Income Streams

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Here you need to evaluate the profitability of the product.

How will it be able to generate income?

If you want to distribute a product for free, think about how you can make money from it later. A paid offer should have enough value to make the customer want to pay for it.

Remember that not everyone is willing to buy costa-rica mobile phone numbers database something that they would enjoy using for free. For example, a user needs a task manager to plan their work. For personal needs, a free product with basic functions and easy-to-use controls will be enough. A program for work must meet more requirements, so people are willing to pay for it.

Cost structure
This section includes everything you need to spend money on.

How much money is needed to launch a product?

To get a product that customers are willing to pay for, you need to spend money on research: identify the target audience, define the problem and find solutions. Also, the finished product will need a website and advertising so that people will know about it.

Key metrics
It doesn't matter what exactly you develop. The result of your work should be assessed according to certain criteria.

How do you know if a product is successful?

Identify key metrics using the AAARRR marketing funnel. It reflects the main stages that a customer goes through when interacting with a product.

Hidden advantage
This section will help you stand out from your competitors and make your product stand out even more.

What are the features of the product?

Think about what your product has that is different from others. The advantage should be significant and difficult to copy. For example, you are more successful in promoting the product than others, or your strength is in the team of talented programmers, or maybe the product has special functions.

Working with Risk in the Lean Canvas
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

Source: shutterstock.com

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 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.