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Business Model ValidationReload Greece Boot Camp 2016
Athens September 6th, 2016
Christos MakiyamaSilicon Planet
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1995Photo: Yuri Samoilov
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Photo: Yuri SamoilovAsynchronousTransferMode
SONET/SDH
VoiceoverIP
MPEG2
ScalableVideoCodec
MPEG2overATM
H.323
VoiceoverFrames
TDMHDSL
ADSL
VDSL
AAL1
TrafficShapingV5.1
V5.2
VB5.x
Ethernet
IPoverATM
Bluetooth
W-CDMA
EMModeling
InductorSynthesis
SoftwareDefineRadio
SuperResolution
MPEG2
3DImageprocessing
Searchengine
Videocommunication
DataCenterVirtualization
DiesensitizedSolarCells
FuelCells
AutomaticFiberManagement
SpectralImaging
IP-PBXDLNA Indoorpositioning
TDMoverIP
VPN
OC-3/STM-1
OC-12/STM-4
OC-48/STM-16
ISDN
T-1/E-1
Cellswitching
G.723.1
G.729PON
WDM
CWDM
H.264
H.264-SVC
FDDI
TokenRing
L2Switch
CTI
PSTNtoSIP Videostabilization
NoiseReduction
Echocancelling
Powerlinecommunications
Videorecognition
GPU
802.11b/g/n
802.11ac
MIMO
MEMS
OpticalSwitching
LTE
ADAS
NATtraversal
IPSec
VoiceCompression
OSGi
SemiconductorsOptical NetworksBroadband Access NetworksLocal Area NetworksPersonal Area NetworksWireless CommunicationsAudio & Video Communications
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Photo: Yuri Samoilov
Websplanet
Transwitch
Telesoft
Tdsoft
Metalink
Routerware
Odetics
TUT Systems
Efficient Networks
Routerware
RADLAN
Audiocodes
Fiberzone Networks
Westbay
PMC-Sierra
JDTC
Cygnet
HypercommJungo
Arel
Bycast
Nicevision
Resolute Networks
Helic
Vidyo
Forth Photonics
Merlynet
Theon Sensors
AntcorInAccess Networks
Atecom
Irida Labs
Yodiwo Wavenet
3DMediaBrite Solar
Axsh
Electro Power Systems
Eblana
Mirtemis
Qubulus
Softether40+Startups
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August 9, 1995 Netscape IPO - $2.9Billion
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August 24, 1995
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vs
vs
vs
vs
vs
vs
Bothbasicallyaddressedthesameneedsbutcreatedvalue inamorescalablewayusingdifferentmethods(aka.BusinessModel)
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Photo: Yuri Samoilov
New Business Models
New Platforms
New Systems
New Technologies
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Business Model,the protagonist ofDigital Revolution
Photo: Susan Nilsson
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What is a Business Model?
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12
MeAlex Osterwalder
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BusinessModelCanvas
KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
SegmentDescribes how a
company communicates with
and reach its Customer Segments to deliver a Value
Proposition
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
Represents the cash a company generates from each customer segment
Describes how a company
communicates with and reach its
Customer Segments to deliver a Value
Proposition
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BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Represents the cash a company generates from each customer segment
Describes the most important assets
required to make a business model
work
KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
Describes how a company
communicates with and reach its
Customer Segments to deliver a Value
Proposition
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Represents the cash a company generates from each customer segment
Describes the most important assets
required to make a business model
work
Describes the most important things a company must do to make its business
model work
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
Describes how a company
communicates with and reach its
Customer Segments to deliver a Value
Proposition
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Represents the cash a company generates from each customer segment
Describes the most important assets
required to make a business model
work
Describes the network of
suppliers and partners that
make the business model work
Describes the most important things a company must do to make its business
model work
BusinessModelCanvas
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
Describes how a company
communicates with and reach its
Customer Segments to deliver a Value
Proposition
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Represents the cash a company generates from each customer segment
Describes the most important assets
required to make a business model
work
Describes the network of
suppliers and partners that
make the business model work
Describes all costs incurred to operate a business model
BusinessModelCanvas
Describes the types of
relationships a company establish
with specific Customer Segment.
GET, KEEP, GROW
Describes the most important things a company must do to make its business
model work
Describes how a company
communicates with and reach its
Customer Segments to deliver a Value
Proposition
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
BusinessModelCanvas
Defines the different groups
of people or organizations a company aims to reach and serve
Describes the bundle of products and services that create value for a specific Customer
Segment
Describes the types of
relationships a company establish
with specific Customer Segment
Represents the cash a company generates from each customer segment
Describes the most important assets
required to make a business model
work
Describes the network of
suppliers and partners that
make the business model work
Describes all costs incurred to operate a business model RevenuesExpenses <
Profits
Describes the most important things a company must do to make its business
model work
Describes how a company
communicates with and reach its
Customer Segments to deliver a Value
Proposition
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Example: Smart Phones
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AppleiPhoneJune2007
SamsungGalaxySJune2010
Xiaomimi1August2011
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Apple,iPhone
Quality Control
Chips & compone
nts
Manufacturing
Apple Brand
R&D iOS
Branding
BoM R&D
KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Apps Store
IT operation
cost
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Samsung,GalaxyS
BoMManufacturing Operation cost
KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Market Promotion
Marketing
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Xiaomi,mi1
User Forums
SONY
Services & Software
development
BoM R&D Distribution
IT operation
cost
XiaomiBrand
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Developnewuser
experiences
OfferfeaturesthatwillhelpMobileOperatorsattractnewcustomersorincreaseARPU
Offerfeaturesandservicesthatwillfulfillcustomer
needs
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Business Models make the difference and not the
products
Credit: Procsilas Moscas
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What makes Business Models work?
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How do we Value things?
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Example: Water
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Credit:Trocaire,flickr
$04hours/dayBarefoot,notpavedpathDaytimehousework,nightschoolFear
SafewaterSocializetime
Patience,FeelvaluedGetstronger
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BusinesswomanStressandtensionFIJIRainforestWater$60/monthAmazon.com
FeelrefreshedBeHealthy
SavesmoneyfromskincareproductsCredit:Papre
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Valuecannotbedeterminedonlybyfinancialterms…
Maslow‘shierarchyofneeds
• Weneedaframeworktohelpusdefine,design,analyzeandmeasurethevaluecreatedbyourBusinessModel!
• Whatdocustomersspendandearnintheprocesstofulfilltheirneeds?
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“The4CurrenciesValueModel”
Financial
Money
Emotional
Impact to our emotions
Effort
Time
Physiological
Impact to our body
Wemonetize(value)everythinginourlifeinto4“currencies”.Theseareourbasicresourceswespend,earnorstock.
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(beta)TheValueBarometer
Physiological EmotionalEffortFinancial
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
+
-
+
-
+
-
+
-
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How to test an idea
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BusinessModelValidationProcess
1.FindaProblemFindabigcustomerproblemworthsolvingandwritedownallyourkeyhypothesesaboutthebusinessmodeltosolvethisproblem.
2.TesttheProblemGetoutsidethebuildingandinterviewcustomersface-facetounderstandthe“job”customersaretryingtoaccomplish,theircurrentpain,andhowtheysolvethatpain.Pivotwhenyoudiscoveryouarewrong.
3.TesttheSolutionDevelopaminimumviableproductprototypeandgetoutsidethebuildingface-to-facewithcustomerstotestyourvisionofthesolution.Pivotwhenyouarewrong.Repeatthesetestsuntilyounailthesolution.
4.TesttheGo-to-MarketStrategyGetoutsidethebuildingtounderstandtheend-to-endcustomerbuyingprocess,themarketcommunicationinfrastructure,thedistributioninfrastructure.Identifytheleveragepoints.Pivot.
5.TesttheBusinessModelUsethefactsdiscoveredtovalidatetherevenuemodelforthebusiness.
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Step 1: Find the Problem
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“Fall in love with the problem, not the solution”Uri Levine, Waze co-founder & President
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?
KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
1.Findacustomerproblemworthtosolve
?
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Get a sense of the opportunity size!
Prospects ✕ Spending
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1.Findacustomerproblemworthtosolve- CollectData
• Google,Google,Google• TheWorldBank- www.worldbank.org• OECD- www.oecd-ilibrary.org/statistics• EUROSTAT- ec.europa.eu/eurostat• USOpenGovernmentData- data.gov• WorldEconomicForum- www.weforum.org
TIP: Do not spend too much time collecting data at this stage. Just get a sense of the opportunity size!
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Step 2: Test the Problem
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“Get out of the building!Get insights,
turn your guesses into facts”
Steve Blank, “The Startup Owner’s Manual”
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CustomerDevelopmentInsightCycle– SteveBlank
DesignExperiment
Test
Hypothesis
Insight
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
ValuePropositionCanvas– AlexOsterwalden
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CustomerSegment
ValuePropositionCanvas– AlexOsterwalder
CustomerJobs
Gains
Pains
ValueProposition
GainCreators
PainRelievers
Products&Services
Describe the economic, physiological, effort and emotional gains that your customer expects, desires
or would surprised of
Describe how your product and services will create
the economic, physiological, effort and emotional gains
that your customer expects, desires or would
surprised of
Describe how your product and services will reduce, or
eliminate the economic, physiological, effort and emotional costs that your
customer experiences
Describe what your specific customer
segment is trying to accomplish (Jobs to get
done)
List up all the product and services that your Value Proposition is
built aroundDescribe the economic, physiological, effort and
emotional pains(costs) that your customer experiences before or after getting the
Job done
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2.Profileyourcustomer- Hypothesis
CustomerSegment
CustomerJobs
Gains
Pains
• Whoisthecustomer?• Whatheneedstoaccomplish?• Whatisthecustomer’sperceptionoftheproblem?(Pains)
• Whatisthecustomer’sneedtosolveit?(Gains)
?
??
?
?
? ?
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RankyourCustomer’sPains(Cost)andGains- Hypotheses
Physiological EmotionalEffortFinancial
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
TIP: The accumulate gains are expected to be higher than pains(cost)
???
?
??
?
? ?
? ?
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3.Designyourexperiment
2. Get insights by observation
3. Get insights by interviews
1. Collect Data
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3.1Designyourexperiment- CollectData
• GoogleTrends• GoogleKeywordPlanner• Government&organizationsstatistics
– WorldBank,OECD,Eurostatetc.• University&Thinktank’sreports
– MITTechnologyReview,HarvardBusinessReview,McKinsey,DeloitteTohmatsu,PwC
• GoogleAnalytics– Trackingyourwebsitetraffic
• SocialMediaAnalytics….andmanymore
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3.2Designyourexperiment– GetInsightsbyObservation
• Diveintoyourcustomer’sworldfrom“ValuePropositionDesign”AlexOsterwalder andothers
– B2C:Staywiththefamily– B2C:Staywiththefamily– B2C:Shadowyourcustomerforaday– B2B:Workalongside/consultant
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3.3Designyourexperiment– GetInsightsbyInterviews
• Face-to-Faceinterviews– Customers,Industryinsiders….
• Polltools– Pollfish,Facebook,SurveyMonkey…
• Q&Atools– Quora,Facebook,Linkedin…
TIPS: 1.Get facts not opinions! Ask “Who, What, When, Where is….”2. Ask “How…” to understand how he deals/manages the problem3. Ask “Why... ” to understand his real motivations
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3.Designyourexperiment
Learning Card
We believed thatstep 1: hypothesis
Insight Name
Person Responsible
Date of Learning
From that we learned thatstep 3: learnings and insights
We observedstep 2: observation
Therefore, we willstep 4: decisions and actions
Data Reliability:
Action Required:
The makers of Business Model Generation and StrategyzerCopyright Strategyzer AG
Test Card
We believe that
Test Name
Assigned to
Deadline
Duration
And measure
To verify that, we will
We are right if
The makers of Business Model Generation and StrategyzerCopyright Business Model Foundry AG
Test Cost: Data Reliability:
Critical:
Time Required:
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Step 3: Test the Solution
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3.DesignyourSolution– ValueProposition
ValueProposition
GainCreators
PainRelievers
Products&Services
• Whatisyourproduct?• Howyourproductwillreliefyourcustomer’spains?• Howyourproductwillcreategainstoyourcustomer?
CustomerSegment
CustomerJobs
Gains
Pains?
?
??
?
?
? ?Fit?
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Rankhowyoursolutionwillimpactcustomer’sPains(Cost)andGains-Hypothesis
Physiological EmotionalEffortFinancial
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
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LEARN BUILD
MEASURE
IDEAS
CODEDATA
MinimumViableProduct– TheLeanStartUp,EricRies
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Kickstarter
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Indiegogo
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ToolsMatrixDE
SIGN
TEST
ING
BUSINESS MODEL VALUE PROPOSITION CUSTOMER CREATION
BUSINESS MODEL CANVAS
VALUE PROPOSITION CANVAS
CUSTOMER CREATIONCANVAS
CUSTOMER DEVELOPMENT LEAN START UP CUSTOMER DEVELOPMENT
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RecommendedReading
BusinessModelDesign BusinessModelTest&Validation
ValuePropositionDesign,Test&Validation
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RecommendedReading
SharingVision&MissionUnderstandingCustomerPatterns
ProductTest&Validation
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Questions?
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Appendix
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Step 4:Test the Go-To-Market strategy
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
Connecting valuepropositionwithcustomers…
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Get,Keep,GrowModel
Awareness
Interest
Consideration
Purchase
Up-sale
NextSale
CrossSale
Referral
Viralloop
GETKEEPGROW
Time Flow
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CustomerCreationCanvas
PARTNERS
KEY RESOURCES
KEY ACTIVITES
GETKEEPGROWUp-saleNext SaleCross SaleReferral Purchase Consideration Interests Awareness
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CustomerCreationCanvas
PARTNERS
KEY RESOURCES
KEY ACTIVITES
GETKEEPGROWUp-saleNext SaleCross SaleReferral Purchase Consideration Interests Awareness
STEP1: How will you reach your target
customers and make them aware of your
product and services?
STEP5: How will you sustain the benefits your customer gets
from your product and services?
STEP6: How will you create new benefits for
your customers and purchase additional
products and services from you?
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KeyPartnerships KeyActivities ValueProposition
CustomerRelationships
CustomerSegments
KeyResources Channels
RevenueStreamsCostStructure
CustomerCreationCanvas
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Physiological EmotionalEffortFinancial
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
0
+10
-10
Gains
Pains
Designedfor: Designedby: Date: Version:
CopyrightofSiliconPlanetCorporation
DRAFT
+
-
+
-
+
-
+
-
The Value Barometer
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PARTNERS
KEY RESOURCES
KEY ACTIVITES
GETKEEPGROWUp-saleNext SaleCross SaleReferral Purchase Consideration Interests Awareness
Customer Creation Canvas
CopyrightofSiliconPlanetCorporation
Designedfor: Designedby: Date: Version:
DRAFT
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Credits• BusinessModelCanvas&ValuePropositionCanvascreatedbyAlexOsterwalder• Get,Grow,KeepModel&CustomerDevelopmentMethodarecreatedbySteve
Blank• Icons:DesignedbyFreepik,Vectorgraphit,100SlimIcons,Becris ,Madebyoliver and
distributedbyFLATICON