Business Model Canvas, Hypothesis, Experiment, Results, Iterate

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This is section 2 of 3 of our learnings from SXSW 2013. We attended the NEXT@SXSW event with StartupWeekend, Steve Blank and Bob Dorf.

This presentation focuses on customer relationships, channels and revenues and how to go about testing those hypotheses.

If you're interested in the 3rd section, please comment below and I'll post it.

If you have any questions, post them and I'll get back to you within 48 hours.

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Business Model Canvas, Hypothesis, Experiment, Results, Iterate

  1. 1. Learnings from SXSWSteve Blank, Bob Dorf & Startup Weekend March 8th-11th, 2013 Austin Texas
  2. 2. Presentation Topics Section 1 Section 2 Section 3Business Model Canvas Business Model Canvas Business Model Canvas(creation and modification) (modification) (modification) Customer Segments Customer Relationships, Diagram Get, Keep, Grow Value Proposition Heres What We Channels Thought H-E-R-I Revenue Model Heres What WeLearnings and Insights Learned H-E-R-I Change BMC Heres What We Are Going To Do Next Learnings and Insights Highlight Most Important Learnings
  3. 3. Presentation Topics Section 2 Business Model Canvas (modification) Customer Relationships, Get, Keep, Grow Channels Revenue Model H-E-R-I Learnings and Insights
  4. 4. Example Section 2 3/9/13 Now that we have learnings from Section 1. Place those changes in the BMC and make sure the changesare made in red. The next step will be to validate our Customer Relationships, Channels & revenue Models
  5. 5. Customer RelationshipsGET - In person sales, Adwords GET - Convenience and giftsKEEP - System Usage KEEP - Receive and give giftsGROW - Campaigns GROW - Loyalty Programs Customer Relationships are broken down into three sections. 1. Get - How are you going to get them as your customer? 2. Keep - How are you going to keep them as your customer 3. Grow - How are you going to grow your relationship?
  6. 6. Channels Section 2 In bar promotion materials, customer Internet, sales, customer support, support, internet account management Bars, goer to goer, App store, paid Bar Goers suggesting app marketingChannels are ways that you deliver value propositions to your customer segments. Some examples include promotional material, customer service (to grow after contact has been made), and in person sales.
  7. 7. Revenue Streams These are ways that you plan to monetize your business. $99/month Subscription Percentage of Transactions (3-6%) GIft Promotion Packages ($0.50 per gift) Some important notes:Marketing data and advertising is not a reliable form of revenue. Why? Sometimesit takes a very long time to make money from marketing and advertising and youll never know if its a 100% thing until you have a contract in hand. Confused on which revenue model to pick?If you have too many revenue models, try focusing on the important ones that will get you to profitability the fastest. WILL THEY OPEN THEIR WALLET?A lot of people "say" they will buy your product. So, put it to the test and ask them to pay on the spot (not applicable in all situations)
  8. 8. These are all GUESSES Section 2 Back to H-E-R-IAn important thing to remember is that everything in your business model canvasis one big guess. The only way you will KNOW if they are correct is by getting out of the building and talking to customers face to face. The Process: Hypotheses - Heres what we thought Experiment - Heres what we did Results - Heres what we found Iterate - Heres what were going to do nextWrite down some hypotheses, create the experiments, find the results and iterate. Figure out what will work best and bring it back to the BMC
  9. 9. Recommendations Section 2 Create H-E-R-Is for channels, revenue models and relationships Test your H-E-R-IsCome back together as a team and discuss results and insights discovered Iterate

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