The author of the template separates the order of writing the Lean Canvas from the sequence of testing hypotheses. He called the path of testing them to eliminate business model risks the Risk Iteration Path. The author identifies three types: market, client, and product.
Filling out the Lean Canvas
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All these types of risks are assessed at the same time:
Problem + Segment + Possible Alternatives: We look at what problem the segment has and how it is solved.
Solution + Early Adopters + Readiness to Purchase: We observe whether early adopters are ready to purchase the solution at a price that suits us. Readiness in this section means pre-order, verbal or written confirmation, partial payment, or being put on a waiting list.
USP + Outbound acquisition malta email list paths + Cost: we look at how the USP attracts consumers in outbound channels (cold contacts, advertising, conferences) and charges them full price.
Key metrics + Inbound acquisition paths + Cost structure: we look at whether the product and business model can be scaled without losing the convergence of the economy. Inbound acquisition channels work when you are known in the market and your solution is sought after. This includes word of mouth, SEO, SMM, etc.
It is important to update the Lean Canvas regularly with a clearer understanding of your customers and market. This will help keep your product vision current and consistent, and will help keep your stakeholders and team in context.
Recommendations for using the Lean Canvas
In order for a well-established business to continue to operate as intended, the canvas template should be applied only to a limited portion of the audience. This way, if for some reason the product fails, the brand's overall reputation will not suffer.
The algorithm for building and evaluating an MVP (minimum viable product), which you will definitely need to create a business model template, is as follows:
Developing a product idea. This needs to be done quickly and without unnecessary financial costs, as your goal is to get a solution with only the necessary functionality.
Applying a template not to the entire target audience, but to a limited part of it. This is done to test a product or service on a small number of users.
Getting feedback. This way you will find out what your target audience liked and didn’t like about your product.
This way, even before the full release, you will have the opportunity to evaluate what needs to be done to improve the product.
This cycle is repeated until the product becomes maximally effective. If the market reacts positively to your MVP, then you are developing your business in the right direction. The faster this cycle is completed, the faster your minimum viable product will become successful.