositions
Foundation in Design Thinking
Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DESIGN THINKING- PERSONAS
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: THINK-SEE-FEEL-DO
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO What job(s) are you doing for the customer? What existing need or behavior are you fulfilling?
X
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
? ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
?
If they currently use spreadsheets, watch them use it and get a copy of it. If they currently put notes on the family fridge, ask about it, photograph it.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
?
YOUR VALUE PROPOSITIONS
!
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
DISCOVERY & LEARNING: PROBLEM SCENARIOS
PROBLEM SCENARIO
X
ALTERNATIVE(S)
?
YOUR VALUE PROPOSITIONS Are they better enough than the alternative(s)?
!
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
ENABLE QUIZ: EXAMPLE PROBLEM SCENARIOS PERSONA
Helen the HR Manager
Frank the Functional Manager
PROBLEM SCENARIO
“It’s hard for me to screen on technical skill sets and I end up sending Frank unqualified recruits.”
“I have limited time and I don’t want to be a jerk. It’s hard to screen for all the relevant technical skill sets.”
ALTERNATIVE(S)
- Call references - Take their word for it
- A few probing questions - Take their word for it
VALUE PROPOSITIONS
New ability for meaningful screening of technical candidates, increasing % of successful hires and lowering Frank’s workload on recruiting.
Less time doing interviews, and better hires sooner.
X
? !
Copyright 2014 Cowan Publishing
STORYBOARDING A PROBLEM SCENARIO BEFORE
BEFORE (using the Alternative) AFTER
AFTER (with the Value Proposition)
Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION List at least 3 personas Mary the Working Mom Susan the Stay-at-Home Mom Douglas the Dad Nathan the Nanny Ivan the Infant
use 1 index card/ persona
…
(4 min) Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION Which are buyers? s? Both? Note with a ‘B’ and/or a ‘U’ on the Index Card Mary the Working Mom (B, U) Susan the Stay-at-Home Mom (B, U) Douglas the Dad (U) Nathan the Nanny (U) Ivan the Infant (U) …
(1 min) Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION Can you think of 5 real examples for each? Use the back of your index cards
(2 min) Copyright 2014 Cowan Publishing
EXERCISE- PERSONA CREATION Which have the most compelling need, desire? If you could only pitch 1 persona type, which? Sort top to bottom
(1 min) Copyright 2014 Cowan Publishing
EXERCISE- VALUE PROPOSITIONS
X ? !
Brainstorm Problem ScenarioPROBLEM SCENARIO Alternative-Value Proposition Trios.
ALTERNATIVE(S)
Problem: Mary would like to be more structured and consistent in her use of allowances to teach the link between work and financial rewards. Alternative: Track the completion of chores, homework, etc. manually using paper, boards, notes on her phone.
YOUR VALUE PROPOSITIONS
Value Proposition: Use our app to easily and consistently implement best practices tailored to your situation.
(7 min.) Copyright 2014 Cowan Publishing
EXERCISE- VALUE PROPOSITIONS Prioritize your value propositionsif you could only pitch one, which? After that? Etc.
(2 min.) Copyright 2014 Cowan Publishing
EXERCISE- MAPPING PERSONAS, VALUE PROP’S 1. List your prioritized personas (Customer Segments block) and Value Propositions 2. Map your personas to your Value Propositions
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
The templates here are made available on the same CC license as the original canvas.
Persona_1 Persona_2 Persona_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
(3 min) Copyright 2014 Cowan Publishing
PEER PRESENTATIONS PREP! For [target customer] who [statement of the need or opportunity], the [product name] is a [product category] that [statement of key benefit/ key reason to buy]. unlike [primary alternative], our product [statement of primary differentiation]. EXAMPLE For [hiring managers] who [need to evaluate technical talent], [Enable Quiz] is a [talent assessment system] that [allows for quick and easy assessment of topical understanding in key engineering topics]. Unlike [formal certifications or ad hoc questions], our product [allows for lightweight but consistent assessments of technical talent]. (4 min.) Copyright 2014 Cowan Publishing
EXERCISE: PEER PRESENTATIONS (4 MIN/EACH)
As Presenter PERSONAS & VALUE PROPOSITIONS 1) Intro. with your positioning statement. 2) Who is/are the top persona(s)? 3) What’s cool about the value prop.? 4) If applicable, how do they differ between the personas?
As Audience - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor
Copyright 2014 Cowan Publishing
REALLY GETTING RELATIONSHIPS & CHANNELS (Key Partners)
(Key Activities)
(Key Resources)
(Cost Structure)
(Value (Customer Propositions) Relationships)
(Customer Segments)
(Channels)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
How do they first find out that you, your proposition exist? How do you break through the noise floor?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
What is it that engages them with your proposition? How will you connect?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
Are you connecting with an important problem scenario? Is your VP better enough than the alternative? Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
What is absolute minimum set of actions required by the customer to have you deliver on their problem?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
How do they become a regular, habitual ? How will you know if that’s happening?
Copyright 2014 Cowan Publishing
Attention I nterest D esire A ction Onboarding R etention
How do you deepen their involvement? Investment? How do you get them talking about it? Copyright 2014 Cowan Publishing
STORYBOARDING AIDA(OR)
Copyright 2014 Cowan Publishing
STORYBOARDING AIDA(OR)
Copyright 2014 Cowan Publishing
EXERCISE: AIDA STORYBOARD (10 MIN)
Using the squares, create a 6- AIDA(OR) storyboard (10 min) Copyright 2014 Cowan Publishing
EXERCISE- CUSTOMER RELATIONSHIPS
Customer Relationships
GETTING STARTED 1. Bounce off your take on AIDA(OR) 2. Decouple any concierge/hand-holding actions you use for discovery from your target steady state 3. Variation by segment? 4. How will you know if it’s working?
EXAMPLES ‘dedicated personal service’ (onsite? offsite?) ‘personal service’ ‘phone ’ ‘web/email based tickets’ ‘web self-help and forums’
(3 min) Copyright 2014 Cowan Publishing
EXERCISE- CHANNELS
Channels
GETTING STARTED 1. Bounce off your take on AIDA(OR) 2. Variation by segment? 3. How will you know if it’s working?
EXAMPLES SALES hand sales (direct or indirect?) retail web phone delivery
PROMOTION personal (direct vs. indirect?) specialty media television radio AdWords + SEO
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: PEER PRESENTATIONS (2 MIN/EACH)
As Presenter RELATIONSHIPS & CHANNELS 1) What’s the AIDAOR journey? 2) How do the Relationships & Channels work for that?
As Audience - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor
Copyright 2014 Cowan Publishing
REVENUE STREAMS Don’t overcomplicate it. When a plumber does something, you pay them. If a sink garbage disposal lasts twice as long, you’d pay more, right?
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
CREATE PRICING THAT TESTS ELASTICITY
Base Camp
Hootsuite Copyright 2014 Cowan Publishing
EXERCISE- REVENUE
Revenue Streams
GETTING STARTED 1. Where are you providing value? When? 2. How does the customer’s perception of value change over the course of their experience with the product? 3. How will you collect revenue, istratively?
EXAMPLES price/unit access/subscription fees utilization fees & maintenance contracts hourly billing fixed price services billing royalties/revenue share
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: SEGMENT TO VALPROP TO REVENUE Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
(2 min) The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
THE CANVAS: 3 PARTS Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Offering Customers Infrastructure
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
THE CANVAS: 3 PARTS Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Offering Customers Infrastructure
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
3 BUSINESS MODEL TYPES (Key Partners)
(Key Activities)
(Value (Customer Propositions) Relationships)
(Customer Segments)
1. INFRASTRUCTURE-DRIVEN 2. CUSTOMER SCOPE-DRIVEN (Key Resources)
(Channels)
3. PRODUCT-DRIVEN (Cost Structure)
(Revenue Streams)
The templates here are made available on the same CC license as the original canvas.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
Copyright 2014 Cowan Publishing
3 BUSINESS MODEL TYPES UTILITIES
TELECOM
COMMODITIES
RETAIL
BANKING
CORP. LAW
APP. SOFTWARE
MEDIA
Infrastructure-Driven
Scope-Driven PACKAGED GOODS
Product-Driven Copyright 2014 Cowan Publishing
3 BUSINESS MODEL TYPES
INFRASTRUCTURE Kimberly-Clark: paper pulp DuPont: plastics and polymers SCOPE Procter & Gamble: cradle to grave products Baby Store: everything for babies in one place PRODUCT EarthBaby, TinyTots, Honest Company: compostable diapers and service
Copyright 2014 Cowan Publishing
EXERCISE- KEY ACTIVITIES
Key Activities
GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. How will you do these things? 4. Will partners be involved? Should they be?
EXAMPLES INFRASTRUCTURE: a) industry participation b) supply chain management c) process design and iteration SCOPE: a) industry participation b) growth marketing online’ [SEO, web analytics..] c) supplier management PRODUCT: a) software product development b) growth marketing online’ [SEO, web analytics..]
(3 min) Copyright 2014 Cowan Publishing
EXERCISE- KEY RESOURCES
Key Resources
GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. How will you get it?
EXAMPLES INFRASTRUCTURE: a) ‘track record in [relevant topic]’ b) investment in infrastructure’ c)’supplier relationships/integration’ SCOPE: a) ‘track record with [customer segment]’ b) channel or partner relationships PRODUCT: a) proprietary technology b) rapid prototyping and validation methodologies c) expertise in [exotic technology]
(3 min)
Copyright 2014 Cowan Publishing
EXERCISE- KEY PARTNERSHIPS
Key Partnerships
GETTING STARTED 1. Bounce off your business type 2. What is particular, strategic to your business model? 3. Are you comparatively good at it? 4. Where will partners make the business bigger and more effective?
EXAMPLES ‘direct sales partners’ ‘content creators’ ‘retail or distribution’ ‘creative agency’ ‘subcontractors’ ‘referral network’
(3 min) Copyright 2014 Cowan Publishing
COST STRUCTURE Minimize: Obviously. Defer: MVP’s; don’t over invest for the sake of creating ‘output’ Link: To revenue as much as possible (variable vs. fixed).
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
PROFIT DRIVERS: EXAMPLE Tighter Proposition (website, pres., etc.) Ease of Entry
Finite Deliverables
Revenue Drivers
Increased Use of Channels Upsell
Profit Drivers
Finite Cost
Cost of Sales
Easy to See What's on Menu Less Consultative Selling Simplified Contracting Intellectual Property Multipliers
Cost Drivers
Cost of Delivery
Tighter Talent Definition Simpler Training, Eval., Promotion
Engagement Management
(example: product-driven consulting)
Standard Project Management Comparable Post Mortems
ALEX COWAN AlexanderCowan.com @cowanSF Copyright 2014 Cowan Publishing
COST STRUCTURE
Cost Structure
GETTING STARTED 1. How do you minimize? Use of partners? Off the shelf tech/ components? 2. How do you defer against customer development milestones? 3. How do you link to revenues? 4. Which are fixed vs. variable? How do they related to revenues?
EXAMPLES ‘fixed cost product development’ ‘fixed cost infrastructure investment’ ‘variable cost marketing or commissions’ ‘variable cost customer onboarding and ’ ‘variable cost inputs’
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: COST STRUCTURE & LINKAGES Partner_1 Partner_2 Partner_3
Activity_1 Activity_2 Activity_3
Proposition_1 Proposition_2 Proposition_3
Relationship_1 Relationship_2 Relationship_3
Resource_1 Resource_2 Resource_3
Cost_1 Cost_2 Cost_3
The templates here are made available on the same CC license as the original canvas.
Persona_1 Persona_2 Persona_3
Channel_1 Channel_2 Channel_3
Revenue_1 Revenue_2 Revenue_3
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
(3 min) Copyright 2014 Cowan Publishing
EXERCISE: PEER PRESENTATIONS (2 MIN/EACH)
As Presenter INFRASTRUCTURE 1) What’s your business type (infrastructure, scope, product)? 2) What are the major cost drivers and linkages? How do they tie to revenue? 3) How do the key activities, resources, and partnerships help that?
As Audience - Focus on the process; avoid editorial - Ask a lot of questions - Think about it like an investor
Copyright 2014 Cowan Publishing
AGENDA Period! Venture Design I: Achieving Customer Relevance
Deliverables! Personas Problem Scenarios-Alternatives-Value Propositions Start Business Model Canvas Storyboards Customer Discovery
Venture Design II: Iterating to Success
Venture Planning- focal hypotheses, experiments, and minimum viable ‘product’
Venture Design III: Focusing & Validating Venture Progress
Review of field work, refinements of approach, planning next steps.
Venture Design IV: Engineering Detailing your business model and remaining focal Your Business Model! assumptions. Venture Design V: Deg the Pairing your learnings on personas & hypotheses with high Right Product! quality, actionable inputs (stories & wireframes) for product development and product validation. Copyright 2014 Cowan Publishing
RECOMMENDED NEXT STEPS
Follow-On Workshops 1. For Creating Strong Personas Day in the Life Workshop: http://bit.ly/daynthelife 2. For Structuring Your Product Value Propositions into Testable Assumptions Venture Design II: Iterating to Success: http://bit.ly/vdesignII 3. For Deg a Profitable Business Model Venture Design IV: Engineering Your Business Model: http://bit.ly/vdesignIV 4. For Linking the Above to an Effective Product Development Program Venture Design V: Deg the Right Product: http://bit.ly/vdesignV Copyright 2014 Cowan Publishing
FINI bit.ly/vdesignIV
www.alexandercowan.com/venture-design
www.alexandercowan.com/startup-sprints
@cowanSF
[email protected] Copyright 2014 Cowan Publishing
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