Once you have reviewed the business model canvas as outlined in our earlier post, you are ready to start applying it to your venture idea. While there are several opinions on where to best start, we like our students to focus on Value Proposition and Customer Segments in the early brainstorming activity. Starting with the Value Proposition, you should be able to articulate the core aspects of your “offer”.
We suggest that you start with the core problem you are solving, followed by a brief description of what your solution offers to the customer. What is the collection of products and services that you plan to offer to your customers? The final portion of this section should clearly articulate the benefit or value that you expect the customer to derive from your offering. Hopefully, the value proposition clearly demonstrates how your venture’s offering is unique in the marketplace and provides the customer with a benefits they can not derive elsewhere. Make sure you express your value proposition as providing benefit due to attributes such as better performance, cost efficiencies, increased accessibility, or customization.
In later posts, we will provide worksheets that you can use in early conversations with potential customers to dig deeper into the assumptions you are making about the customer problem, expected solution, and value.