Lean Canvas introduction:
“A Startup is not a small version of a big company”
I think that what did Steve Blank meant by this is the fact that a startup doesn’t necessarily know its costumers, and also if they have a problems that are worth solving in the first place, the thing which serve the same purpose as that of the lean canvas, and with that purpose being shedding more and more light on early-stage product/market validation.
The 9 blocks of the lean canvas
So the lean canvas is consider as a one page tool and it consist of 9 blocks which are sorted in a chronicle order, granting it a great flexibility when it comes to changes (regarding needs, purposes and requirements) handling.
This is the block where you have to list the top problems that your customer segment has.Taking in consideration three main criteria:
- Is it happen to be a problem or a passion that many others have ??
- Is the problem serious enough and worth solving ??
- How often does the problem occur ??
2. Customer Segments
In this block you will have to figure out the right audience to your product/service solution, and to do that you need at least to have a decent knowledge such as (demographics, behaviors, goals, frustrations) about your customer segments (CS) to accomplish this feat .
3. Unique Value Proposition
It is basically a clear statement that showcases the delivered value of your product/service solution .
In more simple way this is where you tell you customers why they have to buy from you and not from your competition.
Steve Blanks did introduce in his book “The Startup Owners Manual” the 9 deadly sins of the new product introduction model, and the two that I did find most related to the solution block are: assuming “I know what the customer wants “, and the “I know what feature to build” flaws. So with that he sum up exactly what the solution in lean canvas is all about, which is that you don’t assume what the customer segments really need and want, instead you go out and interact directly with them and have a proper problem validation .
This one is pretty forward and it’s all about how you are gonna reach your customer segments.There are a variety of channels examples the likes of: social media, blog, website, YouTube channel and many others .
6. Revenue Streams
One of the first questions that you can get from an investor when you finish your Startup idea pitch is: how you gonna make money ??
That gives you a clear idea on how important are Revenue streams, so choosing the right ways for your business plan is critical and for most startups they tend to gain customers trust and build that friendly relationship with them by starting with a low pricing plan or even giving freebies for pre-launch subscription or something in that kind.
Like I said it’s super important to choose the right revenue streams for your business, so choose wisely 😉 .
7. Cost Structure
Include all the operational costs that are needed to take your startup idea to market, which cover all the major costs such as: burn rate, website development, marketing campaign and other stuff depend on the nature of your business.
Keep in mind that we also use cost structure and revenue streams to calculate our an estimated break-even point.
8. Key Metrics
Key metrics are crucial activities that keep track on your performance and play a big part in the well being of your startup or business.
We can have examples such as: active users count or app download number (in case of a digital business) .
9. Unfair Advantage
For most startups and businesses this consider like the hardest block to answer, because it is basically your element of magic .
what is the thing that stop people from just saying okay let us copy their product/service and compete on market with them ?
essentially answering this question will give you your unfair advantage, which can varies from a highly skilled team members to a great secret recipe, it is all up to you to decide what set you apart from competition.
Lean Canvas Wrap Up
So this was the lean canvas in short, I hope it was informative and not to boring, and if you enjoyed the post and want to show appreciation to the writer just share, like and follow us on social Media.
Take Care !! until we meet again in another Post from TechTalko