In the last blogpost I talked about the importance of writing down all the ideas that you are coming up with as you start to think about what product or service you are developing and want to go to market with. After you have captured all of those ideas down, the next thing to do is to start putting some rigor around whether there is going to be a market for that.
The place that we generally start with is the business model canvas which I have used when I was developing out Re/Digital and with our clients as well as we help them go to market and plan out what their approach should be as they go to market for their product or service. You can actually just google business model canvas it might even be businessmodelcanvas.com but just google it. Basically this is a one pager tool that helps you to define what your value proposition is. It actually talks through a number of different steps, it ask you to look at who is your potential customer segment so you can figure out what your target audience look like, who are they, what are their pain points, what is your product or service and how is it going to be solving those pain points for those customers. This one page will ask you to really succinctly start to think about exactly what it is that you’re solving for your clients. So check it out it is a pretty simple tool to use, it is quite self-explanatory.
At alot of tech conferences I go to, I see alot of tech startups around the place and we also work with a number of tech startups as well and I think that the one thing that shocks me particularly as I am walking around the floor of the tech conferences is that there are so many ideas, people are coming up with all of these different ideas and some of them are b2b some of them are b2c, they are selling to consumers as well and people think that that they have created something super interesting but actually sometimes I look at it and think “you know what you haven’t thought about whether there’s actually a business here.”
The important thing about developing the business model canvas is that it actually asks you to think about whether your idea is something that people are going to pay for and if there’s a market for this. So the business model canvas is definitely the place to start before you even start thinking about anything else in regards to developing out your brand or your website or your product or anything like that to start doing thinking first.