Here you can download the "Extended Canvas" for designing your business model in the 90-Day program.
Here is a short description of the fields.
First, consider the following six points in that order:
- Customer Segments – Describe your target group in keywords
- Customers’ Problems – Describe the core problem of your target group that you want to solve.
- Existing Alternatives – Write down here the solution approaches used by the target group so far (even if they only circumvent the problem or do not solve it completely)
- Unique Value Proposition – Write in a short sentence what your customer gets from your solution and why it is better than existing ones.
- Solution – Describe your solution with the essential features.
- High-level concept – Describe your solution with a catchy analogy, such as “Twitter for pictures”, if you are just inventing Instagram.
Then work out the following points:
- Early Adopters – Find out which subsegments of your target customers would probably buy your offering first.
- Customer Relationships – Describe what kind of customer relationships you want to build.
- Channels – Describe which channels you want to use to reach your customers for marketing, sales, service, relationship management, etc.
- Key Metrics – define the key performance indicators you can use to measure your progress and success. At the beginning these are key figures that show if you learn enough about your customers and the market by testing. Later, key figures are relevant, which show that your company is growing successfully.
- Revenue Streams– Describe in what form and with what estimated amount you will generate income.
The next step is to describe how and with whom you will generate the revenue:
- Core Activities – Describe the most important activities you need to do to build and operate your business model.
- Core Partners – Describe the key partners you need to build and operate your business model.
- Core Resources – Describe the key resources you need.
Now you have all the information you need to estimate the cost of your business model:
- Cost Structure – Describe the fixed and variable costs for building and operating your business model.
It is important that you keep the Extended Canvas updated as you learn more about your customers, your market, and your business model. It is a living document. Therefore, glue it in large print (DIN A0 in the copy store) and stick the contents with Post-Its in the individual fields. This way you can make changes easily and repeatedly.