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Once you have an idea for your initiative, it is encouraged to use the Business Model Canvas for thinking about all elements of your product, service or business. This tool is for challenging your assumptions about the business and laying out the key nine building blocks in a visual, but structured and tangible manner. Use it to visualise and communicate a simple story of your business model, to explore new business models and to manage a portfolio of business models.
Once you have an idea for your initiative, it is encouraged to use the Business Model Canvas for thinking about all elements of your product, service or business. This tool is for challenging your assumptions about the business and laying out the key nine building blocks in a visual, but structured and tangible manner. Use it to visualise and communicate a simple story of your business model, to explore new business models and to manage a portfolio of business models.
Step-by step guide
Start with Customer Segments and Value Proposition
Customer Segments List out all people involved with the initiative, including customers and stakeholders, e.g. your developed personas and what they feel about your product/service.
Value Proposition Take your completed value proposition canvas and list out all bundles of services and products that create value for your customers. They can be quantitative (e.g. speed) and qualitative (e.g. experience) and ranked in priority order for convenience.
Channels and Customer Relationships
Channels Describe the touch-points where the value of your proposition is delivered to your customers. You could show which channels are integrated, which are the most efficient, and how they link to each persona.
Customer Relationships Outline the type of relationships you are establishing with your customers, for example, self-service, dedicated personal assistance, automated services, co-creation, etc.
Key resources, Key activities and Key Partners
Key resources Outline the infrastructure showing how you create the value and which assets are indispensable for your business; for example, office, hosting requirements, human resources, transportation, electricity, etc. You should map these resources to the key activities.
Key activities Show which processes need to function well, including product distribution, research and development, strategy.
Key Partners List who can help you leverage and improve your business model, starting with suppliers and finishing with sellers. You could also form strategic alliances, optimising your operations and reducing your risks.
Revenue Streams and Cost Structure
Revenue Streams Describe how and through which mechanisms you are capturing value for your customers. Examples of those include asset sale, subscription fees, leasing, licensing, advertising, etc.
Cost Structure Understand the cost implications of your concept - a cost-driven company looks to minimise all costs, while a value-driven company is more focused on delivering excellent customer value in terms of quality or prestige.
Notes: Download link is available for TNB Staffs only
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