You have an idea but don’t know where to start?
Is it taking too long to conduct a market analysis and you don’t have the budget?
Nowadays, there are more reliable and cheaper ways to test your business ideas.
The combination of the Value Proposition Canvas, the Business Model Canvas, and the set-up of MVPs or other testing methods can help you through the process.
Does your idea meet the customer's needs?
You have an idea that you feel excited about, but will your target customer feel the same?
In order to find out, you need to use a Value Proposition Canvas. Using this tool for the first time requires some guesswork. To ensure it is correctly filled out, interviews with the target group are needed. A maximum of 15 interviews is required in order to obtain the most valuable insights. Based on this information, the Value Proposition Canvas is then ready to be adjusted accordingly.
Does your idea fit with the future of your company?
Once the Value Proposition Canvas has been validated, you will have a better understanding of what your customers want. Now, you have to find out how you can deliver what they want and also make a profit by delivering it. The Business Model Canvas is the ideal tool for working this out and obtaining an overview of the different flows.
With the value proposition and customer segments already filled out in the VPC, you will still need to complete the following fields:
- Key Partnerships
- Key Activities
- Key Resources
- Customer Relationships
- Channels
- Cost Structure
- Revenue Streams
Each field has to be validated and then the Business Model Canvas in its entirety.
Testing your idea
It is then time to validate your findings by testing them on a wider audience, in particular some of the riskier assumptions that have been made.
Depending on your project, the following testing methods can be used:
- Clickable prototype
- Landing page
- MVP
- Crowdfunding
Launching your idea
Once your idea has been validated, it’s time to launch it. Traditionally, digital marketing channels are the most efficient way to sell products and services online with a limited budget.
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