![]() ![]() The business model canvas can serve as a continually referenceable touchstone for the product development process and beyond, essentially serving as a mission statement for the product. Plus the process of boiling everything down to a single page ensures that what is included is as truthful and well supported as possible. This exercise is very helpful for product managers to fully understand the market opportunity and refine their story while uncovering potential problem areas and fully vetting their impact. The business model canvas serves two primary purposes for product managers: focusing their thinking during its creation along with expediting and framing the conversation when communicating with others.īecause the business model canvas is a comprehensive summary of what the product will do, who will use it, why they’ll use it, how it will happen, and how the money works, it requires a lot of thinking and homework to put it together. How do product managers use the business model canvas? By forcing everything to be on a single page, each question must be answered succinctly, which often cuts through any grandstanding to illustrate whether each area is truly addressed and viable. Cost structure-How much will it cost to develop, manufacture, distribute, and support the product?Īsking and answering these questions should be de rigueur for any new product, but this particular framework is useful for distilling the supporting business case down into something easily digestible. ![]() Key resources-What people, materials and budget are required to pull this off?.Key activities-What must happen internally to release this product?.Key partners-What other companies or individuals are part of the development and go-to-market strategy?.Customer relationships-What is the success and support strategy for new customers?.Channels-How will the product be sold or distributed?.Revenue streams-How will the company make money from this product?.Product value propositions-What is this going to do for the customer to make their life/job better?.Customer segments-Who is going to use this product?.The exact ingredients may vary, but these are some of the typical components included: The typical use case for this tool is to outline the fundamental building blocks of a business, but it can be used effectively for individual products as well. A business model canvas provides a high-level, comprehensive view of the various strategic details required to successfully bring a product to market.
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