immersive business model canvas august 20 2014 (day one)

Immersive: Business Model Canvas

August 20&21

Embodied Jewish Learning

7SEEDS

Session Outcomes •  Get to know your UpStarter colleagues •  Build knowledge base and experience using Business Model Canvas

(specifically VP & Customer Discovery) in order to accelerate organizaFonal or project launch process

•  Increase comfort with the use of business language in the social sector

•  Foster skills needed to meet “pain” and “gain” points of customers and further develop the organizaFon’s Value ProposiFon

•  Strengthen ability to explain relaFonship (product market fit) between value proposiFon and customer segments

Business Model Canvas

Agenda: Day One 9:00 – 9:30am Breakfast and Welcome 9:30 – 9:50am Jewish Learning and Icebreaker 9:50 – 10:00am ObjecFves for the Day 10:00 – 10:30am IntroducFon to Business Model Canvas 10:30 – 12:00pm Immersive Experience in VP, Customer Discovery, & “Fit” 12:00 – 1:00pm Lunch 1:00 – 2:00pm More Immersive Experience in VP, Customer Discovery, & “Fit” 2:00 – 3:00pm Pitch the “fit” and Feedback 3:15 – 4:00pm Value ProposiFon Design 4:00 – 4:30pm Wrap up: End of Day Learnings and House Cleaning 4:30pm Adjourn 5:00pm Social Time Followed by Dinner at 6pm

Agenda: Day Two 9:00 – 9:30am Breakfast and Welcome 9:30 – 9:50am Jewish Learning and Icebreaker 9:50 – 10:00am ObjecFves for the Day 10:00 – 12:00pm Customer Discovery 12:00 – 1:00pm Lunch 1:00 – 2:00pm Product Market Fit, Developing the Pitch 2:00 – 3:00pm Delivery, PracFce and Refinement of the Pitch 3:00 – 3:30pm Develop AcFon Plan 3:30 Wrap Up, Shared Learnings, Up Coming UpStarter Programs 4:00pm Adjourn

Jewish Learning & Icebreaker

Steve Blank. How to Build a Startup. Udacity.com

Here…

Osterwalder, A. and Pigneur, Y. (2010). Business Model GeneraFon, New Jersey.

A business model describes the ra7onale of how an organiza7on creates, delivers, and captures value.

What is a Business Model?

BMC Described

What is the Business Model Canvas?

What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive?

Through which Channels do our Customer Segments want to be reached? How are we reaching them now?How are our Channels integrated? Which ones work best?Which ones are most cost-efficient? How are we integrating them with customer routines?

For what value are our customers really willing to pay?For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues?

For whom are we creating value?Who are our most important customers?

What type of relationship does each of our CustomerSegments expect us to establish and maintain with them?Which ones have we established? How are they integrated with the rest of our business model?How costly are they?

What value do we deliver to the customer?Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment?Which customer needs are we satisfying?

What Key Activities do our Value Propositions require?Our Distribution Channels? Customer Relationships?Revenue streams?

Who are our Key Partners? Who are our key suppliers?Which Key Resources are we acquiring from partners?Which Key Activities do partners perform?

What Key Resources do our Value Propositions require?Our Distribution Channels? Customer Relationships?Revenue Streams?

Day Month Year

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How Should the BMC be Used?

Alexander Osterwalder. Businessmodelalchemist.com 12

What is the Value of the BMC?

Steve Blank. How to Build a Startup. Udacity.com 14

What is the Product Market Fit?

Why Does Fit MaKer?

Can Nonprofits use the BMC?

Business Model Challenge

The business concept must be simple, relevant and intui7vely understandable, while not oversimplifying the complexi7es of how nonprofits func7on.

Osterwalder, A. and Pigneur, Y. (2010). Business Model GeneraFon, New Jersey.

Business Model Canvas Exercise

Post your business model canvas on the wall. Be prepared over the next two-‐days to make changes to it as you have

epiphanies—share those epiphanies! Don’t be inFmidated…it is okay to make changes and change back and

change again.

What is a Value ProposiQon?

conversionxl.com/value-‐proposiFon-‐examples-‐how-‐to-‐create

Your value proposiFon is the first, and olen the only, opportunity you have to make an impression on a prospecFve customer, user, or investor. A value proposiFon is a promise of value to be delivered. It’s the primary reason a prospect should chose you. In a nutshell, value proposiFon is a clear statement that explains how your product solves customers’ problems or improves their situaFon (relevancy), delivers specific benefits (quanFfied value), tells the ideal customer why they should buy from you and not from the compeFFon (unique differenFaFon).

What is a Value ProposiQon?

What is a Customer Segment?

Who are the people you will serve?

Who are the people or organizaFons that you will serve?

Developing Product Market Fit?

Fill Out Our VP Canvas with AssumpQons

Alexander Osterwalder. Businessmodelalchemist.com

Test AssumpQons

Adjust Customer AssumpQons Based on Insights

Redesign VP Based on Insights

Test Product Market Fit

Define Product Market Fit

Group Work (about 45 minutes)

Value ProposiQon Canvas

So what we thought we would do now is gain some “hands on” experience using the VP Canvas….

Mock organizaFon: Your organizaFon, Wave Café, wants to enhance the commuFng experience of ferry goers by providing coffee service.

Using sQcky notes, develop your Value ProposiQon on the VP Canvas (15 min). Write out your Value ProposiFon statement for your concept and place it on the canvas.

Make sure you are able to answer the following about your VP: What value will we bring to our customers/users? Or what impact will we make in our community? You might use a sentence such as: [Name of Idea] will provide [programs and services], that will be [statement of key differenFators] for [target users/beneficiaries], and thereby will create [a statement of social value/impact], unlike [compeFFon].

Using sQcky notes, develop your Customer Segments on the VP Canvas (15 min). Write out the the pass/fail test (hypothesis) you would want to know if you were interviewing customers? Rank your pains & gains.

Develop a customer archetype that answers: Who are they? What is the day in the life of your segment? Are they a decision maker? What do you know about them?

torgronsund.com/2011/11/29/7-‐proven-‐templates-‐for-‐creaFng-‐value-‐proposiFons-‐that-‐work/

Value ProposiQon Template Geoff Moore in Crossing the Chasm suggests a specific template for creaFng your value posiFoning. In addiFon to the first part below, Moore also introduces a second statement focused on compeFFve posiFoning. Template For ____________ (target customer) who ____________ (statement of the need or opportunity) our (product/service name) is ____________ (product category) that (statement of benefit) ____________ . Sample For non-‐technical marketers who struggle to find return on investment in social media our product is a web-‐based analyFcs solware that translates engagement metrics into acFonable revenue metrics. IDEO (pronounced “eye-‐dee-‐oh”) is an award-‐winning global design firm that takes a human-‐centered, design-‐based approach to helping organizaFons in the public and private sectors innovate and grow.

Customer Discovery and Interviews

So now that we have a VP Canvas and some guesses about our Value ProposiFon and our Customer Segment we thought it might be interesFng to do some customer interviews Before we do. Let’s talk about the interview process.

dschool.stanford.edu/wp-‐content/themes/dschool/method-‐cards/interview-‐for-‐empathy.pdf 35

Customer Interviews

Interview for Empathy METHOD

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We want to understand a person’s thoughts, emotions, and motivations, so that we can determine how to innovate for him or her. By understanding the choices that person makes and the behaviors that person engages in, we can identify their needs and design for those needs.

Ask why. Even when you think you know the answer, ask people why they do or say things. The answers will sometimes surprise you. A conversation started from one question should go on as long as it needs to. Never say “usually” when asking a question. Instead, ask about a specific instance or occurrence, such as “tell me about the last time you ______” Encourage stories. Whether or not the stories people tell are true, they reveal how they think about the world. Ask questions that get people telling stories. Look for inconsistencies. Sometimes what people say and what they do are different. These inconsistencies often hide interesting insights. Listen to nonverbal cues. Be aware of body language and emotions. Don’t be afraid of silence. Interviewers often feel the need to ask another question when there is a pause. If you allow for silence, a person can reflect on what they’ve just said and may reveal something deeper. Don’t suggest answers to your questions. Even if they pause before answering, don’t help them by suggesting an answer. This can unintentionally get people to say things that agree with your expectations. Ask questions neutrally. “What do you think about buying gifts for your spouse?” is a better question than “Don’t you think shopping is great?” because the first question doesn’t imply that there is a right answer. Don’t ask binary questions. Binary questions can be answered in a word; you want to host a conversation built upon stories. Only ten words to a question. Your user will get lost inside long questions. Only ask one question at a time, one person at a time. Resist the urge to ambush your user. Make sure you’re prepared to capture. Always interview in pairs. If this is not possible, you should use a voice recorder—it is impossible to engage a user and take detailed notes at the same time.

Visual adapted from Michael Barry, Point Forward

Intro Project Intro

Yourself

Build Rapport

Evoke Stories

Explore Emotions

Question Statements

Thank & Wrap-up

Say what? Customer Interviews

Group work (about 45 minutes)

Customer Discovery Interviews The purpose of customer interviews is to “test” the value of your product. This will provide the data needed to understand if your VP is serving a Customer Segment or if you need to “pivot.”

Round Robin Interview of Advisors (3 interviews) to test hypothesis. Structure: One team member interviews and one member takes notes so that you can debrief the experience later.

PreparaQon: Develop list of interview quesFons that test your hypothesis and are open-‐ended/indirect. (5 minutes)

Interviews. (30 minutes)

Refinement: Make changes to Value ProposiFon or Customer Segment based on interview findings on VP Canvas. (10 min)

What did we learn? .

torgronsund.com/2011/11/29/7-‐proven-‐templates-‐for-‐creaFng-‐value-‐proposiFons-‐that-‐work/

Value ProposiQon Template Geoff Moore in Crossing the Chasm suggests a specific template for creaFng your value posiFoning. In addiFon to the first part below, Moore also introduces a second statement focused on compeFFve posiFoning. Template For ____________ (target customer) who ____________ (statement of the need or opportunity) our (product/service name) is ____________ (product category) that (statement of benefit) ____________ . Sample For non-‐technical marketers who struggle to find return on investment in social media our product is a web-‐based analyFcs solware that translates engagement metrics into acFonable revenue metrics. IDEO (pronounced “eye-‐dee-‐oh”) is an award-‐winning global design firm that takes a human-‐centered, design-‐based approach to helping organizaFons in the public and private sectors innovate and grow.

Group Work (about 60 min)

VP “fit” and Customer Segment

ExplanaQon of “Wave Café” Value ProposiQon and Customer Segment fit.

Develop and PracFce pitch of product market “fit” (15 min). Structure: Work with advisor to develop a short presentaFon (2 minutes and if you feel creaFve you can act it, draw or animate it in some way—or just explain it) that details out:

1.  What is your value proposiFon 2.  Who is your customer 3.  What is the “fit” and why will it be effecFve

Pitch the “fit.” Rapid round: Present to the group and feedback from advisors. (40 min)

What did we learn?

VP refinement & delivery (about 45 minutes)

Value ProposiQon Crabing & Refinement

FOR YOUR ORGANIZTION (not the Mock OrganizaQon) The goal in this session is to cral and refine your Value ProposiFon statement to level that you would feel good sharing it at a social event with a potenFal customer, user, investor (e.g., cocktail party). Write a Value ProposiQon statement for a customer segment. (20 min) A value proposiFon is a promise of value to be delivered. It’s the primary reason a prospect should chose you. In a nutshell, value proposiFon is a clear statement that explains how your product solves customers’ problems or improves their situaFon (relevancy), delivers specific benefits (quanFfied value), tells the ideal customer why they should buy from you and not from the compeFFon (unique differenFaFon). See Value Proposi7on Template for example format. Present your Value ProposiQon statement to the group. (20 min)

Opportunity for feedback and clarifying quesFons. Share learning

Parking Lot

Wrap Up: End of Day Learnings

9:00 – 9:30am Breakfast and Welcome 9:30 – 9:50am Jewish Learning and Icebreaker 9:50 – 10:00am ObjecFves for the Day 10:00 – 10:30am IntroducFon to Business Model Canvas 10:30 – 12:00pm Immersive Experience in VP, Customer Discovery, & “Fit” 12:00 – 1:00pm Lunch 1:00 – 2:00pm More Immersive Experience in VP, Customer Discovery, & “Fit” 2:00 – 3:00pm Pitch the “fit” and Feedback 3:15 – 4:00pm Value ProposiFon Design 4:00 – 4:30pm Wrap up: End of Day Learnings and House Cleaning 4:30pm Adjourn 5:00pm Social Time Followed by Dinner at 6pm

END DAY ONE

immersive business model canvas august 20 2014 (day one)

translates

50am jewish

acfonable

based analyfcs

private sectors

business model

delivers specic

insights alexander

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